Alka Mundra has resigned as an independent director of state-run Indian Oil Corporation (IOC), barely a month after joining the board, saying her son’s petrol pump dealership with the company breaches independence criteria under stock market listing rules.
In a September 18 letter to the Secretary of the Ministry of Petroleum and Natural Gas, disclosed by the company in a stock exchange filing, Mundra said her son, Madhav Mundra, has operated an IOC retail outlet, Swarn Ganga KSK, in Udaipur, Rajasthan, since 2020.
She said the arrangement conflicts with the independence criteria on pecuniary relationships under SEBI’s Listing Obligations and Disclosure Requirements (LODR) Regulations.
Mundra said her son “conducts his business independently, without any involvement or intervention from my side,” and that she was confident her objectivity “would remain unaffected.”
“Nevertheless,” she wrote, considering “the highest standards of Corporate Governance,” she found it “inappropriate to
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