For the latest quarter ended June, HPCL has listed ONGC merely as a public shareholder and not a promoter. Under the promoter/promoter group category, the company has dropped the name of even the President of India who is not shown as holding any shares in HPCL now. Ever since the company's merger with ONGC in January 2018, except the latest June quarter, HPCL has been showing in the regulatory filings the President of India as the promoter.

HPCL's omission of ONGC as the company's promoter in the June regulatory filings has baffled PSU observers. No one has a clue how the government wishes to sort out the problem.

Further, MK Surana continues to hold the title of Chairman and Managing Director, although PSU corporate governance structure provides a group with just one chairman. Besides, subsidiaries of a group are provided to be run by managing directors and CEOs.

For instance, ONGC's overseas subsidiary, ONGC Videsh, is led by a MD and CEO. Even its listed refinery subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL), no different from HPCL, is also headed by a MD and CEO. ONGC Chairman is the Chairman of the board of both the companies.