(PTI)
One-and-a-half-years after ONGC bought a majority stake in it, Hindustan Petroleum Corp Ltd (HPCL) continues not to recognise the company as its promoter saying it will follow the government advise to list ONGC as a promoter only after receiving clarifications from necessary agencies.
Oil and Natural Gas Corp (ONGC) in January last year bought the government’s entire 51.11 per cent stake in HPCL for Rs 36,915 crore. Following which, HPCL became ONGC’s subsidiary. HPCL management, however, has continuously refused to recognise ONGC as its promoter. Just like the previous five quarterly filings, HPCL listed “President of India” as its promoter with “zero” per cent shareholding. ONGC was listed as “public shareholder”, owning “77.88 crores” shares or “51.11 per cent” shareholding of the company.
Sources close to ONGC said, IT company Mindtree recognised Larsen and Toubro as its promoter within a day of the engineering giant acquiring a majority stake, but HPCL has steadfastly refused to acknowledge its new promoter, ONGC.
