New Delhi: 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.
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.
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.
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.