Oil India MD, chairman, board of directors and AGM

Mutual fund votes, meeting of 17 Sep 2026, 13 fund houses so far (houses' deadline to file 15 Oct 2026)

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

• To receive, consider and adopt the Audited Financial Statements including Consolidated Financial Statements of the Company for the year ended on 31st March, 2026 together with the Directors`Report, Auditors` Report and the Comments of the Comptroller and Auditor General of India.MoreLess

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund

  • Angel One Mutual FundGovernance concern: Non-Compliant Audit Committee. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.
  • DSP Mutual Fund, Jio BlackRock Mutual FundWe have relied on the auditors’ report, which has raised emphasis relating to provision of disputed Service Tax / GST liability on royalty on crude oil and natural gas, under the Oil Fields (Regulation & Development) Act, 1948. The auditors of certain subsidiaries/joint ventures have issued emphasis of matters in the respective financial statements while the auditors have issued a disclaimer of opinion on the financials of Oil India International BV, a subsidiary. Based on the auditors’ report, which is unqualified, the financial statements are in accordance with generally accepted accounting policies and Indian Accounting Standards (IND-AS). We note that the auditors have highlighted certain issues related to the audit trail feature in the accounting software.We raise concern that the company has not constituted an audit committee in line with regulations and did not have sufficient independent directors on the board, while the accounts were finalized. In the absence of critical oversight provided by the audit committee, we are unable to support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundUnqualified Financial Statements (except certain non-material remarks in CARO report). Governance concern: Non-Compliant Audit Committee. Absence of a compliant Audit Committee casts serious doubts over the integrity/ accuracy of the financial statements.
  • Sundaram Mutual FundWe have relied on the auditors’ report, which has raised emphasis relating to provision of disputed Service Tax / GST liability on royalty on crude oil and natural gas, under the Oil Fields (Regulation & Development) Act, 1948. The auditors of certain subsidiaries/joint ventures have issued emphasis of matters in the respective financial statements while the auditors have issued a disclaimer of opinion on the financials of Oil India International BV, a subsidiary. Based on the auditors’ report, which is unqualified, the financial statements are in accordance with generally accepted accounting policies and Indian Accounting Standards (IND-AS). We note that the auditors have highlighted certain issues related to the audit trail feature in the accounting software. We raise concern that the company has not constituted an audit committee in line with regulations and did not have sufficient independent directors on the board, while the accounts were finalized. In the absence of critical oversight provided by the audit committee, we are unable to support the resolution.

  5 for7 against
• To declare Final Dividend of Re. 1/- per share i.e. 10 percent of the paid-up capital for the financial year 2025-26, on the equity shares of the Company.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundGovernance Concern is raised in adoption of financial statements of the Company under resolution #1, final dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.
  • Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. Sufficient funds available for payment of final dividend. Governance Concern is raised in adoption of financial statements of the Company under resolution #1, final dividend being appropriation post approval of accounts, cannot be paid if accounts are not voted FOR.

  9 for4 against
• To appoint a Director in place of Shri Abhijit Majumder (DIN:10788427), Director (Finance) who retires by rotation and being eligible offers himself for re-appointment.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.
  • Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.

  9 for4 against
• To authorize the Board of Directors to decide remuneration / fees of the Statutory Auditors of the Company, appointed by the Comptroller and Auditor General of India, for the financial year 2026-27.

  13 for0 against
• To appoint Shri Bhupinder Kumar [DIN: 11596173] as Government Nominee Director of the Company.

