HPCL finally recognises ONGC as its promoter

NEW DELHI: Hindustan Petroleum Corporation (HPCL) on Tuesday finally recognised its majority owner ONGC as its promoter in public filings, following a harsh directive from the market regulator last week.

The state-owned company had ignored directives from the government as well as the Securities and Exchange Board of India (Sebi), forcing the latter to set a deadline of August 13 and warn of “appropriate action” if it failed. This forced the HPCL management to act quickly.