Two persons accused of extorting money from Reliance Industries for withdrawing their petition filed in Bombay High Court opposing the company's merger with group firm Reliance Petroleum, have been taken to Mumbai for investigation, police officials said.
When the markets nosedived to 12,961.68 points on July 1, the country's richest man (read Mukesh Ambani) and his family lost more than Rs 5,000 crore (Rs 50 billion), all in a single day.
The refinery will roll out petroleum products including diesel and some amount of naptha initially. The refinery will initially produce 31 kilo tonne per day of diesel and 5.7 ktpd of naptha among other products, sources added. The unit can also produce 25 ktpd of petrol, however, it might not sell it initially in the market, sources added.
"Sebi has informed that it has initiated an examination in the matter," Minister of state for Finance P K Bansal saidin a written reply. Bansal was replying to a query by Amar Singh (Samajwadi Party) on whether the government had taken any action against thepromoters/affiliates of Reliance Industries Ltd regarding the recent mammoth insider trading activities in the shares of Reliance Petroleum Ltd.
Sebi was probing a complaint by S Gurumurthy of Swadeshi Jagran Manch, alleging that RIL and its investors lost at least Rs 2,700 crore.
Chevron is evaluating its options regarding RPL. It owns 5 per cent stake in RPL, valued at about $1 billion.
Reliance Industries has not violated any regulations, a spokesperson for Mukesh Ambani-led firm said on Monday, when asked about Sebi's show-cause notice in relation to sale of shares of its then subsidiary Reliance Petroleum in late 2007.
Anup Sheth and two others had filed applications, objecting to the merger scheme in the present form. The objectors had demanded that high court should order inquiry by Securities and Exchange Board of India, Reserve Bank of India and other financial governing bodies before sanctioning the merger.
A local court on Monday granted three days police remand to two persons who allegedly tried to extort Rs 50 lakh from Reliance Industries for withdrawing their petition filed in Bombay High Court opposing company's merger with group firm Reliance Petroleum.
Market regulator SEBI is believed to have issued show-cause notice to Reliance Industries and its associate entities following a probe into charges of insider trading in securities of group firm Reliance Petroleum.
The average estimate of 12 brokerage houses stands at Rs 6,994 crore for the June 2020 quarter. This is 30.8 per cent lower than the June 2019 quarter net profit of Rs 10,104 crore.
Shareholders of Mukesh Ambani-led Reliance Industries met in Mumbai on Saturday in an extra-ordinary general meeting to vote on the merger of its subsidiary Reliance Petroleum with the company.
RIL's merger with RPL will mean non-issue of treasury stock worth Rs 26,000 crore, which means less headroom to raise funds. Since no treasury stock is going to be created, RIL will issue 69.2 million shares to RPL's ordinary shareholders. As a result, RIL's paid-up capital will increase to only Rs 1,643 crore from the present Rs 1,574 crore. This, in turn, will enhance the earning per share proportionately for RIL shareholders.
The Board of Directors of Reliance Industries on Monday approved a scheme of amalgamation of its subsidiary Reliance Petroleum with the parent company under the provisions of Sections 391 to 394 of the Companies Act, 1956.
BSE data suggest 2 demerger proposals a month in the last 2 years.
The Central Information Commission has directed the Securities and Exchange Board of India to make public names of entities which were allegedly involved in the insider trading of shares of Reliance Petroleum in 2007.
Reliance Industries along with US oil major Chevron on Wednesday announced signing of an agreement for purchase of 5 per cent equity of Reliance Petroleum Ltd for $300 million
Directorate of Revenue Intelligence officials on Monday visited the Mukesh Ambani-promoted Special Economic Zone at Jamnagar to ascertain the area used for setting up the export zone.
After a spike in crude oil and gas prices in October following the Hamas terror attack, prices eased down 9 per cent month-on-month in November. The Organization of the Petroleum Exporting Countries (Opec) and Opec+ agreed to a further voluntary production cut in January-March 2024 to try and support global crude prices. The best guess here is that crude prices (currently at $75/barrel, or bbl) will not likely cross significantly above $80, and gas prices are also likely to remain subdued unless there's a further escalation in the Israel-Hamas conflict.
Securities and Exchange Board of India, India's capital market regulator, has approved US energy major Chevron becoming one of the promoters of Reliance Petroleum Ltd.
Reliance Industries has announced the setting up a 2 million tonne per annum petrochemical complex at its special economic zone at Jamnagar with an investment of Rs 13,500 crore (Rs 13.5 billion).
While BPCL has been ranked third in the poll, Reliance is at the fourth position adn HPCL 8th.
Reliance has shut all of its 1,432 petrol pumps in the country after sales dropped to almost nil as it could not match the subsidised price offered by public sector competition. Public sector currently sells petrol at a loss of Rs 13.97 a litre and diesel at a discount of Rs 20.97 per litre. This revenue loss is made up by the Government through issue of oil bonds. Private firms were not entitled for the subsidy and priced fuel from their pumps at Rs 8-10 a litre higher.
Mukesh Ambani-controlled Reliance Petroleum Ltd will raise $1.5 billion (nearly Rs 6.9 billion) through Syndicated Term Loan Facility to finance its new 580,000 bpd refinery and a 0.9 MT polypropylene unit.\n\n
India's only private sector oil refiner, Reliance Industries, has sought a two-year extension of its agreement with Indian Oil Corp to sell Jamnagar refinery products through the state-run firm's retail network.
The Securities and Exchange Board of India has extended the market timing for Reliance Petroleum Ltd's IPO by eight hours owing to huge investor interest in the public issue.
Could it be about clout? Given its size and influence, RIL doesn't need the media for that, notes Vanita Kohli-Khandekhar.
The government on Friday rejected Reliance Industries Ltd's demand for compensation equal to public sector oil firms, to make up for the losses it suffered on petrol and diesel sales.
After creating history with its IPO earlier last month, Reliance Petroleum Ltd is set to join the league of top 15 companies in India in terms of market capitalisation in its debut trade on Thursday.
Reliance Petroleum Ltd, the subsidiary of Mukesh Ambani-owned Reliance Industries, plans to list on the stock exchanges in the first half of May.
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