The Appointment of an ONGC Nominee to the HPCL Board of Directors is Stuck in Paperwork

ONGC

ONGC must sift through paperwork to get its only nominated director appointed to the board of HPCL after spending Rs 36,915 crore to purchase a majority equity holding in the firm. Since January 2018, Oil and Natural Gas Corporation (ONGC) has been without a representative on the board of Hindustan Petroleum Corporation Ltd, in which it owns a 51.11 percent share.

According to top authorities, HPCL is attempting to rectify the matter under its new chairman, Pushp Kumar Joshi. ONGC was not recognized as HPCL’s promoter for nearly a year and a half, from January 2018 to August 2019, despite the government selling its whole 51.11 percent ownership in the business to the oil explorer.

After a scolding from the market regulator, SEBI did it back down. ONGC was given the authority to choose one director, dubbed “Government Nominee Director (Representative of ONGC),” by HPCL. ONGC has since chosen one of its directors as the nominee director, according to officials. Alka Mittal, Director (HR), was the last nominee director appointed to the HPCL board in April 2021.