Confidence Petroleum India Ltd., a prominent player in the LPG and CNG sector, has come under scrutiny as income tax authorities launched search and seizure operations at the company's facilities. The operations, which commenced on October 7, have extended beyond the company's offices and plants to include the residences of its promoter and directors.

Details of the Search Operation

According to a regulatory filing by Confidence Petroleum, the search and seizure operation began on Tuesday, October 7, and is still ongoing. The company has disclosed that the operation encompasses:

• Company offices
• Manufacturing plants
• Residential premises of the promoter
• Homes of company directors

Company's Response

In compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Confidence Petroleum has issued an official statement to the stock exchanges. The company acknowledged the ongoing search operation and committed to providing updates on its impact and any further developments in the near future.

Management Statement

Nitin Khara, the Managing Director of Confidence Petroleum India Limited, signed off on the regulatory filing, indicating the company's awareness and cooperation with the authorities during this process.

Market Implications

While the full extent of the search operation's impact remains to be seen, such regulatory scrutiny often raises concerns among investors and stakeholders. The company's transparency in promptly disclosing this information aligns with regulatory requirements and helps maintain open communication with the market.

As the situation unfolds, investors and market watchers will likely keep a close eye on any further disclosures from Confidence Petroleum regarding the outcome of these search operations and their potential impact on the company's operations and financial standing.

Confidence Petroleum India Ltd. is known for its presence in the LPG and CNG markets. The ongoing developments may have implications for the company's market performance and investor sentiment in the short to medium term.

Confidence Petroleum India Limited , a key player in the petroleum industry, has announced significant board decisions and scheduled its 31st Annual General Meeting (AGM) for September 30, 2025. The company's Board of Directors made several important appointments and approvals during their meeting on September 8, 2025.

New Independent Directors Appointed

The board has appointed two new Additional Non-Executive Independent Directors, subject to shareholder approval at the upcoming AGM:

1. Mr. Sumit Bansal (DIN: 07449864), aged 36, is a qualified Company Secretary since 2015 with an L.LB from CCS University. He brings extensive experience in secretarial matters, SEBI compliances, corporate governance, and legal affairs.

2. Mrs. Richa Kalra (DIN: 07632571), aged 46, is a Company Secretary since 2004 with a wealth of experience in secretarial matters, SEBI compliances, corporate governance, and legal matters. She has also served as an Independent Director in several listed companies.

Both appointments are for a five-year term, from September 8, 2025, to September 7, 2030, pending shareholder approval.

31st Annual General Meeting Details

The company has scheduled its 31st AGM for September 30, 2025, at 1:00 PM, to be held via video conferencing (VC) or other audio-visual means (OAVM). Key dates related to the AGM include:

Other Board Approvals

The board has also approved:

1. The appointment of M/s. Siddharth Sipani & Associates as Secretarial Auditors for a five-year term, subject to shareholder approval.

2. The re-appointment of M/s. Narendra Peshne & Associates as Cost Auditors for the financial year 2025-26.

3. The Annual Report, including the Management Discussion & Analysis, Business Responsibility and Sustainability Report, and Corporate Governance Report.

These decisions reflect Confidence Petroleum India Limited's commitment to strong corporate governance and compliance with regulatory requirements. Shareholders are encouraged to participate in the upcoming AGM and exercise their voting rights on the proposed resolutions.

The company's proactive approach in appointing experienced professionals to its board and maintaining transparency through timely disclosures demonstrates its focus on sustainable growth and shareholder value creation.