The Oil and Natural Gas Corporation (ONGC) has appointed the Director of Hindustan Petroleum Corporation Ltd (HPCL) after over five months.
The Ministry of Petroleum and Natural Gas announced on June 22 and conveyed its consent for the appointment of Pankaj Kumar, Director (Offshore), ONGC as a Director on the board of HPCL.
For over five months, ONGC had no representative on the board of HPCL.
HPCL said in the filing, “Pankaj Kumar has been appointed as Government Director on the Board of the company effective June 22, 2022.”
In a filing on January 6, 2022, HPCL said, “Alka Mittal has tendered resignation from the position of the Government Nominee Director (Representative of ONGC) of the Government Nominee Director (Representative of ONGC) of the company effective January 05, 2022.”
Prior to the latest appointment, its last nominee director was Alka Mittal, Director (HR) who was appointed to the company’s board in April 2021.
It relented only after a rap from market regulator SEBI. ONGC got the right to appoint one director who HPCL called ‘Government Nominee Director (Representative of ONGC)’.
The company owns a 51.11 percent stake since January 2018. In January this year, Mittal was given additional charge of chairman and managing director of ONGC after the retirement of the incumbent.
ONGC is India’s Top Energy Company and ranks 17th among global energy majors (Platts). It is the only Indian company to figure in Fortune’s ‘Most Admired Energy Companies’ list. ONGC ranks 17th in ‘Oil and Gas operations’ and 220th overall in Forbes Global 2000.
Acclaimed for its Corporate Governance practices, Transparency International has ranked ONGC 26th among the biggest publicly traded global giants. It is most valued public enterprise in India, and one of the highest profit-making and dividend-paying.
ONGC has a unique distinction of being a company with in-house service capabilities in all areas of Exploration and Production of oil & gas and related oil-field services. Winner of the Best Employer award, a dedicated team of over 33,500 professionals toil round the clock in challenging locations.
