Indian Oil Corporation has appointed Dr. Alka Mundra as an independent director, effective August 15, 2026. The appointment strengthens the board’s diversity of expertise with a focus on governance, law, and social development.

Dr. Mundra, 52, holds a Master’s degree in Political Science from the University of Rajasthan, Jaipur, an LL.B. from Vidyapeeth, Udaipur, and a Ph.D. in Political Science from Mohanlal Sukhadia University, Udaipur.

Profile and Expertise

Dr. Mundra brings a multidisciplinary background spanning political science, law, public policy, governance, and social development. Her professional experience covers education, legal studies, and public administration.

Key areas of her expertise include:

• Governance and public administration
• Social empowerment and community development
• Interaction between law, public institutions, and policy making
• Women’s empowerment initiatives

The filing notes that her academic and professional exposure enables her to offer perspectives on inclusive development, stakeholder engagement, and the functioning of public institutions.

Indian Oil Corporation has scheduled its 67th Annual General Meeting (AGM) for Monday, August 31, 2026, to approve a material related party transaction (RPT) with Petronet LNG Ltd. valued at ₹25,800.35 crore. The meeting also seeks approval for a final dividend of ₹1.25 per share for FY26. Shareholders must act by specific deadlines to vote on these resolutions and ensure correct tax deduction on their dividends.

The remote e-voting process opens on Thursday, August 27, 2026, at 9:00 am and closes on Sunday, August 30, 2026, at 5:00 pm. Eligibility to vote is determined by a cut-off date of Monday, August 24, 2026. Only members holding shares on this date can participate in remote e-voting or cast votes during the AGM via Video Conferencing (VC) or Other Audio-Visual Means (OAVM). Once cast, votes cannot be changed, and those who vote remotely cannot vote again during the live meeting.

Dividend Entitlement and Tax Compliance

The Board has recommended a final dividend of ₹1.25 per share, payable within 30 days of declaration. The record date for determining dividend entitlement is Friday, August 14, 2026. This payout follows two interim dividends of ₹5.00 and ₹2.00 per share paid in December 2025 and March 2026, respectively.

Under the Income Tax Act, 2025, dividends are taxable in the hands of shareholders. Indian Oil will deduct Tax at Source (TDS) during payment. To ensure the correct TDS rate is applied, shareholders must submit relevant tax documents by August 16, 2026. Failure to do so may result in higher tax deductions. Detailed instructions are available on the company’s website.

Key Resolutions and Director Appointments

Beyond financial approvals, the AGM will appoint Shri Saumitra P. Srivastava as Whole-time Director and designate him as Director (Marketing). Srivastava brings over three decades of experience in oil and gas marketing. Additionally, Shri A. Amarnath will be appointed as a Government Nominee Director. Two existing directors, Ms. Rashmi Govil and Shri Arvind Kumar, retire by rotation and are eligible for reappointment.

Related Party Transactions with Petronet LNG

The most significant item involves approving RPTs with Petronet LNG Ltd., a joint venture where Indian Oil holds a 12.50% stake. The proposed transactions for FY28 total ₹25,800.35 crore, exceeding the SEBI-prescribed materiality threshold of ₹5,000 crore. These transactions are primarily for purchasing regasified liquefied natural gas (RLNG), essential for refinery feedstock.

Pricing for RLNG is linked to Brent crude prices. During FY26, total transactions with PLL amounted to ₹12,715.28 crore. The proposed increase reflects higher procurement needs for downstream operations.

What the Numbers Show

The doubling of transaction value from ₹12,715.28 crore in FY26 to ₹25,800.35 crore for FY28 highlights Indian Oil’s deepening reliance on Petronet LNG’s infrastructure. With RLNG purchases constituting over 97% of the total value, the company’s operational continuity is tightly coupled with PLL’s regasification capacity. While market-linked pricing mitigates cost volatility, this concentration underscores the strategic importance of the joint venture for Indian Oil’s energy supply chain.