Hindustan Oil Exploration Company Ltd
Directors Reports
To
The Members of
Hindustan Oil Exploration Company Limited
Your director's have pleasure in placing before you the 39th Annual Report
on the business and operations of your Company along with the audited financial statements
for the financial year ended March 31, 2023.
1. FINANCIAL HIGHLIGHTS
|
|
|
|
(Rs. in lakhs) |
| Particulars |
Standalone |
Consolidated |
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
| Revenue from operations |
38,104.82 |
13,050.47 |
55,891.53 |
15,572.52 |
| Other Income |
2,790.85 |
1,680.41 |
879.55 |
1,146.39 |
| Total Income |
40,895.67 |
14,730.88 |
56,771.08 |
16,718.91 |
| Total Expenses |
24,528.94 |
7,711.84 |
35,831.02 |
11,224.20 |
| Profit before share of profit of associate, exceptional items and tax |
16,366.73 |
7,019.04 |
20,940.06 |
5,494.71 |
| Share of profit of associate |
- |
- |
11.11 |
(89.71) |
| Profit before exceptional items and tax |
16,366.73 |
7,019.04 |
20,951.17 |
5,405.00 |
| Exceptional items |
- |
(3,436.53) |
(1,221.99) |
(3,436.53) |
| Profit before tax |
16,366.73 |
3,582.51 |
19,729.18 |
1,968.47 |
| Tax expense |
- |
- |
324.36 |
(30.90) |
| Profit for the year |
16,366.73 |
3,582.51 |
19,404.82 |
1,999.37 |
| Other comprehensive income |
3.17 |
(4.06) |
3.17 |
(4.06) |
| Total comprehensive income for the year |
16,369.90 |
3,578.45 |
19,407.99 |
1,995.31 |
Note: The above figures are extracted from the audited standalone and consolidated
financial statements prepared as per Indian Accounting Standards find AS)
2. BUSINESS PERFORMANCE
During the year, your Company produced and sold 4.59 BCF of gas and 0.18 million
barrels of oil (previous year: 3.39 BCF of gas and 0.08 million barrel of oil). In oil
equivalent term the production for the current year is 1.04 mmboe (0.84 mmboe in the
previous year).
On a standalone basis, the revenue for the current year has increased to Rs.38,104.82
lakhs from Rs.13,050.47 lakhs in the previous year. Other income for the current year is
Rs.2,790.85 lakhs as against Rs.1,680.41 lakhs in the previous year.
The cost towards production expenses has increased to Rs.16,951.92 lakhs compared to
Rs.2,225.18 lakhs in the previous year and the total expenses for the current year has
increased to Rs.24,528.94 lakhs as compared to Rs.7,711.84 lakhs in the previous year on
account of commencement of production from B-80 field. This also includes the non-cash
cost of depreciation, depletion and amortisation and finance cost towards unwinding of
decommissioning of Rs.3,527.28 Lakhs in the current year as against Rs.2,089.72 lakhs
incurred during the previous year.
On a standalone basis, the profit before exceptional items and tax has increased to
Rs.16,366.73 lakhs as compared to Rs.7,019.04 lakhs in the previous year. The profit after
tax is Rs.16,366.73 lakhs as against the profit of Rs.3,582.51 lakhs in the previous year.
The cash and cash equivalent in the company as on March 31, 2023 is Rs.13,866.98 lakhs,
compared to Rs.1,327.40 lakhs in the previous year. The gross working capital has
increased from Rs.28,531.51 lakhs in the previous year to Rs.61,027.91 lakhs.
On a consolidated basis, revenue from operations has increased from Rs.15,572.52 lakhs
to Rs.55,891.53 lakhs and the profit after tax for the current year is Rs.19,404.82 lakhs
compared to Rs.1,999.37 lakhs in the previous year.
Capital Expenditure
During the year under review, a capital expenditure of Rs.4,324.02 lakhs ( Rs.
21,617.88 lakhs for previous year) was incurred for development activities in the
discovered fields of Block B-80, Rs.501.20 lakhs ( Rs. 75.88 lakhs for previous year) for
Dirok and Rs.1.53 lakhs ( Rs. 76.24 lakhs for previous year) for other development
activities.
