Oil & Natural Gas Corporation Limited has informed the Exchange about Disclosure of event or information under Regulation 30 of SEBI (LODR) Regulations, 2015
ONGC · price
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ONGC has received an order dated 07.01.2026 from the Commissioner of CGST & Central Excise, Surat, raising a demand for Special Additional Excise Duty (SAED) of approximately ₹26.76 crore for the period 01.07.2022 to 31.07.2023, along with applicable interest and an equal penalty of ₹26.76 crore. The order relates to the 10% Participating Interest held by M/s Invenire Petrodyne Ltd in the Pre NELP Block CB-OS-02 (unincorporated joint venture with ONGC at 50% and Vedanta Ltd at 40%, where Vedanta is the operator). ONGC states that SAED for its own and Vedanta's share has already been paid, and it believes it is not liable for Invenire's share because as a non-operator it does not qualify as a 'manufacturer' under Central Excise law. The company will file an appeal before the appropriate appellate authority and has stated there is no significant financial impact given its scale of operations.
The combined demand of roughly ₹53.5 crore plus interest is negligible relative to ONGC's overall size and is not expected to materially affect financials or operations. The stock is unlikely to see meaningful impact, though the appeal process will be monitored. The matter also highlights ongoing tax disputes common in upstream oil & gas joint ventures.