Dr Alka Mundra resigns as independent director of Indian Oil Corporation
The resignation follows disclosure of son’s IndianOil retail outlet dealership
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Published: Sep 19, 2026 12:59 PM | 1 min read
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Dr Alka Mundra has resigned as an Independent Director of Indian Oil Corporation (IOCL), with effect from September 18, 2026.
In her resignation letter, Mundra said her son, Madhav Mundra, has been operating an IndianOil retail outlet dealership, Swarn Ganga KSK, in Udaipur, Rajasthan, since 2020.
According to Mundra, the dealership creates a pecuniary relationship that does not meet the independence criteria under SEBI regulations.
Mundra said her son operates the dealership independently and that the arrangement would not affect her objectivity. However, she decided to step down to uphold corporate governance standards and avoid any potential questions arising from the relationship.
She also confirmed that there were no other material reasons for her resignation.
Mundra was not a member of any board committees at IOCL and does not hold directorships in any other listed entities.
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