ONGC 24th Annual General Meeting brings positive hopes

24th Annual General Board Meeting of ONGC

The 24th Annual  General Board Meeting of ONGC was held on 27 September 2017 at Manekshaw  Auditorium, New Delhi. The AGM was chaired by CMD Mr. D.K. Sarraf in presence  of all board of directors who informed the shareholders present about the  financials and operating performance of ONGC during the last fiscal 2016-17.ONGC management patiently heeded to inquiries, suggestions of shareholders and  answered earnestly.

CMD  Mr. D.K. Sarraf on 27 September 2017

In his AGM Speech, CMD  Mr. D.K. Sarraf informed the shareholders that amidst Global slowdown and  challenges in Global Energy industry, ONGC has yet again recorded an impressive  operating and financial performance during the financial year 2016-17. He added  that while other global E&P companies have responded to prevailing business  environment by cutting down their investments, ONGC has taken this opportunity  to further develop new E&P assets.

Several shareholders  present participated in a meaningful discussion with the board members. They  generously praised the ONGC management for exceptional arrangements and  listened carefully to all the success stories that ONGC has been a part of.

Shareholders were participated in a meaningful discussion

Keeping  in mind Hon'ble Prime Minister’s goal of achieving 10% reduction in hydrocarbon  imports by 2022, CMD Mr. D.K. Sarraf read out the Chairman’s speech to the  stakeholders, informing them that ONGC’s good performance notwithstanding the  oil prices tumbling to record lows, reaffirms the company’s robust fundamentals  and the statistics reflect the resilience of the company and operating  superiority that it achieves in every spectrum of its business.

Pertinent concerns like effect of GST, ONGC share price  stagnation, issuance issue of bonus shares and developing  more rigorous techniques to measure ONGC’s CSR activities were raised by the  shareholders, which were duly addressed and replied by the CMD with inputs from  various board members.

Shareholders meeting

While responding to  questions of diversifying, CMD responded that ONGC has already gone beyond  convention hydrocarbon business and ONGC leads exploration of unconventional  and alternate sources of energy in India. He also informed the shareholders  that ONGC has invested 526 crores for CSR, community building to ensure  sustainable development.

The vote of thanks was  delivered by Independent director, who appreciated the CMD and ONGC’s Board for  holding the AGM seamlessly. He also appreciated the shareholders for their  continued support to ONGC.

After the vote of  thanks, the meeting was declared closed by the CMD.