HPCL Announces Board Changes with New Government Nominee Director Appointment
Hindustan Petroleum Corporation Limited announced board changes effective March 10, 2026, with two Government Nominee Directors ceasing their positions and Shri Vikram Saxena being appointed as the new Government Nominee Director. Saxena, who serves as Director (Technology & Field Services) at ONGC, brings over 35 years of E&P experience and will serve a three-year term. The changes follow Ministry of Petroleum & Natural Gas directives and comply with SEBI listing requirements.
*this image is generated using AI for illustrative purposes only.
Hindustan Petroleum Corporation Limited has announced changes in its board composition following a meeting concluded on March 10, 2026. The company communicated these developments to BSE Limited and National Stock Exchange of India Limited in compliance with Regulation 30 of SEBI listing requirements.
Board Composition Changes
The directorate changes involve both departures and a new appointment, as outlined in the company's communication to stock exchanges:
| Change Type: | Director Details | Effective Date |
|---|---|---|
| Cessation: | Shri Vinod Seshan (DIN: 07985959) | March 10, 2026 (PM) |
| Cessation: | Shri Pankaj Kumar (DIN: 09252235) | March 10, 2026 (PM) |
| Appointment: | Shri Vikram Saxena (DIN: 10892368) | March 10, 2026 (PM) |
New Director Profile
Shri Vikram Saxena brings substantial industry experience to the HPCL board. His professional background includes:
- Graduate in Mechanical Engineering with postgraduate degree in Human Resource Management
- Over 35 years of extensive experience in Exploration & Production operations
- Expertise across both onshore and offshore domains
- Current position as Director (Technology & Field Services) at Oil and Natural Gas Corporation since March 06, 2025
- Leadership role in ONGC's Drilling & Well Services campaign
- Director position in ONGC Green Limited
Appointment Terms and Compliance
The appointment follows specific regulatory and governance protocols:
| Parameter: | Details |
|---|---|
| Appointment Duration: | Three years on co-terminus basis |
| Termination Clause: | Until further orders, whichever is earlier |
| Authorization Source: | Ministry of Petroleum & Natural Gas letter dated March 09, 2026 |
| Relationship Status: | Not related to any existing company directors |
| Regulatory Standing: | Not debarred by SEBI or other authorities |
Meeting Details
The Board of Directors meeting that formalized these changes commenced at 2:00 p.m. and concluded at 6:00 p.m. on March 10, 2026. The company's communication was signed by Rakesh Kumar Singh, Company Secretary, ensuring proper documentation and regulatory compliance.
Regulatory Framework
The announcement was made in compliance with Regulation 30 read with Schedule III Part A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This ensures transparency and keeps stakeholders informed about significant corporate governance changes that may impact the company's operations and strategic direction.
Historical Stock Returns for Hindustan Petroleum
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.73% | -8.75% | -16.46% | -0.65% | +18.89% | +143.92% |
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