ONGC Shareholders Approve Mozambique Project Transactions via Postal Ballot
ONGC shareholders approved two material related party transactions concerning the Area-1 Offshore Mozambique Project via postal ballot. Both ordinary resolutions, one for AssetCo Structure and another for Debt Service Undertaking, passed with over 99.99% of votes in favour. The e-voting concluded on July 3, 2026.
The approval of material related party transactions, especially for an offshore project, is significant for the company's strategic operations and financial commitments, impacting future business activities.
The announcement details the successful passing of two key resolutions regarding material related party transactions with significant shareholder approval, indicating positive progress on the Mozambique project.
Oil and Natural Gas Corporation Limited (ONGC) has announced that both resolutions put forth for a postal ballot have been passed with the requisite majority.
The first resolution concerned the approval of material related party transactions with respect to the Area-1 Offshore Mozambique Project – AssetCo Structure. This ordinary resolution received overwhelming support, with 452,163,3118 votes in favour out of 452,179,0076 total valid votes cast, representing 99.9965% of the votes polled. Only 156,958 votes were cast against it.
The second resolution also an ordinary resolution, was for the approval of material related party transactions with respect to the Area-1 Offshore Mozambique Project - Debt Service Undertaking. This too was passed with strong backing, garnering 452,161,7499 votes in favour out of 452,178,6712 total valid votes, equating to 99.9963% of the votes polled. A total of 169,213 votes were cast against this resolution.
The remote e-voting period for these resolutions concluded on July 3, 2026, at 5:00 PM (IST). The Scrutinizer's Report on the postal ballot voting, submitted by Sachin Agarwal of M/s. Agarwal S. & Associates, Company Secretaries, and the voting results as per SEBI regulations have been furnished to the stock exchanges. The Scrutinizer's Report has also been placed on the company's website and NSDL's e-voting platform.
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