Hindustan Oil Exploration (HOEC) shareholders have approved the appointment of Ms. Preeti Grover as a Non-Executive Independent Director, reinforcing the company’s board composition through a special resolution passed via postal ballot. The resolution received overwhelming support, with 99.93% of votes cast in favor, signaling strong stakeholder confidence in the proposed governance addition.

The voting process was conducted under Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. S Sandeep & Associates, appointed as the scrutinizer pursuant to Section 110 of the Companies Act, 2013, validated the results. The remote e-voting window remained open from June 24, 2026, at 9:00 a.m. IST to July 23, 2026, at 5:00 p.m. IST. The cut-off date for determining eligible voters was June 19, 2026, with 92,740 shareholders entitled to vote.

Voting Results Breakdown

The total number of shares held by eligible members stood at 132,243,289. A total of 15,237,772 votes were polled, representing a participation rate of 11.52% of outstanding shares. The promoter and promoter group held no shares and did not participate in the voting. Institutional investors provided unanimous support, while non-institutional public shareholders also voted largely in favor.

Ms. Preeti Grover (DIN: 00128513) will assume her role following this approval. The company confirmed that the requisite majority for a special resolution—votes in favor being three times the votes against—was met. Baroruchi Mishra, Managing Director and CFO of HOEC, submitted the results to the National Stock Exchange of India Ltd. and BSE Limited on July 24, 2026.

Governance Implications

The near-unanimous support from public non-institutional shareholders, who accounted for over 99% of all votes polled, underscores broad alignment between management’s governance strategy and retail investor interests. With institutional investors also casting 100% of their votes in favor, the appointment reflects consensus across both professional and retail stakeholder groups. This streamlined approval process, conducted entirely through remote e-voting facilitated by Central Depository Services (India) Limited (CDSL), highlights the company’s adherence to digital compliance standards mandated by the Ministry of Corporate Affairs.

Hindustan Oil Exploration Company Limited has received penalty orders from the State Tax Officer, Chengalpattu, regarding defaults in Integrated Goods and Services Tax (IGST) payments on legal services received from outside India. The orders, received on July 15, 2026, and July 13, 2026, impose penalties totaling ₹586,314 along with tax demands and applicable interest. The company stated that the financial implications of these orders are not material and do not affect its financial position or operations.

Details of the Orders

The violations pertain to the non-payment of IGST under the Reverse Charge Mechanism for legal services availed during the financial years 2020-2021 and 2022-2023. The company is currently reviewing the contents of the orders and plans to file revised returns to discharge the raised demands.

Regulatory Disclosures

The intimation was submitted to the exchanges pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was made by Baroruchi Mishra, Managing Director & CEO of Hindustan Oil Exploration Company Limited.