The company will seek shareholders' approval at its annual general meeting to be held in Madras on September 23.
In its latest annual report, the company has said that the articles of association be amended to provide for directives to be issued by the government of India and also for incorporating the same in the annual reports of the company indicating its impact on the financial position of the company.
The company is following the directive issued by the Committee on Public Undertakings (1987-88), in its 32nd report on `accountability and autonomy' of public undertakings.
The company's turnover during 1995-96 slipped to Rs 2,199.70 crore, from Rs 2,442.76 crore last year.
This was mainly due to a reduction in crude throughput from 7.302 million metric tonnes in 1994-95 to 5.970 MMT in 1995-96. The company is conducting a feasibility study for installation of continuous catalytic reformer so as to produce zero lead petrol.
It has re-submitted to the government its proposal for setting up a 3 MMTPA plant at Manali at a cost of Rs 1,700 crore.
Besides, studies are under way for the setting up of a 250 MW power project at Manali in collaboration with CEA India Inc of the United States.
Various leading parties have been approached to submit proposals for preparation of pre-feasibility report.