Change in Designation of Mr. C. Paruchuri Dheeraj having (DIN: 09341915) from Non Executive Non Independent Director to Whole Time Director of the Company
OILCOUNTUB · price
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Oil Country Tubular's board meeting on May 21, 2026 approved four items: (1) Audited FY2026 results showing a net loss of Rs 6,148.24 lakhs, a significant deterioration from FY2025 loss of Rs 3,186.12 lakhs; total income fell to Rs 7,181.12 lakhs from Rs 12,576.76 lakhs year-on-year. (2) Appointment of Mr. Ramamuni Reddy Jampanapalle as CFO and KMP effective May 21, 2026, bringing 35 years of experience within the company. (3) Change in designation of Mr. Paruchuri Dheeraj Chowdary (DIN: 09341915) from Non-Executive Non-Independent Director to Whole Time Director for 3 years starting June 1, 2026, subject to shareholder approval at the AGM. (4) Statutory auditors C K S Associates converted to an LLP (C K S Associates LLP) with no change in audit engagement or partners.
The deep financial losses and revenue decline raise concerns about the company's operational health. The designation change elevates a family-connected director (son-in-law of Director Shashidhar Kamineni) to an executive role, which could signal closer family governance involvement in day-to-day operations.