  ›Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, HSBC Mutual Fund, Jio BlackRock Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund, Sundaram Mutual Fund

  • Angel One Mutual FundGovernance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.
  • DSP Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundBhupinder Kumar, 39, is a Director of Ministry of Petroleum and Natural Gas, Government of India. In the past, he has served as Secretary to Govt. of Jammu & Kashmir, Public Works (R&B) Department. His last few postings include Secretary, Health & Medical Education Department, Secretary, Hospitality & Protocol Department, Govt of J&K & Resident Commissioner, Govt of J&K at New Delhi. He is liable to retire by rotation. While his appointment is in line with statutory requirements, we are unable to support the resolution because the board composition is not compliant with regulations on independent director representation. We expect Ministry of Petroleum & Natural Gas to first address the board composition before (re)appointing its nominees to the board. We do not support the resolution.
  • Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. No concern on the merits of proposed appointee. Governance concern: Board is non-compliant with the requirement of requisite number of Independent Directors and Woman Director/ Woman Independent Director.
  • HSBC Mutual FundWe have concerns about insufficient independence on the Remuneration and Nomination committees.

  5 for8 against
• To amend the Objects Clause of Memorandum of Association (MoA) of the Company

  13 for0 against
• To increase the Authorised Share Capital and amend the Capital Clause in the Memorandum of Association (MoA) of the Company.

  ›Against HSBC Mutual Fund

  • HSBC Mutual FundThe proposed capital increase is more than 100 percent of current authorization.

  12 for1 against
• To amend the Articles of Association (AoA) of the Company.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundGovernance Concern: AOA contains provision to appoint alternate directors on the Board.
  • Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. Governance Concern: AOA contains provision to appoint alternate directors on the Board.

  9 for4 against
• To ratify the remuneration of the Cost Auditor for financial year 2026-27.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual Fund

  • Angel One Mutual FundGovernance concern: The composition of Audit committee is non-compliant with applicable provisions of Companies Act, 2013 and SEBI LODR.
  • Edelweiss Mutual Fund, Navi Mutual Fund, PGIM India Mutual FundCompliant with law. Governance concern: The composition of Audit committee is non-compliant with applicable provisions of Companies Act, 2013 and SEBI LODR.

  9 for4 against

Mutual fund votes, meeting of 18 Sep 2025, 29 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

• To receive, consider and adopt the Audited Financial Statements including Consolidated Financial Statements of the Company for the year ended on 31st March, 2025 together with the Report of the Board of Directors, Reports of the Auditors and the Comments of the Comptroller & Auditor General of India.MoreLess

  28 for0 against
• To declare Final Dividend [Rs. 1.50 per share i.e. 15% of the paid-up capital] for the financial year 2024-25 on the equity shares of the Company.

  29 for0 against
• To appoint a Director in place of Shri Saloma Yomdo (DIN:10696034), Director (Exploration & Development) who retires by rotation and being eligible, offers himself for re-appointment.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointee. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors.
  • HSBC Mutual FundA vote AGAINST the following nominees is warranted because:• The board is chaired by an executive director and the board is not at least one-half independent and Saloma Yomdo, Abhijit Majumder, Trailukya Borgohain and Ankur Baruah are non-independent director nominees.
  • quant Mutual FundCompliant with the law. No concern on the merits of the proposed appointees. Governance concern: Board is non-compliant with the requirement of requisite number of independent directors (36% vs. requirement of 50%).

  21 for8 against
• To authorize the Board of Directors to decide remuneration / fees of the Statutory Auditors of the Company, appointed by the Comptroller & Auditor General of India for the financial year 2025-26.

  29 for0 against
• To Appoint Shri Abhijit Majumder [DIN:10788427] as Director (Finance) of the Company.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholders’ approval.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholders’ approval.
  • HSBC Mutual FundA vote AGAINST the following nominees is warranted because:• The board is chaired by an executive director and the board is not at least one-half independent and Saloma Yomdo, Abhijit Majumder, Trailukya Borgohain and Ankur Baruah are non-independent director nominees.
  • quant Mutual FundCompliant with the law. No concern on the merits of the proposed appointees. Governance concern: Board is non-compliant with the requirement of requisite number of independent directors (36% vs. requirement of 50%).

