IndiaCatalog.com
India News
Search Web Directory
News Home
HPCL re-files shareholding pattern for 6 quarters; lists ONGC as promoter
Posted on 14th August 2019
After a rap from market regulator Sebi, Hindustan Petroleum Corp Ltd (HPCL) has re-filed shareholding pattern of the company for last six quarters, listing its majority owner Oil and Natural Gas Corp (ONGC) as a 'promoter'.

The Securities and Exchange Board of India (Sebi) had asked HPCL to re-file shareholding pattern to stock exchanges by August 13, 2019 for all quarters since Oil and Natural Gas Corp (ONGC) acquired government's entire stake in the refiner in January 2018.

HPCL has re-filed with the stock exchanges shareholding pattern of last six quarters beginning March 2018, the company said in a regulatory filing.

In the revised shareholding, under the 'statement showing the shareholding pattern of the Promoter and Promoter Group', it listed ONGC as a promoter with 77.88 crore shares or 51.11 per cent stake just below President of India with 'zero' shares.

ONGC in January last year bought the government's entire 51.11 per cent stake in HPCL for Rs 36,915 crore but continued to be mentioned under "public shareholder" in the filings by the oil marketing company.

President of India, in six shareholding pattern filings of HPCL made since then, remained as "promoter" without any stake in the company.

All these have now been rectified to mention ONGC as a promoter below President of India.

Sebi had in an August 6 letter asked HPCL to re-file "the shareholding pattern to the stock exchanges revising the status of ONGC as 'promoter'."

"Further, as informed by HPCL vide its email dated June 27, 2019, Government of India has also advised HPCL that 'President of India' will continue to be the promoter of HPCL and ONGC to be added as a Promoter below 'President of India.

"However, HPCL has not abided by the aforesaid direction to revise the status of ONGC as 'promoter' till now," the regulator had said.

The regulator said its response to the informal guidance request was "clear and self-explanatory".

"Hence any further request for clarification on the issue does not arise," it said. "Accordingly, you are once again advised to re-file the shareholding pattern to the stock exchanges for all quarters since the acquisition of shares by ONGC, while revising the status of ONGC as a 'promoter' by August 13, 2019, failing which appropriate action will be initiated as per SEBI Act."

After the stern message, HPCL fell in line and replied back saying it "intends to rectify the shareholding pattern and classification of promoters by the stipulated date as per the direction from SEBI."

It subsequently filed a revised shareholding pattern.

While HPCL dragged its feet in tagging ONGC as its promoter for unspecified reasons, IT company Mindtree recognised Larsen and Toubro as its promoter within a day after the engineering giant acquired a majority stake.

Last month, an HPCL spokesperson had stated that the company needed "clarifications /details" from "multiple agencies/ authorities to ensure compliance to various stipulations applicable to listed companies including Companies Act, SEBI Regulations, etc" before doing so.

"As soon as all the clarifications/details are received from concerned agencies /authorities, necessary amendments as required will be made in the regulatory filings after following due process. Till such time, the status quo is being maintained in the regulatory filings," the spokesperson had said.

According to the Sebi's rules, the entity that owns the controlling stake should be listed as a promoter even if it was not the original promoter of the company.

When Indian Oil Corporation (IOC) had bought the government's stake in fuel retailer IBP Co Ltd, it was listed as the latter's promoter in every instance after the deal. The same was the case when IOC acquired a majority stake in Chennai Petroleum Corp Ltd (CPCL).

Since acquiring a majority stake in HPCL, ONGC has only been able to appoint one director to that firm's board. HPCL head Mukesh K Surana continues with the title of Chairman and Managing Director despite corporate governance structure mandate only one chairman in a group and subsidiaries being headed by managing directors or CEOs.

Related Companies: Hindustan Petroleum Corporation Ltd.(HPCL)   Oil and Natural Gas Corporation Limited (ONGC)   

Other Latest News
Bharat Gas gets five-year loan from Bank of Baroda for ₹3,100 crore
Posted on 23rd September 2019
Mumbai: Bharat Gas Resources Ltd (BGR) a wholly-owned subsidiary of Bharat Petroleum Corporation Ltd (BPCL), has signed a five-year loan agreement with Bank of Baroda for ₹3100 crore, according to two officials aware of the deal.

The company will use the loan to fund expansion of its city gas distribution business. BGRL has a board approved borrowing limit of ₹4000 crore.


ITC shares up 9% as no cess on cigarettes was increased
Posted on 23rd September 2019
Mumbai: Shares of ITC Ltd on Monday surged over 9%, its biggest jump since March 2016, after the GST Council meeting did not announce any increase in cess on cigarettes.

The stock touched a high of ₹260.30 on the BSE and gained as much as 9.3%, its maximum gain since March 2016. At 9.40 am, the scrip was trading at ₹256.30, up 7.6% from its previous close. The stock’s market cap increased by nearly $3.66 billion.


SBI to adopt repo rate as external benchmark for all floating rate loans from October 1
Posted on 23rd September 2019
State Bank of India on Monday said it will adopt repo rate as the external benchmark for all floating rate loans for MSME, home and retail loans, from October 1, 2019.

On September 4, the Reserve Bank of India (RBI) had mandated all banks to link all new floating rate personal or retail loans and floating rate loans to micro, small and medium enterprises (MSMEs) to an external benchmark from October 1 onwards.


Rupee slips 9 paise to 71.03 against U.S. Dollar in early trade
Posted on 23rd September 2019
The Rupee opened marginally lower by 9 paise to 71.03 against the U.S. Dollar in opening trade on September 23, as rising crude oil prices and concerns regarding U.S.-China trade war kept investors edgy.

Forex traders said reports that the U.S. is likely to ramp up pressure on China by raising existing tariffs if a trade deal is not reached soon between the two countries, weighed on the domestic currency.


Power struggle: RK Singh asks NTPC to buy stressed units
Posted on 23rd September 2019
The power ministry has asked state-run NTPC to bid for potentially viable projects in the National Company Law Tribunal (NCLT) and acquire them if the prices are attractive.

Power minister RK Singh told FE that he had asked NTPC to take a look at all the plants undergoing the CIRP process. “I have asked them to identify the ones with good machinery,” Singh said.


» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for HPCL re-files shareholding pattern for 6 quarters; lists ONGC as promoter
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for HPCL re-files shareholding pattern for 6 quarters; lists ONGC as promoter

Most Read News

DLF sells New Gurugram land to American Express in one of ‘costliest’ land deals

Air India posts Rs 4,600 cr operating loss in 2018-19; aims profit this fiscal

Equitas Holdings tanks 17% as Sebi rejects draft scheme for Small Fin Bank

Air India posts Rs 4,600 cr operating loss in 2018-19; aims profit this fiscal

Amazon strengthens play in furniture segment ahead of festive season

More India News

  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2019 IndiaCatalog.com
    All Rights Reserved
Privacy Statement