Amidst the legal battle between Reliance Industries Ltd and Reliance Natural Resources Ltd over gas from Kaveri basin, Petroleum Minister Murli Deora has hit out at the Ambani brothers for fighting over a natural resource that belongs to the government and the people of the country.
Finance Minister P Chidambaram on Saturday said that the two Ambani brothers -- Mukesh and Anil -- are moving towards settlement and there was no need for any government intervention in the family dispute.\n\n
Bids were received for only 36 of the 70 blocks that were on offer.
The government advised the warring Ambani brothers several times that they should stop fighting, but failed to bring about a reconciliation, Petroleum Minister Murli Deora said on Wednesday.
Sporting stars, past and present, at the Ambani wedding.
Take a look at the stars at Radhika Merchant and Anant Ambani's wedding.
The government on Tuesday opened its arguments in the high-voltage gas row between the Ambani brothers in the Supreme Court asserting that any understanding reached between them was not binding on it as gas was not their "private property".
Stars don't wait for the weekend to party. So Manish Malhotra's grand Diwali party was held midweek, on a Wednesday, and everybody -- Ananya Panday to Alia Bhatt to Kiara Advani-Sidharth Malhotra -- turned up!
The collective wealth of the 100 richest went past $1 trillion for the first time.
They have lost more than $13 billion from their combined wealth, but still the two Ambani brothers have moved higher on Forbes' latest list of the world's ten richest CEOs, while Sunil Mittal has joined the league and Lakshmi Mittal has slipped two places.
Anil's group is seeking gas from his brother's group RIL at rates 44 per cent lower government-approved price.
The global economic meltdown and the gas dispute between the Ambani brothers may trip India's largest ever auction of oil and gas blocks as the two factors are likely to keep major foreign firms from bidding, the sector regulator feels.
Even as news of a possible settlement between the Ambani brothers are doing the rounds, global rating agency Standard and Poor's on Friday
The Bombay high court on Monday suggested that the warring Ambani brothers could approach an independent body to resolve their dispute relating to supply of natural gas from the Krishna-Godavari basin. "The MoU is not able to resolve the issue and we would suggest both the parties to approach an independent body for the same," observed justice J N Patel.
The power company, which is in an existing contract with RIL for the supply of 1.8 mmscmd a day of gas, said its right as a third party would be affected in case interim relief is granted to RNRL. Clarifying that it was not a party to the dispute between the two Reliance companies, Gautami in its petition termed RNRL action as a 'spoiler' as its power plants are yet to be commissioned and natural gas is not required by it.
People say Rahul Gandhi does not feel cold even in winter, this is because "he is wearing the shield of truth," the Congress leader said.
He was colourful. He was dramatic. He was The Master of His Craft. There never will be an editor as versatile as Pritish Nandy, notes Nikhil Lakshman.
Why Nita and Mukesh Ambani hosted Radhika Merchant's arangetram.
Amid speculations that negotiations between the warring Ambani brothers have resumed after the stormy board meeting of flagship company Reliance Industr
Had the government intervened at the right time, the controversy over an MoU that provides for dividing a national resource, would not have arisen, he said.
Radhika Merchant and Anant Ambani's sangeet ceremony saw the who's who of Bollywood in attendance.
Investors of the Ambani brothers group companies grew wealthier by a cumulative Rs 18,000 crore (Rs 180 billion) in a single day, driven by the massive spurt in the stocks of RIL and ADA Group companies following their decision to smoke the peace pipe by terminating all the non-compete agreements effected in January 2006.
The Ambani brothers' (Mukesh & Anil) settlement issue, which is doing rounds for the last few days, are understood to have been worked out and are expected to be formalised within the next six weeks.
During hearing of the dispute over supply of gas by RIL to RNRL at $2.34 per mmBtu, the bench headed by chief justice K G Balakrishnan said the two parties could arrive at a 'suitable arrangement' through arbitration, as the Bombay high court that approved the Reliance empire's demerger cannot spell what is the ideal arrangement.
The Anil Dhirubhai Ambani Group, which is raising Rs 11,700 crore through the public offer of Reliance Power, has seen a value erosion of Rs 48,000 crore in the last seven days.
Unprecedented bribery charges, farewells, separation, failed union, monumental mergers and record-breaking IPOs, along with a healthy dose of online happenings in the form of spat and lessons in customer care, corporate India saw it all in 2024.
India's second richest person Gautam Adani received a total remuneration of Rs 9.26 crore in the fiscal year ended March 31, 2024, lower than most industry peers as well as his own key executives.
The list of guests included celebrities from across the globe, politicians, the who's who of Hindi and south Indian cinema world and almost all the top cricketers of the country.
Billionaire Mukesh Ambani for the second year in a row drew no salary from his flagship firm Reliance Industries in the last fiscal as he voluntarily gave up remuneration in light of the pandemic hitting the business and economy. In its latest annual report, Reliance said Ambani's remuneration for the financial year 2020-21 was "nil". In June 2020, Mukesh D Ambani, chairman and managing director of Reliance Industries, voluntarily decided to forego his salary for the year 2020-21, in light of the COVID-19 outbreak in India, which exacted a huge toll on the societal, economic and industrial health of the nation.
Billionaire Mukesh Ambani on Monday laid bare the succession plan at India's most valuable company, identifying twins children Akash and Isha for telecom and retail leadership, and youngest son Anant for new energy unit. He, however, insisted he isn't retiring yet and will "continue to provide hands-on leadership as before". At the annual shareholders' meeting of Reliance Industries Ltd, he said the robust architecture that he has announced will ensure the firm remains "a unit, well-integrated and secure institution even as it develops existing businesses and adds new growth engines."
Bharatiya Janata Party legislature party leader Devendra Fadnavis was sworn-in as new chief minister of Maharashtra while allies Eknath Shinde and Ajit Pawar took oath as deputy CMs at a grand ceremony in Mumbai on Thursday evening.
Mukesh Ambani, who took over the reins of Reliance Industries Ltd (RIL) after the sudden demise of his legendary industrialist father Dhirubhai Ambani, completes 20 years at the helm during which the company saw a 17-fold jump in revenues, 20-times surge in profit and has become a global conglomerate.
Mukesh Ambani has resigned from the board of his group's telecom arm, Reliance Jio and handed over the reins of the company to elder son Akash, a step seen as succession planning by the 65-year old billionaire. In a stock exchange filing, Reliance Jio Infocomm said the company's board at a meeting on June 27, "approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company." This comes after his father resigned with effect from close of working hours on June 27, it said.
Stars lit up the evening with their gorgeous avatars on Day 2 of Radhika Merchant and Anant Ambani's pre-wedding celebrations.
Bollywood stars turned up to wish Isha Ambani's twins Aadiya and Krishna on their first birthday.
In the previous fiscal year, he drew a Rs 15 crore salary from the company -- the same as in the previous 11 years.
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