The government has reshuffled the board of IL&FS Ltd, which is undergoing debt resolution process, with existing board member C S Rajan being redesignated as the non-executive chairman. Nand Kishore, who was serving as an executive director, has been made the managing director, according to the company. In the wake of financial misdoings coming to light, the corporate affairs ministry had superseded the board of IL&FS in October 2018.
While the Management Committee of KG-D6 block in August agreed to approval of capital spending plans pending for past three years, the resolution has so far not been signed.
Reliance Industries has strongly defended its decision to impose a marketing margin over-and-above the government-approved sale price for KG-D6 gas, saying the levy was to cover for the risk and cost associated with marketing of gas.
RIL executive director P M S Prasad on November 25 wrote to Oil Secretary G C Chaturvedi highlighting five critical issues, including approval of pre-development activities for satellite and R-series fields in the KG-D6 block, which have been awaiting the nod from the Oil Ministry and its technical advisor, the Directorate General of Hydrocarbons.
The government will initiate action to limit the amount of expenditure Reliance Industries is allowed to recoup from its flagging KG-D6 gas fields in three to four weeks, Oil Secretary G C Chaturvedi said on Tuesday.
A decision to this effect has been taken after Arun Ramanathan retired as finance secretary on Thursday. Currently, Chawla is the senior-most official in the finance ministry. In addition, G C Chaturvedi, currently serving as additional secretary in the ministry of health and family welfare, has been appointed as additional secretary in-charge of the financial services department.
If the reforms are implemented, multi-brand retail majors such as Future Group and Reliance Retail might enter the fuel retail space.
At present, India has 56,999 fuel outlets. Of those, only 6,276 are owned by private companies
The NCLT said the new board must hold its meeting by October 8 and come out with a road map before the next hearing on October 31
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances