New Delhi: CPI MP Gurudas Dasgupta has asked Prime Minister Manmohan Singh to intervene in a gas deal that he says deliberately favours Mukesh Ambani's Reliance Industries Limited (RIL).
Dasgputa also called for Oil Minister Veerappa Moily to step down for favouring RIL. He said if RIL's sale price of gas to the government is accepted, the government's subsidy burden would rise by Rs 36,000 crore.
He said the corresponding profit to RIL would be Rs 32,400 crores. "It is a mega scam. Our Petroleum Minister is working consistently to favour Reliance. This is helping Reliance earn massive profits and is damaging the Indian economy," he alleged.
But the government downplayed his comments. "We have not seen the proposal. When a proposal comes, it has to be approved by the Cabinet. Why is Gurudas Dasgupta jumping the gun. No decision has been made so far," said Minister of State for Personnel V Narayanasamy....
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11:23 AM, May 24, 2013
Reliance ADAG Chairman Anil Ambani on Friday compared Gujarat Chief Minister Narendra Modi to to Mahatma Gandhi, Sardar Patel and Dhirubhai Ambani at the Vibrant Gujarat Summit 2013. Modi will reach out to around 50,000 investors at the Vibrant Gujarat Summit, inviting them to set up shop in Gujarat. ...
12:24 PM, Jan 11, 2013
The government has disallowed $1 billion expense of Reliance Industries on the flagging KG-D6 gas fields for not implementing the approved field development plan, Oil Minister M Veerappa Moily said on Tuesday. "The average gas production from KG-DWN-98/3 (KG-D6 block) during the current year was about 29.81 million standard cubic meters per day as against 86.73 mmscmd approved in the field development plans for D1, D3 and MA fields in...
05:47 PM, Nov 27, 2012
India Against Corruption activist-turned-politician Arvind Kejriwal on Friday targeted several top Indian business groups and a Congress MP, alleging that they had stashed black money worth several hundred crores in the HSBC Bank in Geneva, Switzerland. He claimed that a senior Congress leader gave him the details about the black money. "The black money from Swiss banks can come but the government doesn't wish to bring it back," Kejriwal said. ...
11:47 PM, Nov 09, 2012
Activist-turned-politician Arvind Kejriwal on Friday alleged that Rs 6,000 crore in black money was stashed away in 700 HSBC accounts in Geneva, Switzerland. ...
10:23 PM, Nov 09, 2012
New Delhi: Reliance Industries Limited, the HSBC bank, the Dabur group have all denied the charges levelled against them by India Against Corruption activist-turned-politician Arvind Kejriwal who accused their chiefs of having crores of cash deposits in Swiss bank accounts where money, he alleged, was transferred through hawala. Reliance Industries denied that chief Mukesh Ambani had stashed Rs 100 crore in black money in the HSBC Bank in Geneva. It...
08:16 PM, Nov 09, 2012
New Delhi: A day after CNN-IBN reported that the Comptroller and Auditor General (CAG) pulled up the Oil Ministry for agreeing to the conditions of Reliance Industries Limited (RIL) for the audit of KG-D6 Basin, the company on Saturday issued a statement denying it was opposed to an audit by the Constitutional body. The company pointed out that it had never opposed previous audits ordered by the government. It said...
09:15 PM, Nov 03, 2012
Oil Minister M Veerappa Moily has said that it's a matter between the Ministry and RIL, and law would take its course. ...
11:55 PM, Nov 02, 2012
The CAG pulled up the Oil Ministry for agreeing to Reliance Industries Limited's conditions for an audit of the KG-D6 field. ...
09:45 PM, Nov 02, 2012
New Delhi: The Comptroller and Auditor General (CAG) has pulled up the Union Oil Ministry for agreeing to the conditions of Reliance Industries Limited (RIL) for the audit of KG-D6 basin. According to sources, the auditing body told the Ministry that it should have been consulted before assuring the company. The CAG further refused to accept all the conditions that were laid out by Reliance Industries Limited for audit. Sources...
