ONGC Asks HPCL To Rectify Promoter Classification



State-owned Oil and Natural Gas Corp (ONGC) has asked refiner Hindustan Petroleum Corp Ltd (HPCL) to rectify its stock exchange filings to reflect the true promoter after government exit, people with direct knowledge of the development said. ONGC had in January this year bought the government’s entire 51.11 per cent stake in HPCL for Rs 36,915 crore. Post that, HPCL is now a subsidiary of ONGC.

However, HPCL’s filing to the stock exchange, the latest being on July 12, still lists ‘President of India’ as the promoter even with ‘zero’ per cent shareholding. ONGC, on the other hand, is listed under ‘Public Shareholder’.  Sources said ONGC has written to HPCL management asking it to take steps to rectify the filings to reflect the true promoter of the company.


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