Transfer to reserves
During the year under review, no amount was transferred to the capital reserves of the
company. The land and buildings of the company are stated at cost and are not being
revalued.
Measures taken to improve the operational & financial performance
Your Company has been appropriately addressing the challenges posed by the evolving
situation with renewed vigour, while ensuring the wellbeing of the employees and the
communities in which we operate.
Your Company continues to closely monitor any material changes to future economic
conditions and manage their impact and costs across the organization.
3. OUTLOOK
Your Company has capital requirements to implement its business plans and to continue
the development of PY-1, Dirok and other marginal fields at Cambay in the near future,
which will be met through internal accruals and the existing working capital by proper
scheduling of project activities. Our near-term focus is to secure the best possible value
from the excellent set of opportunities presented by our portfolio of discovered resources
along with prudent capital allocation and carefully planned market strategies. If
necessary, additional capital and debt will be raised to develop the blocks in the
existing portfolio and for any inorganic opportunities.
4. DIVIDEND
Your Company is positioned on a growth trajectory and is actively pursuing both
exploration opportunities and appraisal / development of discoveries established in its
existing portfolio. To finance this growth, the Company needs financial resources in the
immediate term and hence your Directors do not recommend any dividend for the year
5. DEPOSITS FROM PUBLIC
Your Company has not accepted any deposits from public and as such, no amount on
account of principal or interest are outstanding as at the balance sheet date.
6. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS BY COMPANY
Details of loans, guarantees and investments covered under the provisions of Section
186 of the Companies Act, 2013 have been disclosed in the Standalone Financial Statements
provided in this Annual Report.
7. NO CHANGE IN THE NATURE OF BUSINESS
There is no change in the nature of business carried out by the Company.
8. SHARE CAPITAL
There is no change in share capital during the year. The company has not issued any
shares with differential rights as to voting, dividend or otherwise.
9. PROMOTER
Your Company is now identified as a "Listed entity with no promoter" with
effect from March 13, 2023 and is led by a qualified and experienced management team who
have experience and knowledge in the oil and gas sector, including in the fields of
administration, marketing and human resource management.
10. SUBSIDIARIES
Your Company has two subsidiaries namely, Hindage Oilfield Services Limited and
Geopetrol International Inc.
Hindage Oilfield Services Limited:
Hindage Oilfield Services Limited ('Hindage') is in the business of Oil Field Services
(OFES).
Geopetrol International Inc.:
Geopetrol International Inc. ('GPII') is a Company incorporated in the Republic of
Panama. GPII is registered as a foreign company in India and operates through an Indian
Project Office. GPII has 25% participating interest in Kharsang oil field in Arunachal
Pradesh.
GPII holds the entire share capital of Geopetrol Mauritius Ltd ('GML'), a company
established under the laws of Mauritius holding Category I Global Business License, which
is in the business of investment in oil and gas exploration and services.
GML has an Indian Associate Company viz., Geoenpro Petroleum Limited ('Geoenpro'), in
which GML holds 50% of the paid-up share capital. Geoenpro is the Operator of Kharsang
Block with 10% participating interest.
There has been no material change in the business of the subsidiaries. During the year,
the Board of Directors of your Company have reviewed the affairs of the subsidiary
companies.
Pursuant to Section 129(3) of the Companies Act, 2013, the Indian Accounting Standards
(Ind AS) and relevant provisions of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, Consolidated Financial Statements of the Company have
been prepared which form part of this Annual Report.
Also, a statement containing salient features of the Company's subsidiaries is appended
as Annexure - I to the Board's Report in the prescribed Form AOC-1.
Further, in accordance with Section 136 of the Companies Act, 2013, the Annual Audited
Financial Statements including the Consolidated Financial Statements and related
information of the Company and the Audited Financial Statements of the subsidiary
companies are available on the company's website https://www.
hoec.com/results-and-reports/annual-reports100/.
11. UNINCORPORATED JOINT VENTURES
The financial statements of the Company reflect its share of assets, liabilities,
income and expenditure of the joint venture operations, which are accounted on the basis
of available information on a line-by-line basis with similar items in the Company's
Accounts, to the extent of the participating interest of the Company, as per various
"Production Sharing Contracts" (PSCs) and "Revenue Sharing Contracts"
(RSCs). The financial statements of the Unincorporated Joint Ventures are prepared by the
respective Operators in accordance with the requirements prescribed by the respective PSCs
and RSCs.
