Oil India Limited (OIL), a Maharatna Central Public Sector Enterprise (CPSE) under the Government of India, has announced the retirement of Shri Bibekarlanda Saikia, who is currently serving as the Executive Director (Geoscience) and a Senior Management Personnel (SMP), effective 31st March 2025, after the close of business hours.

Regulatory Disclosure

This change in senior management has been disclosed in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company notified both the National Stock Exchange of India Limited (NSE) and the Bombay Stock Exchange (BSE) regarding this retirement. The announcement ensures compliance with regulatory requirements to maintain transparency with investors and stakeholders.

Retirement of Shri Bibekarlanda Saikia

Shri Bibekarlanda Saikia has been associated with Oil India Limited in a senior leadership role, contributing significantly to the company's geoscience division. His retirement follows the superannuation policy applicable to employees of the company. After 31st March 2025, he will formally step down from his position, making way for new leadership in the geoscience department.

Company’s Compliance with SEBI LODR Regulations

The disclosure of this change has been made as per the prescribed guidelines under:

• Regulation 30 of the SEBI (LODR) Regulations, 2015

• Reference to SEBI Circular No. CIR/CFD/CMD/4/2015 dated 9th September 2015

• SEBI/HO/CFD/CFD-PoD 1/P/CIR/2023/123 dated 13th July 2023

Oil India Limited has ensured that this notification has been duly submitted to the stock exchanges and will be made available on the company’s website for public access.

Impact on Oil India Limited

The retirement of a senior executive such as Shri Bibekarlanda Saikia marks a transition in leadership within the geoscience division. His tenure has contributed significantly to the advancement of oil and gas exploration projects and geoscientific research within Oil India Limited. With his departure, the company is expected to undertake a smooth transition process by identifying a suitable successor to maintain operational continuity and efficiency.

Transition and Succession Planning

Oil India Limited has a well-established succession planning protocol that ensures seamless management transitions. The identification of a new candidate to fill the position of Executive Director (Geoscience) will be carried out in alignment with the company's strategic goals and operational needs.

Role of Executive Director (Geoscience)

The position of Executive Director (Geoscience) holds a critical role in oil and gas exploration through the application of advanced geoscientific techniques. The successor to Shri Bibekarlanda Saikia will be expected to continue driving technological innovation and ensuring that Oil India Limited maintains its leadership in the sector.

Compliance and Regulatory Assurance

Oil India Limited has demonstrated its commitment to corporate governance and regulatory compliance through timely disclosures about changes in senior management personnel. By making this announcement well in advance of the effective retirement date, the company has reaffirmed its responsibility to keep stakeholders informed.

Disclosure to Stock Exchanges

As part of its regulatory obligations, Oil India Limited submitted the retirement disclosure to:

• National Stock Exchange of India Limited (NSE): Symbol - OIL

• BSE Limited: Security Code - 533106

Corporate Governance and Transparency

Being a Maharatna CPSE, Oil India Limited continues to adhere to the highest standards of corporate governance and maintains transparency in its operational decisions. The disclosure of such senior management changes reflects the company's commitment to upholding ethical standards and safeguarding the interests of its shareholders.

Looking Ahead: New Leadership Transition

As Oil India Limited prepares for this leadership transition, the company is expected to undertake a rigorous selection process to identify a suitable candidate to take over the responsibilities of Executive Director (Geoscience). The new leadership will be tasked with advancing the company's geoscientific initiatives and contributing to the growth of India's energy sector.

Conclusion

With the retirement of Shri Bibekarlanda Saikia scheduled for 31st March 2025, Oil India Limited has initiated the process of ensuring a seamless transition within its senior management. This disclosure, in compliance with Regulation 30 of SEBI LODR Regulations, 2015, highlights the company's focus on maintaining operational continuity and its dedication to corporate governance standards. As the company moves forward, stakeholders can expect transparency and continuity in the company's operations and leadership.

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