New Delhi, Feb 24, 2025: Reports have surfaced claiming that Oil and Natural Gas Corporation (ONGC) has not informed its shareholders about a court verdict that allegedly ruled in its favor, involving an amount of ₹20,000 to ₹25,000 crore with interest.
However, industry experts have dismissed these claims, stating that ONGC was not a party to the case and, therefore, had no obligation to make any disclosure. The dispute was between the Ministry of Petroleum and Natural Gas (MOPNG), through the Union of India, and Reliance Industries Limited (RIL). The Union of India successfully challenged the earlier impugned order, leading to its setting aside.
Following the Union of India’s appeal and the subsequent vacation of the earlier order, ONGC was not required to disclose the matter to its shareholders, as the initial order was no longer in effect. Experts have reaffirmed that since ONGC was not directly involved in the legal proceedings, no regulatory or financial obligation for disclosure existed.
