Energy HPCL continues not to recognise ONGC as promoter; to face real test in selection of directors Updated : April 21, 2019 01:32 PM IST For selecting a director of a company where the government or its controlled company has more than 50 percent stake, a PESB panel holders interview from among shortlisted candidates. Since acquiring a majority stake in HPCL, ONGC has only been able to appoint one director to that firm's board. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.