Hindustan Oil Exploration Company Limited held its 42nd Annual General Meeting on September 25, 2026, where shareholders approved a special resolution to increase the company's borrowing limits from ₹750 crore to ₹1,000 crore.

The meeting was conducted via Video Conference and Other Audio Visual Means in compliance with MCA and SEBI circulars. A total of 57 public shareholders attended through video conferencing, out of 89,954 shareholders as on the cut-off date. All directors were present except Mr. Ashok Kumar Goel, who was granted leave of absence.

Voting results and resolution details

The company has submitted the voting results for the businesses transacted at the AGM pursuant to Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The scrutinizer's report confirms that all six resolutions were passed with requisite majority.

Key voting statistics

For Resolution 3, which sought the increase in borrowing limits, 90.25% of the votes polled were in favour, while 9.75% were against. The total number of votes cast in favour stood at 38,850,363, compared to 4,199,508 votes against.

Resolution 5, regarding investments and loans exceeding Section 186 limits, saw slightly more dissent, with 93.85% voting in favour and 6.15% against. Institutional holders voted unanimously in favour of most resolutions, while public shareholders showed minor dissent on the borrowing and investment limit expansions.

Audit and compliance updates

The Chairman informed members that the Statutory Auditor's Report did not contain any qualification, reservation, or adverse remark, with one exception. Material weaknesses were identified in the Company's Internal Financial Controls over Financial Reporting. The Board of Directors provided explanations regarding these weaknesses in their report, which were read at the AGM.

The Secretarial Audit Report for FY26 was unqualified. M/s S. Sandeep & Associates, Practicing Company Secretaries, supervised the e-voting process. The voting results have been declared and submitted to stock exchanges as required under Regulation 44 of SEBI (LODR) Regulations, 2015.

Hindustan Oil Exploration has expanded the Dirok gas plant capacity to 70 MMSCFD and plans drilling in the PY-1 basement reservoir.

Operational developments

The company has undertaken two significant operational steps: scaling up the Dirok gas plant and initiating plans for drilling activity in the PY-1 basement reservoir. The Dirok gas plant expansion to 70 MMSCFD reflects a capacity enhancement at the facility. In parallel, the company plans to drill in the PY-1 basement reservoir, targeting a distinct geological formation.