Rangoon is too fuzzy and half-hearted, feels Sukanya Verma.
It is also understood that scope of this audit will far exceed the normal course of audit by CAG and the prime objective may be to detect fraud, if any, by RIL allegedly in collusion with oil regulator DGH and Ministry of Petroleum and Natural Gas.
The searchable database built on just a portion of the documents leaked from the Panama law firm Mossack Fonseca reveals more than 360,000 names behind the shell companies.
BP Plc, the British energy company, has joined the race to acquire a majority stake in Canadian oil-sand major, Value Creation, with an offer of $1.2 billion. Though the offer is less than Reliance Industries' $2-billion acquisition proposal, given on February 5, agencies reported that BP might set up a joint venture with the Canadian group, and increase its oil-sand holdings by as much as 50 per cent.
The government has raised the prices of natural gas by more than double to $4.20 per mmBtu, leading to a hike in power and fertiliser production costs. However, a hike in CNG rates will come into effect only from next week.
The $6,00,000 fine by Financial Industry Regulatory Authority, which oversees broker dealers, comes after the US authorities hardened their stance on offshore tax operations with a series of actions in the past few months.
43-year-old Pankesh Patel, managing director of a UK firm that acts as a sales agent for companies in law enforcement and military products industries, and two more Britons --David Painter (56) and Lee Wares (43)-- were among 22 people arrested, the US Department of Justice said. Wares is the chairman and director of a British company that markets armoured vehicles.
Currently, gas imported in its liquefied form costs $5.7 per million British thermal units as against $1.82 per mmBtu for fuel produced from state-owned Oil and Natural Gas Corporation's fields and $4.2 per mmBtu for gas from Reliance Industries' KG-D6 field.
The government may subsidise costly imported gas by making users of cheaper domestic gas pay more under its unique plan to rationalise gas prices, a source in knowledge of the development said.
After another profitable quarter, Anil Chanana, chief financial officer, HCL Technologies, tells Karan Choudhury that customer confidence is at an all-time high.
A consortium of British Gas, Oil and Natural Gas Corporation and Reliance Industries, which controls the PMT fields off the west coast, is spending about Rs 2,500 crore (Rs 25 billion) for reviving the reserve in this fiscal, while new wells are being drilled at the Cairn-operated Ravva field (off the Andhra coast) for small-sized additional discoveries. The Tapti field has witnessed 'natural decline in the production profile' during the first quarter ended June 2009.
Oil Ministry is likely to announce the new rates sometime this week.
Anil Ambani's Reliance Natural Resources continued its attack on the government for allegedly favouring brother Mukesh Ambani's Reliance Industries Ltd on the sale price of gas from the Krishna Godavari D6 basin. At $4.2 per million British thermal unit (mBtu), the price fixed, there is a premium of more than 100 per cent over the gas available through the administered pricing mechanism, it said.
Benzema to stand trial in sex tape case, says lawyer.
The petroleum ministry has said Reliance Industries Ltd (RIL) is not right in seeking an out-of-turn rise in the price of natural gas produced from the KG-D6 fields and asserted the $4.205 per million British thermal unit (mBtu) rate will prevail unless pricing formula is changed.
Come Sunday, India's automobile industry will achieve a unique distinction of showcasing both the world's cheapest car Nano and two of the costliest brands -- Jaguar and Land Rover -- from the Tata Group.
With the Mukesh Ambani-promoted Reliance Industries Ltd (RIL) planning to approach the Supreme Court, challenging a High Court order for selling gas at $2.34 per million British thermal unit (mBtu) to Reliance Natural Resources Ltd (RNRL), the chances of an agreement between the Ambani brothers by July 15 appear remote.
In a surprise move, oil regulator DGH has asked Reliance Industries to include the marketing margin the company charges on sale of natural gas from its field to the approved gas price for calculating the government's share from the project.
India and the United Kingdom on Thursday announced deals worth 9 billion Pound (Rs 90,550 crore) as they signed a civilian nuclear pact and decided to collaborate in the field of defence and cyber security besides launching a railway rupee bond in London.