12. DISCLOSURE REQUIREMENTS
As pen SEBI Listing Regulations, the Corporate Governance Report with the Auditors'
Certificate thereon, and the integrated Management Discussion and Analysis including the
Business Responsibility and Sustainability Report are set out in a separate section and
form part of this Annual Report.
13. ANNUAL RETURN
Pursuant to Section 92(3) read with Section 134(3Ka) of the Act, the Annual Return as
on March 31, 2023, is available on the Company's website at https://www.hoec.com/results-and-reports/annual-reports-new/
14. DIRECTORS AND KEY MANAGERIAL PERSONNEL Changes in Directorate during FY 2022-23:
During the year, there were no changes in the Directorship position in the Company.
Further, the non-executive directors of the Company had no pecuniary relationship or
transactions with the Company, other than sitting fees, commission and reimbursement of
expenses incurred by them for the purpose of attending meetings of the Company.
Key Managerial Personnel:
During FY 2022-23, Ms. Josephin Daisy resigned from her position as Company Secretary
on June 30, 2022 and Ms. Deepika CS was appointed as Company Secretary w.e.f. August 12,
2022.
As on March 31, 2023, Mr. P Elango, Managing Director, Mr. R. Jeevanandam, Executive
Director & CFO and Ms. Deepika CS, Company Secretary are the Key Managerial Personnel
(KMP) of the Company.
15. DECLARATION BY INDEPENDENT DIRECTORS
The Company has received necessary declaration from each independent director that
he/she meets the criteria of independence as laid down under Section 149(6) of the
Companies Act, 2013 and Regulation 25 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
In the opinion of the Board, the independent directors fulfil the conditions specified
in these regulations and are independent of the management. There has been no change in
the circumstances affecting their status as an Independent Director during the year.
16. BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and the provisions of SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, Board has carried out
an annual evaluation of its own performance, the Committees of the Board and individual
directors. The manner in which the evaluation has been carried out is explained in the
Corporate Governance Report.
17. NUMBER OF MEETINGS OF THE BOARD
During the year, eleven (11) Board Meetings were held. The details of meetings are
given in the Corporate Governance Report. The intervening gap between the Meetings was
within the period prescribed under the Companies Act, 2013.
18. COMMITTEES OF THE BOARD
Currently, the Board has five (5) Committees, namely Audit Committee, Nomination and
Remuneration Committee, Stakeholders Relationship Committee, Corporate Social
Responsibility Committee and Risk Management Committee. The composition of the Board and
its Committees are provided in the Corporate Governance Report section of this Annual
Report. During the year, all recommendations made by the respective Committees were
approved by the Board.
19. REMUNERATION AND NOMINATION POLICY
The Board of Directors have framed a policy which lays down a framework for the
remuneration payable to Directors and other Key Managerial Personnel. The details of the
policy are stated in the Corporate Governance Report.
20. DIVIDEND DISTRIBUTION POLICY
The Board of Directors have framed a policy which lays down a framework for
distribution of dividend by the Company in accordance with the provisions of the Act and
the Listing Regulations. The details of the policy are available on the Company's website
at https://www.hoec.com/grow-with-us/policies/
21. DIRECTORS REMUNERATION
Details of the remuneration paid to the Executive and Non-Executive Directors of the
Company are given in the Corporate Governance Report section of this Annual Report.
22. RELATED PARTY TRANSACTIONS
All related party transactions that were entered into during the year under review were
on an arm's length basis and in the ordinary course of business.
Your Directors draw the attention of the members to Note No. 46 to the standalone
financial statements and Annexure II to this report which sets out the related party
disclosures.
23. MATERIAL CHANGES AND COMMITMENTS
There were no material changes in the business operations since the closure of the
financial year.
24. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There were no material orders passed by the regulators or courts or tribunals impacting
the going concern status and the Company's operations in future.
25. DIRECTORS' RESPONSIBILITY STATEMENT
The financial statements are prepared in accordance with the Indian Accounting
Standards (Ind AS), the relevant provisions of the Companies Act, 2013 and the Rules made
thereunder, guidelines issued by SEBI and guidance note on Accounting for oil and gas
producing activities (Ind AS) issued by the Institute of Chartered Accountants of India.
