11 per cent" shareholding of the company.After ONGC bought out government stake, HPCL became its subsidiary.The Department of Personnel guidelines state "in the case of subsidiaries, the full-time Chairman of the holding Company is invited to assist the Board.HPCL Chairman and Managing Director M K Surana China Combined Grinding Machine Manufacturers has retained the title of Chairman and Managing Director despite corporate governance structure require a group having just one chairman and subsidiaries being run by managing directors and CEOs."Sources said going by these guidelines, ONGC Chairman and Managing Director Shashi Shanker should sit on the interview panel to select HPCL Director (Finance).According to the Securities and Exchange Board of India's rules, the entity that owns the controlling stake should be listed as promoter even if it was not the original promoter of the company. HPCL thereafter became its subsidiary but HPCL management has continuously refused to recognise ONGC as its promoter. But on PESB panel to select director or even chairman of subsidiary companies, Coal India Chairman and Managing Director is invited.HPCL Director (Finance) J Ramaswamy retired on February 28 but interviews for the post haven't been done yet by the government headhunter Public Enterprise Selection Board (PESB).
ONGC's overseas subsidiary, ONGC Videsh Ltd, is headed by a Managing Director and CEO.ONGC, which had to borrow Rs 24,876 crore for the acquisition that helped the government meet its disinvestment target for the 2017-18 fiscal, first raised the issue of being formally recognised as a promoter of HPCL in August last year. The panel is assisted by the Secretary of the administrative ministry and the chairman of the company concerned.They said Coal India Ltd governance structure, which the HPCL management has so often cited, clearly provides for the holding company chairman to sit on the panel for selecting directors of subsidiary companies..New Delhi: Hindustan Petroleum Corp Ltd (HPCL) has for the fifth consecutive quarter listed its majority shareholder ONGC as a public shareholder and not its promoter, but it will face a real test when the vacant posts of directors on the company board are filled.In a regulatory filing on shareholding pattern at the end of March quarter, HPCL on April 18 listed "President of India" as its promoter with "zero" per cent shareholding.
ONGC was listed as "public shareholder", owning "77.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.88 crores" shares or "51. Since ONGC takeover in January 2018, HPCL has made five stock exchange filings about the shareholding pattern of the company -- the first on April 20, 2018, then on July 12, 2018, then on October 19, 2018, then on January 21, 2019 and finally on April 18, 2019.When the issue first arose in August 2018, Oil Minister Dharmendra Pradhan had clearly stated that ONGC is the new promoter of HPCL.For selecting a director of a company where the government or its controlled company has more than 50 per cent stake, a PESB panel holders interview from among shortlisted candidates.While the promoter tag does not bring any specific privileges to ONGC, a lack of it keeps it out of insider trading regulations as it get full agenda of every board meeting of HPCL and can be aware of price sensitive information. The same was the case when IOC acquired a majority stake in Chennai Petroleum Corp Ltd (CPCL). The board of each of the subsidiaries is headed by a Chairman and Coal India too has a Chairman and Managing Director to head the board.Oil and Natural Gas Corp (ONGC) in January last year bought the government's entire 51. Its refinery subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL), which is listed on BSE, too is led by a Managing Director and CEO. In all four,
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