Oil and Natural Gas Corporation is facing as many as 15 complaints from investors, the highest for any firm listed and trading on the National Stock Exchange, but the grievances pertained to the government's offer to sell 10 per cent equity in the company.
According to the information available with NSE, ONGC had 15 complaints pending against it for more than two months as on October 31, followed by five against Sterlite Industries India Ltd and four against Administrator of Specified Undertaking of Unit Trust of India.
However, there seems to be a slight improvement in the complaint redressal performance of ONGC since last month, when 17 complaints were pending against it at the end of September.
The PSU oil exploration major, which is one of the country's most valued firms, has earlier said that addressing investor grievances was a prime focus area of its corporate governance practices.
All these complaints are related to the offer of sale of 10 per cent equity shares of ONGC by the government of India during 2004, the company had clarified in September after being named as the company with highest number of complaints pending for more than two months.
The company said no other investor complaints are pending against ONGC, barring issues related to mishandling by the registrar during this ONGC public offer by the government of India in March 2004.
After the share allocation was finalised on March 28, 2004 in consultation with the designated stock exchange NSE, the registrar erroneously uploaded a wrong file based on which shares were allocated, it said.
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