08:36 PM, Nov 02, 2012
New Delhi: The Comptroller and Auditor General (CAG) has pulled up the Union Oil Ministry for agreeing to the conditions of Reliance Industries Limited (RIL) for the audit of KG-D6 basin. According to sources, the auditing body told the Ministry that it should have been consulted before assuring the company. The CAG further refused to accept all the conditions that were laid out by Reliance Industries Limited for audit. Sources...
06:43 PM, Nov 02, 2012
New Delhi: The Congress has slammed India Against Corruption activist Arvind Kejriwal's allegations that 'the Congress and the BJP are in Ambani's pockets'. "After Mani Shankar Aiyar was removed, the government took decisions to hike gas prices and increase in capex resulting in much bigger loss to the government of India," IAC member Prashant Bhushan alleged. However, Aiyar slammed these allegations saying, "No issue related to gas issue or capex...
08:53 AM, Nov 01, 2012
New Delhi: The Reliance Industries Limited on Wednesday dismissed all allegations made by anti-corruption crusaders-turned-politicians Arvind Kejriwal and Prashant Bhushan saying the statements were devoid of any truth. Reacting to the allegations made by Kejriwal and Bhushan at a press conference in New Delhi, Mukesh Ambani-led RIL issued a statement saying, "The statements made by IAC in the press conference today are devoid of any truth or substance whatsoever and...
07:55 PM, Oct 31, 2012
New Delhi: New oil minister Veerappa Moily has promised to speed decision making in an effort to attract foreign investment, and will push domestic oil companies to aggressively bid for foreign oil and gas assets to meet growing energy demand. Moily was appointed as the country's new Petroleum and Natural Gas Minister, replacing Jaipal Reddy, as part of a broader cabinet reshuffle unveiled on Sunday. Moily said his ministry would...
03:50 PM, Oct 29, 2012
New Delhi: Reliance Industries has slashed natural gas reserves in its main production gas fields in the Krishna Godavari basin D6 block by 70 per cent to 3.10 Trillion cubic feet (Tcf) due to "unforeseen geological surprises". Minister of State for Petroleum and Natural Gas RPN Singh told the Lok Sabha in a written reply that RIL had estimated 10.3 Tcf of recoverable reserves in the Dhirubhai-1 and 3 (D1&D3)...
01:37 PM, Aug 09, 2012
Mumbai: Energy major Reliance Industries, which is sitting on cash pile of over Rs 70,000 crore, is likely to announce some big-ticket investment plans at the company's 30th Annual General Meeting on Thursday. It is understood that the investment plans, spanning the next two years, will be in the retail and the 4G space. At the end of last financial year ended March 31, 2012, Reliance Industries Ltd (RIL) had...
11:34 PM, Jun 06, 2012
Mumbai: Reliance Industries on Tuesday reclaimed its position as the most influential stock on the BSE benchmark index Sensex, pushing FMCG major ITC to the second slot. ITC had dethroned Reliance Industries (RIL) from the top position on Monday. However, its leadership position proved to be short-lived and it slipped to the second position in Tuesday's trading session. At close on Tuesday, RIL regained the top slot in terms of...
06:55 PM, May 08, 2012
New Delhi: The country's most-valued firm Reliance Industries on Friday announced a buyback of shares worth up to Rs 10,440 crore from the public in what would be largest such programme in the history of the Indian capital market. RIL would buy back up to 12 crore equity shares worth Rs 10,440 crore from the open market at a maximum price of Rs 870 apiece in its first share buyback...
11:31 PM, Jan 20, 2012
New Delhi: Reliance Industries on Friday reported a 13.6 per cent drop in net profit to Rs 4,440 crore for the third quarter ended December 31, 2011. The company's net profit stood at Rs 5,136 crore in the same period a year ago, the company said in a press statement in New Delhi. The company's turnover was up 40.2 per cent at Rs 87,480 crore in the third quarter. RIL...
06:16 PM, Jan 20, 2012
New Delhi: In a significant move, Network 18 and TV 18 announced an expansion into regional news and entertainment on television through a Rs 2,100-crore acquisition of ETV channels. Both the companies also announced rights issues for themselves, each amounting to Rs 2,700 crore. The proceeds will be used to make both the companies debt-free, finance the ETV acquisition, and fund working capital requirements. Importantly, Raghav Bahl will retain management...
03:48 PM, Jan 03, 2012
