Oil India Board Sees Director Departures

Oil India Limited (OIL) has confirmed the departure of three Independent Directors from its board: Shri Balram Nandwani, Shri Raju Revanakar, and Ms. Pooja Suri. Their tenures concluded on March 28, 2026.

Ms. Suri also stepped down from her role as an Independent Director at OIL's subsidiary, Numaligarh Refinery Limited.

These director changes are understood to follow standard procedures for Public Sector Undertakings (PSUs) in India. Director tenures in such entities are typically governed by directives from the Ministry of Petroleum & Natural Gas (MoP&NG), with specific timelines often set in advance. A Ministry of Petroleum & Natural Gas letter dated March 28, 2025, was referenced in relation to these cessations, indicating a planned transition process that culminates on March 28, 2026.

The departure of these three directors alters the immediate composition of Oil India's board. For a national energy company like OIL, a stable and experienced board is vital for strategic decision-making and ensuring operational continuity. The vacancies will necessitate a process for appointing new members to maintain the board's effectiveness.

Oil India, a Maharatna CPSE and India's second-largest national oil and gas company, operates under the administrative control of the MoP&NG. Appointments and cessations of directors in PSUs are managed according to government policy and relevant laws, such as Section 149 of the Companies Act, 2013. These directors are appointed to bring diverse expertise and provide unbiased perspectives on company strategy and governance.

With the creation of these three vacancies, Oil India will focus on ensuring that its various board committees continue to function effectively. The process for appointing new Independent Directors to fill these positions is expected to commence, subject to government approval and directives from the MoP&NG.

This development mirrors trends seen at other major Indian energy Public Sector Undertakings. Companies like Oil and Natural Gas Corporation (ONGC) and GAIL (India) Limited also operate under similar governance frameworks, often appointing and concluding tenures for independent directors based on government policy and MoP&NG guidelines. GAIL, for instance, has also seen the conclusion of tenures for Non-Official Independent Directors appointed by the ministry.

Stakeholders will likely monitor the announcement of new Independent Director appointments by the government to fill the vacancies at OIL. Future policy directives from the MoP&NG that could influence PSU board compositions and director tenures will also be of interest.