The financial statements are prepared under the historical cost convention on accrual
basis except for certain financial instruments that are measured at fair values, and
guidelines.
In terms of Section 134(5) of the Companies Act, 2013, your directors, to the best of
their knowledge and belief and according to the information and explanation obtained by
them, state that:
(i) in the preparation of annual accounts for the financial year ended March 31 , 2023,
the applicable accounting standards have been followed and there are no material
departures;
(ii) they have selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view
of the state of affairs of the Company at the end of the financial year and of the profit
and loss of the Company for that period;
(iii) they have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
Civ) they have prepared the annual accounts on a going concern basis;
(v) they have laid down internal financial controls to be followed by the Company and
that such internal financial controls are adequate and were operating effectively; and
Cvi) they have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
Based on the framework of internal financial controls and compliance systems
established and maintained by the Company, the work performed by the internal, statutory
and secretarial auditors, including the audit of internal financial controls over
financial reporting by the statutory auditors and the reviews performed by the Board and
Audit Committee, the Company's internal financial controls were adequate and effective
during the year under review.
26. PARTICULARS OF EMPLOYEES
The statement pertaining to particulars of employees including their remuneration as
required to be reported under the provisions of Section 197(12) of the Act, read with
Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 [including any statutory modification(s) or re-enactment(s)
thereof, for the time being in force] (the Rules) are set out in Annexure III to this
Report. However, as per the provisions of Section 136 of the Act, the Reports and Accounts
for the Financial Year 2022-23 are being sent to the Members and others entitled thereto,
excluding this statement. The said statement is available for inspection by the members at
the Registered Office of the Company during business hours on working days up to the date
of the ensuing Annual General Meeting. If any member is interested in obtaining a copy
thereof, such member may write to the Company Secretary. The disclosures pertaining to the
remuneration of Directors, KMP and employees as required under Section 197(12) of the Act,
read with Rule 5(1) of the Rules are provided in Annexure III to this Report.
27. AUDIT REPORTS AND AUDITORS
Audit Reports for the financial year ended March 31, 2023:
• The Auditors Report on the standalone and consolidated financial statements
forms part of this Annual Report and do not contain any qualifications, reservations or
adverse remark.
• The Secretarial Audit Report for the year is included as Annexure IV to this
Report and it does not contain any qualification, reservation or adverse remark. The
Company complies with all applicable secretarial standards.
• Your Company has maintained cost records which were duly audited in terms of
Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit)
Rules, 2014. The cost audit report for the financial year ended March 31, 2023 was filed
with the Central Government within the prescribed timelines.
• The Internal Auditors' findings are discussed, and actions, as required, are
taken as per the directions of the Audit Committee on an ongoing basis to improve
efficiency in operations.
• Neither the Statutory Auditors nor the Secretarial Auditors have reported to the
Audit Committee under Section 143(12) of the Companies Act, 2013, any instances of fraud
committed against the Company by its officers or employees, the details of which would be
required to be mentioned in the Board's Report.
Auditors for the financial year ending March 31, 2024:
Statutory Auditor
At the 36th AGM of the Company held on September 30, 2020, the Members
approved re-appointment of M/s. Deloitte Haskins & Sells LLP (FRN: 117366 W/W 100018),
Chartered Accountants, as Statutory Auditors for a second term of five (5) years to hold
office from the conclusion of the 36th AGM of the Company until the conclusion
of 41st AGM.
Secretarial Auditor
In terms of Section 204 of the Companies Act, 2013 and rules made there under M/s. S.
Sandeep & Associates, Company Secretaries in Practice are appointed to conduct the
secretarial audit.
Cost Auditor
The Board of Directors have appointed Mr. K. Suryanarayanan, a Cost Accountant in
Practice, as Cost Auditor of the Company at a fee of Rs.2,00,000 (Rupees Two Lakhs only)
plus applicable taxes and out of pocket expenses, subject to ratification of the said fees
by the shareholders at the ensuing Annual General Meeting.
Internal Auditor
The Board has engaged M/s. Guru & Ram LLP, Chartered Accountants, as its Internal
Auditors. Their scope of work includes review of internal controls and its adherence,
statutory compliances, health, safety and environment compliance, compliance towards
related party transactions and risk assessments.
28. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY
The details in respect of internal financial control and their adequacy are included in
the Management Discussion and Analysis section of this Annual Report
29. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO
Your Company embraces technological innovation and operates in an environmentally
responsible manner to provide tangible benefit to all stakeholders. During the year under
review, several steps were taken towards conservation of energy and technological
advancement. A few of these are listed below:
A) Conservation of Energy:
a) In an effort to become more energy efficient, the Company has taken the following
steps:
1. BEE Star rated equipment has been procured, wherever feasible, to minimize energy
consumption.
2. To fulfil its duty as a responsible corporate citizen and to adhere to climate
change policy, the Company is continuously taking effective steps to reduce Green Houses
Gas (GHG) emissions, wherever feasible.
3. As far as possible, in-house power requirements in all operating Blocks are met
using natural gas- based generators, with diesel-based generators only being utilized in
emergency situations. The
Company is exploring the option of solar energy and is assessing its viability in
meeting operational requirements.
4. The Company regularly monitors air emission sources and ambient air quality to
ensure that emission levels are below statutory limits.
5. All lights, except emergency lights, have automatic timers installed, which turn
them off during daytime, thereby minimizing energy consumption.
6. Ain compressors and fire water jockey pumps are timer controlled to reduce their
runtime.
7. Periodical preventive maintenance and condition monitoring of ageing equipment is
carried out to increase life expectancy of assets, eliminate premature replacement and
lower energy consumption.
8. Designing and project planning are carried out in a way so as to minimize
environmental damage and maximize resource efficiency during project execution and life
cycle.
9. Installed solar streetlights at various selected locations of our operational areas.
10. Rainwater harvesting carried out to recharge ground water resource at operational
areas.
11. Ground water samples in HOEC operational areas are analysed to ensure that quality
levels are within the statutory limits.
12. All air conditioner temperatures are set to 250C to optimise power
consumption.
13. Calculating Greenhouse gas emission and declaring HOEC Dirok own benchmark of GHG
emission reported every year.
14. As part of energy conservation, changing of sodium vapour lamps with LED fittings
has been initiated at PY-1 site.
b) Steps taken by the Company for utilizing alternate source of energy: The Company is
in the process of formulating a policy for use of solar energy and on pilot basis has
successfully experimented by installing solar street lamps at our operational areas in
Assam Block.
c) Capital investment on energy conservation equipment: Replaced Manual operated choke
valve with remote operated choke valve on one of the high producing well at Dirok field of
Assam which helps to reduce frequent travel to wellsites & reduce fuel consumption.
d) Impact of the measures mentioned in (a) and (b) above for reduction of energy
consumption and consequent impact on the cost of production of goods: Reduction in energy
consumption and GHG emissions, as a result of minimal use of air conditioning and
deployment of energy efficient systems. This in turn, has led to reduced consumption of
power and fuel, thereby resulting in lower costs.
B) Technology absorption:
(a) Technology absorption, adaptation and innovation:
The Company has adopted an energy efficient Modular approach for its Gas Processing
Plant in Assam, with Variable Frequency Drives (VFDs) installed in the Plant's equipment
and machineries.
HOEC is following leak detection and repair (LDAR) program to monitor the gas leaks if
any and to arrest the same through standard repair program to control the emission.
To protect an Elephant Corridor in Assam, the Company laid a 21 km long pipeline, 1.5
metres below the ground, from its Gas Gathering Station (GGS) to its Modular Gas
Processing Plant (MGPP). This also led to HOEC being able to reduce its footprint in the
eco sensitive zone.
A sonic, natural draft, horizontal flare system provided with an enclosure, is being
used at the Company's MGPP in Assam, in an effort to reduce harm to the surrounding
environment.
HOEC is in process of reducing carbon footprint by major and minor process changes,
supplying surplus power to state grid, tea factories etc, and also by creating additional
carbon sink through plantation, adopting green energy sources to the extent possible.
Conversion of existing conventional lightings to energy efficient LED lights in a
phased manner.
We also plan to adopt new technology like surface jet pump (ejector) to increase well
production efficiency.
(b) Remote operated choke valve was imported and installed on one of the high producing
well.
