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ONGC committed to settle Customer Grievances

New Delhi October 14, 2006

Citing assurances for settling Investor grievances related to disinvestment within a month, the Government of India has decided to clinch the issue through the Public Issue of 10% Equity Shares of Oil and Natural Gas Corporation Ltd. (ONGC)

In a review meeting convened by the Department of Disinvestment on 6th October 2006, ONGC vehemently sought an assurance of immediate settlement of the investor grievances, before the issue of bonus Shares in November 2006.

With only mishandling by the Registrar of the 2004 Public Issue remaining pending, ONGC management has clarified that addressing investor grievances is one of the prime focus areas of Corporate Governance practices being pursued by ONGC.

Initially, around fifty thousand complaints were received. Due to constant endeavour by ONGC - continuous interactions with the Department of Disinvestment, liaisoning with the then Registrar appointed by the Government of India, newspaper advertisements for retail investors and setting up of help-lines - more than 99% of the complaints have been resolved.

Interactions with Department of Disinvestment and the Registrar are being continued vigorously. Pursuant to such interactions, the assurance - of settlement of investor grievances (Public Issue 2004) within a month - has been obtained from the Registrar.

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