'With the big political job done, the time has come to pay attention to the economy, which is the main problem now,' argues T C A Srinivasa Raghavan.
The gas price revision will add to the bottomline of the two public sector companies -- Oil and Natural Gas Corporation and Oil India Ltd -- and will also yield additional revenue for the central and state governments.
The rating affirmation reflected RIL's strong business profile - a large-scale refinery with a capacity of around 1.2 million barrels a day and dominant market position in petrochemicals.
"The slump in activity in emerging Asia is over. We believe the region returned to positive growth of the aggregate level in the first quarter of 2009 -- driven by China and India -- and the recovery is broadening to the more open industrial economies in 2009," Barclays Capital, an investment banking arm of Barclays, said.
Replying to a calling-attention motion in Rajya Sabha, oil minister Murli Deora said the $4.2 per million British thermal unit price fixed for gas produced from KG-D6 fields of RIL was lower than the average of $5.51 per mmBtu charged by UK's BG-led consortium for Panna/Mukta and Tapti gas. It was also lower than the $4.3 per mmBtu price of gas produced from Cairn's Ravva Satellite fields and $4.75 per mmBtu for the UK firm's Lakshmi fields.
Indian-origin British entrepreneurs are more successful in securing credit and finance due to their higher credibility rating compared the other businessmen, latest industry research shows.
Mallya understood, astutely, that the Dhingras were very keen to acquire Berger Paints. He upped his asking price. The figure Vijay asked for was found to be much more than what Kuldip and Gurbachan had anticipated. A fascinating excerpt from Sonu Bhasin's Unstoppable: Kuldip Singh Dhingra And The Rise Of Berger Paints.
Bollywood superstar Salman Khan has told the Supreme Court that he has always been treated as an ordinary citizen by courts and never given any special privilege, as he sought to justify a Rajasthan High Court order suspending his conviction in the blackbuck hunting case.
Some questions cited concerns that larger warnings can hurt tobacco farmers and boost illicit trade.
A leave vote means the future of Britain's financial services industry is now hanging in the balance.
Patricia Hewitt, chair, UK India Business Council and former UK minister, spoke on a number of government initiatives and investment sentiments.
Reliance Power's plans are to set up a 7,480-Mw project, which will be the largest gas-fired power project at a single location in the world.
The Bajaj Super could not be called a pretty scooter, but it was sturdy and reliable, says Veenu Sandhu.
A division bench of Justices J N Patel and K K Tated said that the new agreement should be as per the memorandum of understanding between the Ambani brothers Mukesh and Anil. The MoU stipulates that RIL would supply 28 mmscmd of gas to RNRL for 17 years at the rate of $2.43 per million British Thermal Units.
The company is looking for a large 40 sq km patch of land in the state under the Centre's recently introduced Information Technology Investment Region Scheme, said officials of the company who have been holding meetings with state government officials. The proposed project will include education, health institutions,an industrial hub, public utilities,residential areas and an integrated township among other infrastructure.
Tata Steel, others sell assets abroad after taking massive impairments.
Selection of the Young Design Entrepreneur Award for the year 2008 by the British Council.
The rates, on net calorific value (NCV) basis, dropped to $ 5.05 per mmBtu for six month period beginning April 1, 2015.
The Equality Commission's assessment found that the proportion of women holding key positions in British life had fallen in 12 out of the 25 categories surveyed in 2006. In politics, fewer British women now hold positions of power in Parliament and the government. It said Britain -- with just 19.3 per cent women in the House of Commons, was placed at 70th place in the world's equality league, behind such countries as Iraq, Afghanistan and China.
The high court is hearing a dispute between Mukesh Ambani-led Reliance Industries and Anil Ambani's Reliance Natural Resources over a gas sale agreement, in which the government has intervened. NTPC has filed a separate suit against RIL, seeking that RIL execute the contract of gas supply.
'There is little doubt that China today stands in the dock, charged with misdemeanour with regard to the health and well-being of its own citizens and of the people of the world,' notes Amulya Ganguli.
