It spent Rs 36,915 crore to acquire a majority equity stake in the company. But to get its sole nominee director appointed on the board of HPCL, ONGC has to toil through paperwork.
For over five months now, Oil and Natural Gas Corporation (ONGC) has had no representative on the board of Hindustan Petroleum Corporation Ltd – a company in which it owns a 51.11 per cent stake since January 2018. HPCL, under its new chairman Pushp Kumar Joshi, is however trying to resolve the situation, top officials said.
HPCL for over one-and-a-half years – between January 2018 and August 2019 – did not recognise ONGC as its promoter despite the government selling its entire 51.11 per cent stake in the company to the oil explorer. It relented only after a rap from market regulator SEBI.