(c) No Research and Development expenditure was incurred during the year.
(d) No benefits like product improvement, product development or import substitution
were derived during the year
C) Foreign exchange earnings and outgo:
(a) Activities relating to exports; initiatives taken to increase exports; development
of new export markets for products and services; and export plans:
Company is engaged in production of crude oil and natural gas. The existing Government
policies and Production Sharing Contracts (PSCs), to which Company is a party, is subject
to domestic market obligations till self-sufficiency in domestic production of
hydrocarbons.
| (b) Particulars FY 2022-23 ( Rs. in lakhs) |
FY 2021-22 (Rs. in lakhs) |
| Foreign exchange earning Nil |
Nil |
| Expenditure in foreign currency: |
|
| Operating expenditure 8,956.59 |
750.57 |
| Capital expenditure 341.20 |
4,968.58 |
30. CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Company has in place a CSR policy which is available on our website at https://www.hoec.com/growing-
responsibly/csr/ A brief outline of the CSR policy of the Company and the initiatives
undertaken on CSR activities during the year are set out in Annexure V of this Report as
per the format prescribed under the Companies (Corporate Social Responsibility Policy)
Rules, 2014. The details of the composition and meetings of the CSR Committee are provided
in the Corporate Governance Report section of this Annual Report.
31. RISK MANAGEMENT
The Risk Management Committee identifies and monitors the risks associated with the
Company's operations. The Committee is responsible for reviewing the risk factors and
ensuring effective mitigation and management. In addition, the Audit Committee oversees
the areas of financial risks and controls.
The development and implementation of risk management policy has been covered in the
Management's Discussion and Analysis Report, which forms part of this Annual Report.
32. HUMAN CAPITAL AND MANAGEMENT
The Company continues to pursue the best practices to develop its human capital. The
Company has a transparent Performance Appraisal System with focus on the organizational
objectives aligned with Key Performance Indicators. An objective performance measurement
with an assessment of potential and identification of training needs for individual growth
are being pursued.
The total permanent employee count, as on March 31, 2023, was 89 and the annualized
attrition rate for the year stands at 11.6 %.
33. PROTECTION TO WOMEN EMPLOYEES
The Company has in place a Corporate Policy on Anti-Sexual Harassment of Employees, in
terms of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013. An Internal Complaints Committee has also been duly constituted and
during the year under review no complaints were received from any employee.
34. INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
Pursuant to the provisions of the Investor Education and Protection Fund Authority
(Accounting, Audit, Transfer and Refund) Rules, 2016, (as amended from time to time), all
unpaid or unclaimed dividends are required to be transferred by the Company to the IEPF,
after completion of seven years. Further according to the said Rules, the shares on which
dividend has not been paid or claimed by the shareholders for seven consecutive years or
more shall also be transferred to the demat account of the IEPF Authority.
Accordingly, the Company has duly transferred all unclaimed and unpaid dividends and
the corresponding shares as per the above requirements to the IEPF. Details of the same
are provided in the Shareholder information section of the Corporate Governance Report and
are also available on our website at https://www.hoec.com/grow-with-us/shareholder-information05/
Your Company has filed necessary forms with the Ministry of Corporate Affairs in this
regard.
35. LISTING WITH STOCK EXCHANGES
The Company confirms that it has paid the Annual Listing Fees as applicable to National
Stock Exchange of India Ltd. and BSE Ltd. where the Company's shares are listed.
36. ACKNOWLEDGEMENTS
Your Directors place on record their gratitude for the support and co-operation
received from Government agencies namely the Ministry of Petroleum & Natural Gas,
Directorate General of Hydrocarbons, Ministry of Defence, Ministry of Environment and
Forests and the State Governments of Assam, Gujarat, Maharashtra and Tamil Nadu and the
authorities working under them. Your Directors express their gratitude to the Company's
stakeholders, shareholders, business partners and bankers for their understanding and
support and look forward to their continued support in future. Your Directors value the
professionalism, dedication and commitment of the HOEC team to overcome any challenges and
to drive growth.
|
For and on behalf of the Board of Directors |
| Date : 25-05-2023 |
P Elango R Jeevanandam |
Deepika CS |
| Place: Chennai |
Managing Director |
Director & CFO Company Secretary |