  21 for8 against
• To Appoint Shri Trailukya Borgohain [DIN:10788428] as Director (Operations) of the Company.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholders’ approval.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholders’ approval.
  • HSBC Mutual FundA vote AGAINST the following nominees is warranted because:• The board is chaired by an executive director and the board is not at least one-half independent and Saloma Yomdo, Abhijit Majumder, Trailukya Borgohain and Ankur Baruah are non-independent director nominees.
  • quant Mutual FundCompliant with the law. No concern on the merits of the proposed appointees. Governance concern: Board is non-compliant with the requirement of requisite number of independent directors (36% vs. requirement of 50%).

  21 for8 against
• To Appoint Dr. Ankur Baruah [DIN:10927299] as Director (Human Resources) of the Company.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, quant Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholders’ approval.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of the proposed appointees. Governance Concern: Board is non-compliant with the requirement of requisite number of Independent Directors; Delayed shareholders’ approval.
  • HSBC Mutual FundA vote AGAINST the following nominees is warranted because:• The board is chaired by an executive director and the board is not at least one-half independent and Saloma Yomdo, Abhijit Majumder, Trailukya Borgohain and Ankur Baruah are non-independent director nominees.
  • quant Mutual FundCompliant with the law. No concern on the merits of the proposed appointees. Governance concern: Board is non-compliant with the requirement of requisite number of independent directors (36% vs. requirement of 50%).

  21 for8 against
• To Appoint Shri Balram Nandwani [DIN:00356119] as Independent Director of the Company.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundGovernance concern: Delayed Shareholders’ approval. Appointment as Independent Director for a period of only one year.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of Director. Governance concern: Delayed Shareholders’ approval. Appointment as ID for a period of only one year.
  • Bank of India Mutual Fund, Jio BlackRock Mutual FundBalram Nandwani, 58, is Senior Partner at Balram & Associates. He has more than 35 years of experience in Accounting, Auditing, Consulting and lndian Taxation Laws. He is a postgraduate in Commerce and a Chartered Accountant.Public sources indicate that he has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliation as a part of his profile. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months. We do not support the resolution.
  • Canara Robeco Mutual FundBalram Nandwani, 58, is Senior Partner at Balram & Associates. He has more than 35 years of experience in Accounting, Auditing, Consulting and lndian Taxation Laws. He is a postgraduate in Commerce and a Chartered Accountant. Public sources indicate that he has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months. We do not support the resolution.
  • Invesco Mutual FundBalram Nandwani, 58, is Senior Partner at Balram & Associates. He has more than 35 years of experience in Accounting, Auditing, Consulting and lndian Taxation Laws. He is a postgraduate in Commerce and a Chartered Accountant. Public sources indicate that he has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliation as a part of his profile. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months. We do not support the resolution
  • Mirae Asset Mutual FundIn line with advisory recommendation (passive holding)
  • Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval. Appointment as ID for a period of only one year.
  • Sundaram Mutual FundBalram Nandwani, 58, is Senior Partner at Balram & Associates. He has more than 35 years of experience in Accounting, Auditing, Consulting and lndian Taxation Laws. He is a postgraduate in Commerce and a Chartered Accountant. Public sources indicate that he has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliation as a part of his profile. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months. We do not support the resolution.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.
  • WhiteOak Capital Mutual FundBalram Nandwani, 58, is Senior Partner at Balram & Associates. He has more than 35 years of experience in Accounting, Auditing, Consulting and lndian Taxation Laws. He is a postgraduate in Commerce and a Chartered Accountant. The company should have sought approval for his appointment within three months of the appointment date. We do not support the resolution.

