The Hindu Business Line : ONGC addressing grievances

ONGC has said that the investor grievances relating to disinvestment by the Government through 10 per cent equity shares of the company will be settled within a month. According to a statement issued here, the company said that the Registrar of the public issue of ONGC recently gave this assurance.

In a review meeting convened by the Department of Disinvestment on October 6, ONGC sought an assurance of immediate settlement of the investor grievances, before the issue of bonus shares in November 2006, the statement said. The company further said that "No investor grievances relating to ONGC transactions are pending for settlement, barring these related to mishandling by the Registrar of the 2004 public issue."

Reacting to reports that there were a large number of investor complaints against ONGC on the NSE, after the share allocations were finalised in March 2004 in consultation with the designated Stock Exchange the Registrar, appointed by the Government, erroneously uploaded a wrong file (containing application data of some categories, which were not approved), based on which shares were allocated.

To cope up with this issue, the services of another Registrar were engaged to attend to the complaints and rectify errors proactively. More than 99 per cent of the complaints have been resolved, the company statement said.

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