Hindustan Oil Exploration Company Limited was fined Rs 59,000 by both BSE Limited and National Stock Exchange of India Limited for failing to submit its audited financial results for the quarter and year ended March 31, 2026, within the regulatory timeline. The penalties, imposed on June 30, 2026, stem from a violation of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that the fines include basic amounts plus GST and will be paid within the timelines prescribed by the respective exchanges.

The delay in filing was attributed to significant changes within the company's leadership and oversight structure. Specifically, the company cited changes in key management personnel, including the Managing Director and Chief Financial Officer, as well as alterations to the constitution of the Audit Committee. Additionally, a change in statutory auditors, necessitated by mandatory rotation requirements, contributed to the postponement. The company had intimated the exchanges regarding the potential delay on May 27, 2026, citing the need for adequate time to complete review and audit processes during this transition.

Despite the regulatory breach, the company stated there is no impact on its financial, operational, or other activities due to the levy of the fine. The audited financial results, both standalone and consolidated, were successfully submitted to the stock exchanges on June 11, 2026. The disclosure was made in accordance with Regulation 30 of the SEBI Listing Regulations and relevant SEBI master circulars.

Details of Regulatory Action

The following table outlines the specifics of the penalties imposed by the stock exchanges:

The company's Managing Director & CEO, Baroruchi Mishra, signed the disclosure confirming that the necessary payments would be made and that the results have since been filed.

Hindustan Oil Exploration Company Limited has commenced the remote e-voting process for a postal ballot seeking shareholder approval to appoint Ms. Preeti Grover as a Non-Executive Independent Director. The appointment, subject to approval by special resolution, is proposed for a five-year term commencing on May 12, 2026, and concluding on May 11, 2031. Ms. Grover was initially appointed as an Additional Director by the Board on May 12, 2026, based on the recommendations of the Nomination & Remuneration Committee.

The Board has recommended the resolution, confirming that Ms. Grover meets the independence criteria under Section 149(6) of the Companies Act, 2013, and Regulation 16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A seasoned professional with nearly 30 years of experience, she is a Fellow Member of the Institute of Company Secretaries of India (ICSI) and currently serves as a Regional Council Member of the Northern India Regional Council of ICSI.

Postal Ballot and E-Voting Details

In compliance with Ministry of Corporate Affairs circulars, the postal ballot notice was dispatched electronically on June 23, 2026, to members whose names appear on the Register of Members or Register of Beneficial Owners as on the Cut-Off Date of Friday, June 19, 2026. Physical copies of the notice are not being dispatched. The company has engaged Central Depository Services (India) Limited (CDSL) to facilitate the remote e-voting process.

The remote e-voting period commenced at 9:00 a.m. (IST) on Wednesday, June 24, 2026, and will conclude at 5:00 p.m. (IST) on Thursday, July 23, 2026. Shareholders holding shares in either physical or electronic form as on the Cut-Off Date are eligible to participate. Votes must be cast by the deadline, after which the e-voting module will be disabled, and modifications to submitted votes will not be permitted.

Resolution and Scrutiny

M/s. S. Sandeep & Associates, Practicing Company Secretaries, has been appointed as the Scrutinizer to ensure the conduct of the postal ballot is fair and transparent. Following the conclusion of the voting period, the Scrutinizer will scrutinize the votes and submit a report to the Chairman. The results will be declared within the prescribed timelines and subsequently made available on the company's website and the websites of the stock exchanges.

The resolutions passed by the members through the postal ballot will be deemed to have been passed on the last date of the remote e-voting, July 23, 2026, as if they were passed at a General Meeting.