HPCL relents, says intends to recognise ONGC as its promoter
Hindustan PetroleumNSE -0.46 % Corp Ltd (HPCL) has agreed to rectify the shareholding pattern to include ONGC as a “promoter” after it got a reprimand from capital markets regulator Sebi for refusing to recognise its majority shareholder. The Securities and Exchange Board of India (Sebi) asked HPCL to re-file shareholding pattern to stock exchanges by August 13 for all quarters since Oil and Natural Gas Corp (ONGC) acquired government’s entire stake in the refiner in January 2018.
“HPCL intends to rectify the shareholding pattern and classification of promoters by the stipulated date as per the direction from SEBI,” the company said in a stock exchange filing, attaching a copy of the letter it received from the regulator on the subject.
