ONGC seeks exemption from applicability of some governance norms

Says listing regulations don't apply to it as govt makes board appointments

State-owned Oil and Natural Gas Corporation (ONGC) has sought exemption from the applicability of some of the corporate governance norms, especially those pertaining to the board’s composition and evaluation, people in the know said.

ONGC is learnt to have told the Securities and Exchange Board of India (Sebi) that since the government holds the power to make board appointments in the company, performance evaluation provisions do not apply to it, and hence it should be exempted from the Listing Obligations and Disclosure Requirements (LODR).

The move follows the imposition of penalties and penal action by the stock exchanges on several public sector