HPCL refuses to recognise ONGC as its promoter

New Delhi: Hindustan Petroleum Corp Ltd (HPCL) has for the last one-and-half-years refused to recognise its majority shareholder ONGC as a promoter, according to stock exchange filings. Oil and Natural Gas Corp (ONGC) in January last year bought the government's entire 51.11 per cent stake in HPCL for Rs 36,915 crore. Following which, HPCL became ONGC's subsidiary. HPCL management however, has continuously refused to recognise ONGC as its promoter.

In a regulatory filing HPCL made to stock exchanges on July 21, in the shareholding for the quarter ending June 30, 2019, HPCL again listed ONGC as "public shareholder" and not as its promoter. Just like the previous five quarterly filings, HPCL listed "President of India" as its promoter with "zero" per cent shareholding. ONGC was listed as "public shareholder", owning "77.88 crores" shares or "51.11 per cent" shareholding of the company. Sources close to ONGC said, IT company Mindtree recognised Larsen and Toubro as its promoter within a day of the engineering giant acquiring a majority stake, but HPCL has steadfastly refused to acknowledge its new promoter, ONGC. An email sent to HPCL spokesperson seeking comments remained answered.

(To view our epaper please click here. For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Free Press Journal