Hindustan Oil Exploration Company Limited has issued a formal clarification to BSE Limited regarding recent price movements in its shares, responding to an inquiry from the stock exchange dated March 10, 2026.

Company's Response to BSE Inquiry

The oil exploration company submitted its response on March 11, 2026, addressing BSE's reference number L/SURV/ONL/PV/APJ/2025-2026/3419 concerning share price movement. The clarification was signed by G. Josephin Daisy, Company Secretary & Compliance Officer, and submitted through digital means.

Regulatory Compliance Statement

The company emphasized its adherence to regulatory disclosure requirements, stating that it has been periodically disseminating updates to the stock exchange on all events and information that have a bearing on the company's operations and performance. This includes all price-sensitive information as mandated under SEBI regulations.

Hindustan Oil Exploration confirmed its compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which governs the disclosure of material events and information by listed companies.

Company's Position on Price Movement

The management stated that the company is not aware of specific reasons for the price movement in its securities. However, it reaffirmed its commitment to continue submitting all material and price-sensitive information to stock exchanges in a timely manner, ensuring transparency and regulatory compliance.

The company's registered office is located at 'Lakshmi Chambers', 192, St. Mary's Road, Alwarpet, Chennai - 600 018, and it maintains regular communication channels with investors and regulatory bodies through its official contact mechanisms.

Hindustan Oil Exploration Company Limited has issued a postal ballot notice dated February 25, 2026, seeking shareholder approval for key board appointments and leadership changes following the earlier announced transition plan.

Postal Ballot Details and Timeline

The company has engaged Central Depository Services (India) Limited (CDSL) to provide remote e-voting facility to shareholders. The postal ballot notice was issued on February 27, 2026, with the cut-off date set as February 20, 2026 for determining eligible voters.

Key Resolutions for Shareholder Approval

The postal ballot seeks approval for three critical resolutions that will shape the company's leadership structure. The first resolution proposes the appointment of Dr. Jagadip Narayan Singh as Non-Executive Independent Director and Chairman for a five-year term from January 23, 2026 to January 22, 2031.

Board Designation Changes

The second resolution addresses the change in designation of Mr. Baroruchi Mishra from Non-Executive Independent Director to Non-Executive Non-Independent Director, effective February 25, 2026. This change is necessary as he prepares to assume executive responsibilities as Managing Director and CEO.

The third resolution seeks approval for Mr. Baroruchi Mishra's appointment as Managing Director and CEO for three consecutive years beginning April 1, 2026. His remuneration package includes ₹2.25 crores per annum with additional variable pay and ESOP incentives ranging from ₹60 to 90 lakhs annually.

Leadership Profiles and Experience

Dr. Jagadip Narayan Singh, aged 66 years, brings extensive experience as former Chief Secretary of Gujarat with over 35 years in leading large-scale state enterprises. He has contributed substantially to gas and petroleum sectors, spearheading financial turnarounds at GSPC and expansion of GSPL gas transportation network.

Mr. Baroruchi Mishra, aged 58 years, is a techno-commercial leader with over 35 years of experience in Oil & Gas and New Energies sector. He currently serves as Partner and Group CEO of NET Enterprise Group and was shortlisted for Chairman and Managing Director position of ONGC by the Public Enterprise Selection Board in 2022.

Regulatory Compliance and Voting Process

The postal ballot notice has been sent electronically to shareholders whose email addresses are registered with the company, depositories, or depository participants. Physical copies are not being distributed in compliance with MCA Circulars. The resolutions, if passed by requisite majority, will be deemed effective from the last date of remote e-voting on March 29, 2026.

The leadership transition represents a planned succession strategy ensuring continuity in operations and strategic direction as Hindustan Oil Exploration Company moves forward with new management under the proposed appointments.