OIL AND NATURAL GAS CORP. Share price

OUR HISTORY AND CERTAIN CORPORATE MATTERSIncorporationOil & Natural Gas Commission ("Commission") was set up in pursuance ofthe Resolution bearing No. 22/29/55-ONG dated August 14 1956 issued bythe Ministry of Natural Resources and Scientific Research theGovernment of India. In October 1959 the Commission was converted intoa statutory body pursuant to the Oil & Natural Gas Commission Act1959. Pursuant to the Oil and Natural Gas Commission Act (Transfer ofUndertaking and Repeal) Act 1993 (notified on September 4 1993) theundertaking of the Commission together with all its assets movable andimmovable properties contracts licenses and privileges stood vestedin a company registered under the Companies Act 1956 being ourCompany. Our Company was incorporated on June 23 1993 in order tofacilitate the vesting of the undertaking of the statutory body in ourCompany pursuant to the enactment of the said Oil and Natural GasCommission Act (Transfer of Undertaking and Repeal) Act 1993. We weregranted the Certificate of Commencement of Business on August 10 1993.Our registered office is located at Jeevan Bharati Building Tower-II124 Indira Chowk New Delhi-110 001. The undertaking of the statutorybody was transferred to our Company on February 1 1994.ONGC is one of the "Navratna" PSUs. The Board of Directors of aNavratna PSU exercises all powers of capital expenditure proposal foracquisition of technology strategic alliances organisationalrestructuring formation of joint ventures investment of funds etc.As on December 31 2003 the Government of India holds 84.11 percent ofour equity share capital and is the promoter of our Company.Subsidiaries and Joint VenturesWe have three subsidiaries namely ONGC Videsh Limited ONGC Nile GangaB.V. (wholly owned subsidiary of OVL) and Mangalore Refinery andPetrochemicals Limited and four joint ventures namely Petronet MHBLimited Petronet LNG Limited ONGIO International Private Limited andPawan Hans Helicopters Limited. For more details on the subsidiariesand joint ventures refer to page 133.An application is proposed to be made by us and IOC (other shareholderof ONGIO International Private Limited) under the simplified exitscheme pursuant to Section 560 of the Companies Act to strike off thename of ONGIO International Private Limited from the Registermaintained by the ROC.