  13 for16 against
• To Appoint Shri Raju Revanakar [DIN: 09398201] as Independent Director of the Company.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundNo cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of Directors. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval.
  • Bank of India Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundRaju Revanakar, 54, is self-employed with businesses in jewellery and construction. He holds a B.Sc. degree from Basaveshwar Science College, Bagalkot. The company has not disclosed granular details regarding his prior work experience or business. He served as an Independent Director on the board of the company from 8 November 2021 to 8 November 2024. Public sources indicate that he has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliation as a part of his profile. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months. We do not support the resolution.
  • Canara Robeco Mutual FundRaju Revanakar, 54, is self-employed with businesses in jewellery and construction. He holds a B.Sc. degree from Basaveshwar Science College, Bagalkot. The company has not disclosed granular details regarding his prior work experience or business. He served as an Independent Director on the board of the company from 8 November 2021 to 8 November 2024. Public sources indicate that he has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months. We do not support the resolution.
  • HSBC Mutual FundA vote AGAINST the following nominees is warranted because:• Pooja Suri and Moti Lal Meena are associated with a political party and the presence of directors with political background or affiliation with a political party can act as an impediment for independent and objective thinking of the board.• Raju Revanakar and Moti Lal Meena have a limited leadership/board experience which raises concerns on their potential contribution to the board.
  • Invesco Mutual FundRaju Revanakar, 54, is self-employed with businesses in jewellery and construction. He holds a B.Sc. degree from Basaveshwar Science College, Bagalkot. The company has not disclosed granular details regarding his prior work experience or business. He served as an Independent Director on the board of the company from 8 November 2021 to 8 November 2024. Public sources indicate that he has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliation as a part of his profile. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months. We do not support the resolution
  • LIC Mutual FundConcerns over cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders approval.
  • Mirae Asset Mutual FundIn line with advisory recommendation (passive holding)
  • Nippon India Mutual FundNon-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval.
  • UTI Mutual FundPublic sources suggest he is politically affiliated.
  • WhiteOak Capital Mutual FundRaju Revanakar, 54, is self-employed with businesses in jewellery and construction. He holds a B.Sc. degree from Basaveshwar Science College, Bagalkot. The company has not disclosed details regarding his prior work experience or business. We do not support the resolution.

  11 for18 against
• To Appoint Ms. Pooja Suri [DIN:03077515] as Independent Director of the Company.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundNo cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on the merits of Directors. Non-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval.
  • Bank of India Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundMs. Pooja Suri, 52, is a practicing advocate in the Delhi High Court. She has seventeen years of experience in litigation in the areas of civil law, company Law, constitutional law, service laws, alternative dispute resolution / prelitigation mechanism and criminal law. She also has expertise in anticorruption law, heinous offences, white collar crimes and consumer protection. She served as an Independent Director on the board of the company from 8 November 2021 to 8 November 2024. Public sources indicate that she has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed her political affiliation as a part of her profile. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for her appointment within three months. We do not support the resolution.
  • Canara Robeco Mutual FundMs. Pooja Suri, 52, is a practicing advocate in the Delhi High Court. She has seventeen years of experience in litigation in the areas of civil law, company Law, constitutional law, service laws, alternative dispute resolution / prelitigation mechanism and criminal law. She also has expertise in anticorruption law, heinous offences, white collar crimes and consumer protection. She served as an Independent Director on the board of the company from 8 November 2021 to 8 November 2024. Public sources indicate that she has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for her appointment within three months. We do not support the resolution.
  • HSBC Mutual FundA vote AGAINST the following nominees is warranted because:• Pooja Suri and Moti Lal Meena are associated with a political party and the presence of directors with political background or affiliation with a political party can act as an impediment for independent and objective thinking of the board.• Raju Revanakar and Moti Lal Meena have a limited leadership/board experience which raises concerns on their potential contribution to the board.
  • Invesco Mutual FundMs. Pooja Suri, 52, is a practicing advocate in the Delhi High Court. She has seventeen years of experience in litigation in the areas of civil law, company Law, constitutional law, service laws, alternative dispute resolution / prelitigation mechanism and criminal law. She also has expertise in anticorruption law, heinous offences, white collar crimes and consumer protection. She served as an Independent Director on the board of the company from 8 November 2021 to 8 November 2024. Public sources indicate that she has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed her political affiliation as a part of her profile. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for her appointment within three months. We do not support the resolution
  • LIC Mutual FundConcerns over cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders approval.
  • Mirae Asset Mutual FundIn line with advisory recommendation (passive holding)
  • Nippon India Mutual FundNon-Compliance with the Companies Act: No cooling-off period of 3 years post cessation of previous directorship, no consecutive terms between the two appointments. Governance concern: Delayed Shareholders’ approval.
  • UTI Mutual FundPublic sources suggest she is politically affiliated.
  • WhiteOak Capital Mutual FundMs. Pooja Suri, 52, is a practicing advocate in the Delhi High Court. She has seventeen years of experience in litigation in the areas of civil law, company Law, constitutional law, service laws, alternative dispute resolution / prelitigation mechanism and criminal law. Considering the lack of financial background and the current board profile, we recommend voting against.

