New Delhi: Hindustan PetroleumNSE -5.74 % Corporation Limited (HPCL) hasn’t recognised ONGC as its promoter three months after a government directive and a subsequent reiteration to do so. HPCL management’s argument that it needed more regulatory clarity is being widely perceived by petroleum and natural gas ministry officials and ONGC executives as a delaying tactic, according to people with direct knowledge of the matter.
In its latest regulatory filing, on April 18, HPCL retained the government as its promoter and classified ONGC as a public shareholder. The government owns no share in HPCL since it sold its entire 51.11% stake in the company to ONGC for Rs 37,000 crore in the first quarter of 2018.
