Alka Mundra has resigned from her position as an independent director of the state-owned company Indian Oil Corporation (IOC), having served on the board for less than a month. The reason for her departure was the non-compliance with the independence criteria set by SEBI, as her son manages an IOC retail outlet in Rajasthan.
In a letter dated September 18, which the company disclosed in its stock exchange filings, Alka Mundra stated that her son, Madhav Mundra, has been operating an IOC retail unit named Swarn Ganga KSK in Udaipur, Rajasthan, since 2020.
Mundra noted that this situation contradicts the financial relationship independence criteria under the SEBI (LODR) Regulations on Disclosure Requirements and Listing Obligations.
She emphasized that her son 'runs his business independently, without any of my participation or interference,' and that she was confident her objectivity 'would remain unaffected.' Nevertheless, citing 'the highest standards of corporate governance,' she deemed it 'inappropriate to continue' so that 'no questions might arise at any stage.'
Mundra, aged 52, was appointed as an independent director on August 15 based on a ministry letter dated August 12, according to IOC's regulatory filings. These same filings indicated that Mundra holds a Ph.D. in Political Science from Mohanlal Sukhadia University in Udaipur and is associated with women's empowerment and social development initiatives.
IOC stated in its stock exchange filing that following her resignation, 'she ceased to be an independent director of the company as of September 18, 2026.' The company also confirmed that Mundra did not cite any other material reasons for her departure beyond those mentioned in her resignation letter of September 18, 2026.
In her official statement, she wrote: 'After careful consideration of my position against applicable independence criteria, I observe that the independence criteria under SEBI (LODR) Regulations are violated regarding my son's financial relationship with IOC. Therefore, I wish to step down from the position of Independent Director of the IndianOil Board immediately.'