The bank guarantee, which will be equivalent to the incremental revenue that RIL will get from the new gas price, will be encashed if it is proved that the company hoarded gas or deliberately suppressed production at the main D1&D3 fields in the eastern offshore KG-D6 block since 2010-11.
The Supreme Court on Wednesday agreed to hear a plea seeking stay on arbitration proceedings on a dispute between Mukesh Ambani-led Reliance Industries Ltd (RIL) and the government over recovery of cost for developing the country's key natural gas field in the Krishna-Godavari (KG) basin.
Reliance Industries Ltd (RIL) has refuted the allegation in the Supreme Court that it is deliberately reducing production of gas in KG basin in anticipation of a higher gas price and said it has taken all steps for arbitration proceedings with Centre to sort out all disputes.
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As CAG found Reliance Industries was being favoured in gas exploration deal to the government's detriment, former Prime Minister Manmohan Singh told the then top auditor Vinod Rai that audit should not hurt the private sector and RIL was one of the biggest and most respected.
Congress members also vociferously pressed for a discussion on the Comptroller and Auditor General report.
A report, by DeGoyler and MacNaughton, has put a question mark on the future production from the five ONGC discoveries.
In the past, the absence of commercially viable gas prices had not only discouraged high-risk new exploration activity but also hindered the development of some of the existing discoveries, such as the satellite fields in the Reliance Industries' eastern offshore KG-D6 block.
Union government limits powers of Anti Corruption Bureau to corruption cases involving Delhi state govt officials
Pooling will also kick-start projects of Reliance Power, Torrent, Lanco.
Congress stalwart Murli Deora passed away on Monday morning after battling a prolonged illness. He was a politician who shared rapport across the political and corporate spectrum.
The agency would probe whether Sibal had shown undue favour to RIL.
Earning numbers of blue-chips, including ITC and SBI, due tomorrow.
Indices reversed all its losses during late trades.
Stellar rally in ITC shares along with strength in the Asian equities capped the downside.
While the government had in June approved a new formula for pricing of all domestically produced natural gas, the Cabinet yesterday allowed the same principles to also be applied to Reliance Industries' currently producing fields in KG-D6 block subject to certain conditions.
ONGC takes Reliance to court, alleging years of stealing from its offshore block and a sleeping govt, right after it was agreed there would be a probe by experts.
Infra major GMR is hopeful of maintaining strong order book.
'Good politics is not just staying in power. You cannot sacrifice everything at the altar of trying to ensure the coalition remains in power.'
'If the government starts playing favourites, if the government acts in a manner which is not transparent, then natural resources which belong to not just you and me, but future generations, they fritter away. The anger against corruption, the anger against India's natural resources being looted is a consequence of the fact that within society there is a huge amount of turmoil and discontentment. Why should an Empowered Group Of Ministers or the Cabinet Committee on Economic Affairs decide the administered price of gas?' asks Paranjoy Guha Thakurta in this exclusive interview with Rediff.com's Sheela Bhatt.
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