Section A – KMP Resignation Details
- Name of Resigning KMP: Dr. Alka Mundra (DIN - 01581040)
- Designation: Independent Director
- Reason for Resignation: Potential breach of independence criteria under SEBI (LODR) Regulations due to pecuniary relationship of her son with Indian Oil Corporation Ltd. Her son, Shri Madhav Munadra, has been operating a Retail Outlet dealership of IndianOil at Udaipur, Rajasthan, under the name Swarn Ganga KSK since 2020.
- Effective Date of Resignation: 18th September 2026
- Date of Resignation Letter: 18th September 2026
- Duration in Role: Not Specified
- Board’s Acknowledgment / Statement: Not Specified
- Replacement Appointed: Not Specified
- Regulatory Compliance Statement: Disclosure made under Regulation 30 read with Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30th January 2026
- Delay in Disclosure: Not Specified
Analytical Add-On: The resignation appears to be compliance-driven and voluntary, motivated by maintaining highest standards of corporate governance and avoiding any potential conflict of interest questions. Dr. Mundra emphasized that her son conducts his business independently without her involvement, and she was confident her objectivity would remain unaffected, but chose to resign on propriety grounds.
Section B – Additional Observations or Disclosures
- Transition & Internal Role Reallocations: Dr. Alka Mundra was not a member of any of the Board Committees of the Company. No information provided about interim arrangements or succession planning.
- Successor Appointments: Not Specified
Section C – Financial & Governance Disclosures
No financial results, auditor reports, dividends, capital changes, buybacks, or other board committee updates were disclosed in this filing. The document solely concerns the resignation of the Independent Director.