The company should be given a fair chance to be heard in the matter, the judges said and posted the matter for further hearing on December 19.
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The Management Committee headed by Director General of Hydrocarbons R N Choubey refused to take a view on appointment of renowned reservoir consultants Ryder Scott, DeGolyer and MacNaughton, Gaffney, Cline & Associates or Netherland, Sewell & Associates to ascertain if RIL's claims of fall in reserves are actually true or the firm was hoarding gas by producing less, official sources said.
RIL had been under pressure to utilise the cash on its books and these investment plans show how it has charted a way forward.
In its report 'Global Top Picks', Barclays expects the current bull market in global equities to continue, generating a total return of 9 per cent in 2015.
BCCI ethics and ombudsman, served a notice to Ambani after receiving a complaint from former MPCA member Sanjeev Gupta.
This is a part of the company's plan to raise $13 billion debt to fund expansion of its petrochemical production capacity and gasification project for its refining facilities to improve margins.
The company had initially objected to audit by CAG for time barred years as per Production Sharing Contract and had not accepted the 'exceptional circumstances' advanced by the ministry
Sources said a final order could be made soon in this case by Sebi, which has rejected twice RIL's request for settling the case by paying a consent fee -- an out-of-court settlement like resolution reached through negotiations between the two parties.
RIL-BP, who are currently producing about 11.8 million standard cubic metres per day of gas from the flagging eastern offshore KG-D6 block, is targeting newer fields in KG-D6 block and gas discoveries in neighbouring north-east coast and Cauvery basin to raise output.
Owing to a big rise in the market capitalisation of group companies such as Adani Green Energy and Adani Transmission, the group promoters, the Gautam Adani family, have closed the wealth gap with Mukesh Ambani, the promoter and owner of Reliance Industries Ltd (RIL). Ambani continues to top India's billionaire league table. The Ambani family's net worth was estimated to be Rs 8.06 trillion (around $108 billion) on Tuesday against the Rs 6.87 trillion (around $92 billion) of the Adani family.
Stay out of Mumbai surveillance project, may seek new allies for future
The Power Ministry is believed to have instructed state-run NTPC to sign a gas supply deal with Mukesh Ambani-led RIL to lift government allotted quota, while favouring that marketing margins be decided by the Oil Ministry instead of the supplier.
Reliance Industries has cautioned that NTPC should not make comments on matters sub-judice lest they are construed as attempt to influence the outcome of its court case seeking natural gas at price committed in 2004.
The two sides had approached Supreme Court challenging a decision by the Bombay high court on June 15, which said RIL should provide 28 million cubic metres of gas per day to RNRL at $2.34 per mmBtu and both the parties should sign a necessary agreement for the same within a month.
Consequently, RIL lost its about position of the country's largest company in terms of market valuation, which it had held for nearly a month.
No launch date of the service mentioned
BP, which bought a 30 per cent stake in RIL's 21 oil and gas blocks, including KG-D6, for $7.026 billion in 2011, is working with RIL to arrest the output decline in the fields.
RIL has completed Network 18s open offer after four months of acquiring the latter.
However, no formal confirmation of the meeting and the issues discussed could be obtained from either group.
The Oil Ministry has been trying since July to get an Empowered Committee of Secretaries to vet the separate price proposals of RIL and Essar but the panel has so far not decided to take up the issue.
At end of trade on Thursday, ONGC commanded a market value of Rs 2,90,587 crore.
In Q3, E&P business accounted for just 1.5% of gross revenue
Reliance Industries is seeking about Rs 400 crore (Rs 4 billion) from state-owned oil retailers in unrealised amount on liquefied petroleum gas and kerosene, it sells to them.
RIL wants to drill an exploration well on the D1&D3 gas fields in the KG-D6 block, Cairn on the Rajasthan block.
Indians prefer to buy electronic products such as smartphones offline. The reason being the ability to "touch and feel"
Reliance Industries on Monday said its city gas would be cheaper by almost 33 per cent compared to liquefied petroleum gas being supplied by oil PSUs.
BP and Reliance Industries Ltd are leading the race to pick up a 25 per cent stake in Gujarat State Petronet Corporation and the Adani group's five million tonnes per annum liquefied natural gas terminal at Mundra.
Tata group firm TCS on Wednesday replaced Mukesh Ambani-led Reliance Industries as the country's most valued company in terms of market capitalisation, as investors rallied behind the shares of the IT giant.
Move came in the wake of government's refusal to settle the dispute through arbitration over recovery of cost incurred by the company.
Reliance Industries has approved the demerger of power, financial and telecommunication services, the three entities that went to Anil Ambani as part of the settlement he reached with elder brother Mukesh.
India's trade account could come under pressure and there could be an inflation push if crude oil prices remain above the $90 per barrel (Brent) for a prolonged period since India imports over 85 per cent of its oil and roughly 50 per cent of its gas. A rebound in economic activity is bound to lead to higher fuel demand. While India is the third-largest importer of crude, it is a net exporter of refined products, which helps to compensate to some degree.
IT major TCS surpassed Reliance Industries to become the country's most valued company as its market capitalisation soared to over Rs 2.61 lakh crore on Friday because of spurt in the share price.
Reliance is in the market with a benchmark issue to sell 30-year US dollar-denominated Reg S fixed rate senior unsecured notes.
The firm is looking to raise as much as Rs 1,000 crore through short-term commercial paper.
CPM leader Tapen Sen has asked Prime Minister Manmohan Singh for a probe into what he called 'artifical inflation' in Reliance Industries' KG-D6 spend and the Mukesh Ambani-run firm's 'manipulation' of gas price.
A new Bench will be constituted on Thursday to hear the high-voltage case between Mukesh Amabani's RIL and Anil Ambani's RNRL relating to pricing of gas from K G Basin.
Nifty is likely to remain under selling pressure unless and until it breach the 7,700-7,720 levels on closing basis.
The company feels valuations are low and the demand would later rise.
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