  11 for18 against
• To Appoint Shri Moti Lal Meena [DIN:11111214] as Independent Director of the Company.

  ›Against Angel One Mutual Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, HSBC Mutual Fund, Invesco Mutual Fund, Jio BlackRock Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund, UTI Mutual Fund, WhiteOak Capital Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual Fund, Nippon India Mutual FundGovernance concern: Delayed Shareholders’ approval.
  • Bandhan Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundNo concern on merit of Director. Governance concern: Delayed Shareholders’ approval.
  • Bank of India Mutual Fund, Canara Robeco Mutual Fund, Jio BlackRock Mutual Fund, Sundaram Mutual FundMoti Lal Meena, 53, is engaged in Agriculture and Small-Scale Business. He is a social activist in Dholpur and nearby Districts and has been carrying out various social welfare activities since last many years for Farmers, Poor, Schedule Tribes, etc. He has also served as Sadasya in Badi Panchayat Samiti from 2005-2009. Public sources indicate that he has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliation as a part of his profile. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months. We do not support the resolution.
  • HSBC Mutual FundA vote AGAINST the following nominees is warranted because:• Pooja Suri and Moti Lal Meena are associated with a political party and the presence of directors with political background or affiliation with a political party can act as an impediment for independent and objective thinking of the board.• Raju Revanakar and Moti Lal Meena have a limited leadership/board experience which raises concerns on their potential contribution to the board.
  • Invesco Mutual FundMoti Lal Meena, 53, is engaged in Agriculture and Small-Scale Business. He is a social activist in Dholpur and nearby Districts and has been carrying out various social welfare activities since last many years for Farmers, Poor, Schedule Tribes, etc. He has also served as Sadasya in Badi Panchayat Samiti from 2005-2009. Public sources indicate that he has political affiliations, which we believe may unnecessarily politicize the decisions of the company and distract the management from its core focus. The company should have disclosed his political affiliation as a part of his profile. While public sector enterprises are exempt from the requirement of seeking shareholder approval within three months of the appointment date, as a good practice, the company should have sought approval for his appointment within three months. We do not support the resolution
  • Mirae Asset Mutual FundIn line with advisory recommendation (passive holding)
  • UTI Mutual FundPublic sources suggest he is politically affiliated.
  • WhiteOak Capital Mutual FundMoti Lal Meena, 53, is engaged in Agriculture and Small-Scale Business. He is a social activist in Dholpur and nearby Districts and has been carrying out various social welfare activities since last many years for Farmers, Poor, Schedule Tribes, etc. Considering the lack of financial background and the current board profile, we recommend voting against.

  12 for17 against
• To Ratify the remuneration of the Cost Auditor for financial year 2025-26.

  28 for0 against
• To Appoint M/s VAP & Associates, Company Secretaries, as Secretarial Auditor of the Company.

  ›Against Angel One Mutual Fund, Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual Fund

  • Angel One Mutual FundTransparency Concern: The Company has not disclosed the audit fee paid to the outgoing Secretarial Auditors; therefore, material change in the audit fee, if any, cannot be ascertained.
  • Edelweiss Mutual Fund, Groww Mutual Fund, Motilal Oswal Mutual Fund, Navi Mutual Fund, Zerodha Mutual FundCompliant with law. No concern on the merits of proposed Auditors. Transparency Concern: The Company has not disclosed the audit fee paid to the outgoing Secretarial Auditors; therefore, material change in the audit fee, if any, cannot be ascertained.

  23 for6 against

• Unlisted stake heldNilSince 30 Jun 2026

  0.00% bought in the quarter; holding 0.00%, from 0.00%

• Fine or penaltyNational Stock Exchange of India LimitedSince 27 May 2026

  Notice dated 27-05-2026 received from National Stock Exchange of India Limited levying fine of Rs. 5,49,880 for non-compliance under Regulation 17(1), 18(1) and 19(1)/19(2) of the SEBI (LODR) Regulations, 2015

  Non- compliance under Regulation 17(1), 18(1) and 19(1)/19(2) of the SEBI (LODR) Regulations, 2015 pertaining to the composition of the Board.
• Fine or penaltyBSE LimitedSince 27 May 2026

  Notice dated 27-05-2026 received from BSE Limited levying fine of Rs. 5,49,880 for non-compliance under Regulation 17(1), 18(1) and 19(1)/19(2) of the SEBI (LODR) Regulations, 2015

  Non- compliance under Regulation 17(1), 18(1) and 19(1)/19(2) of the SEBI (LODR) Regulations, 2015 pertaining to the composition of the Board.
• Tax disputeUnion of India & OthersSince 3 Feb 2024
  The case pending before Hon'ble Gauhati High Court along with case pending before Hon'ble Rajasthan High Court on similar matter, were transferred from respective High Courts to Supreme Court and were admitted on 03-02-2024. These cases are currently pending before Hon'ble Supreme Court (T.P.(C) No. 000300 - 000304 / 2024) for final hearing. The matter was last taken up on 22.07.2026 & now listed for 29.07.2026.MoreLess
  At the filing before: Goods and Services Tax (GST) was implemented w.e.f. 01st July 2017 and as per the FAQs on Government Services issued by CBIC, GST is payable on Royalty paid for assignment of right to use natural resources. However, Company contends that GST is not payable on Royalty paid under the Oil Fields (Regulation & Development) Act, 1948. The Company has accordingly filed a writ petition in Hon'ble Gauhati High Court challenging such a levy. Further, the Hon'ble Gauhati High Court, vide its interim order dated 2nd November 2021 has granted stay on the GST on royalty payments made by the Company in the state of Assam until further orders.MoreLess
• Tax disputeState of AssamSince 6 Jun 2020
  The case is currently pending before Hon'ble Supreme Court for final hearing. The matter was last taken up on 22.07.2026 & now listed for 29.07.2026.
  At the filing before: State of Assam amended the Assam Taxation (on Specified Lands) Act, 1990 ("the Principal Act") vide the Assam Taxation (on Specified Lands) (Amendment) Act, 2004. As per the said Amendment Act, an oil producer is required to pay, in the case of Crude Oil, Rs. 200/- per metric tonne and in the case of Natural Gas, Rs. 100/- per thousand cubic meters of annual productivity of the land. Accordingly, the Government of Assam has raised a demand of approx. Rs. 2484.81 crores for the years 2005-2024 under the impugned Amendment Act, which has been challenged by OIL as it is ultra vires of the Constitution of India.MoreLess

In the company's own words, from its latest governance filing.

The board is made up as the listing rules require

No

The board has a regular chairperson

Yes

The company has a risk management committee

Yes

The chair is related to the managing director

No

The filing has a part on fines and penalties

Yes

The filing has a part on tax disputes

Yes

There was a cyber security incident in the quarter

No

The company's own answers in its filing.