India Summary
India Summary |
- RIL-RNRL verdict: SC on RIL-RNRL gas row Case
- Badmaash Company Review, Shahid Kapoor Badmaash Company Movie Review
- Shah Faesal is the IAS topper 2010: UPSC IAS Toppers Result 2010
- HBSE 8th Result 2010, Bhiwani Board 8th Class Result 2010, Board of School Education Bhiwani, hbse.nic.in
| RIL-RNRL verdict: SC on RIL-RNRL gas row Case Posted: 07 May 2010 12:36 AM PDT
RIL-RNRL verdict: The Supreme Court judgement on Friday ruled in favour of Reliance Industries in the RIL-RNRL Case that the government was the legal owner of the gas in the RIL-RNRL gas dispute and said Govt has right to decide price and utilization of fuel, which is a natural asset. The government contract overrides any private deal, the court ruled. Shares of Reliance Industries surged while shares of Anil Ambani owned ADAG group tanked after the Supreme Court announced its verdict in the favour of Reliance Industries. RIL does not have absolute marketing right over gas; the price was subject to the government's approval, the court said. The court also said that natural gas resources cannot be subject to any family agreement and the family MoU signed by Mukesh and Anil Ambani and their mother Kokilaben was not legally and technically binding. Family agreement can only be a guiding factor about parties' intention, it said. Delivering the majority verdict of the bench headed by Chief Justice K G Balakrishnan on the four-year gas dispute between RIL and RNRL, Justice P Sathasivam said the Production Sharing Contract over-rides all other agreements. The Supreme Cour's order implies that RNRL, which was seeking 28 mmscmd of gas from RIL’s KG-D6 fields at a price agreed in the family MoU, would not get the fuel. The family MoU provided for a price of USD 2.34 per mmBtu, while the government had set a price of USD 4.20 per mmBtu. Millions of stakeholders were awaiting the verdict closely. Not surprising, when you consider that the verdict has direct fallout on scrips of companies with a combined market capitalization of about Rs 3.78 lakh crore. The high-voltage legal battle has stretched for several days over Anil Ambani’s claim for a share of Mukesh Ambani-controlled KG basin gas. The brothers, through their lawyers, traded arguments and claims. Mukesh said he could not honour the family agreement requiring RIL to give 28 mmscd of KG basin gas to Anil’s Reliance Natural Resources Ltd for 17 years at $2.34 per unit because the gas actually belonged to the government, while Anil Ambani asked for enforcement of the family accord. The outcome will have repercussions not just for the siblings but also for firms — belonging to private sector as well as those in public sector like NTPC — that have tied up with RIL for 60 mmscnd of KG basin gas. An adverse outcome for RIL can singe the government because of allegations of collusion between Mukesh and the ministry of petroleum and natural gas (MoPNG). The government claimed to be neutral. But many felt that its stance asserting its proprietorial rights over the KG basin gas while maintaining that it could not allow the precious public good to be apportioned between two brothers on the basis of a family agreement, showed a tilt towards the elder of the Ambani siblings. The judgment comes after four-and-a-half months. It was reserved on December 18, 2009, which like judgment day, was also a Friday. Apart from arguing that supply of gas from KG basin was subject to the production sharing contract (PSC) and Centre’s Gas Utilisation Policy (GUP), RIL had said that if it sold gas to RNRL at $2.34 for 17 years, its return on investment of $12 billion would be just $2 billion, which was much lower than the interest that this sum would attract on investment or credit. The Centre had questioned the basis of any gas supply agreement between two private parties on the lines of a family agreement and asked how RIL could allocate gas to RNRL when the government had not yet given any allocations to its own entity in NTPC. NTPC was apprehensive of the outcome of the legal battle between the corporate honchos. It wanted to safeguard its interest and had pleaded with the court that the outcome should not alter RIL’s commitment to supply it gas at $2.34 to its power plants at Kawas and Gandhar. RNRL had argued that it was only seeking to enforce a document which was framed on the foundation of RIL’s commitment to NTPC. Tags: Anil Ambani, Mukesh, reliance verdict, RIL RNRL verdict, RIL-RNRL Case latest news, RILRNRL, rnrl share valueRelated posts      |
| Badmaash Company Review, Shahid Kapoor Badmaash Company Movie Review Posted: 06 May 2010 11:42 PM PDT
Cast & Crew Details Badmaash Company movie Review Badmaash Company Rating: 3.0/ 5 Download Badmaash Company movie Songs: Tags: Badmaash Company Cast & Crew details, badmaash company Songs download, badmash company, badmash company movie review, badmash company review, badmash company wallpapersRelated posts    |
| Shah Faesal is the IAS topper 2010: UPSC IAS Toppers Result 2010 Posted: 06 May 2010 10:48 PM PDT
Dr Faesal 26-year-old MBBS graduate, who topped the list of 875 successful candidates, said that he was not only the first Kashmiri to achieve the milestone but also the second Muslim in the history to achieve this feat. Faesal's hometown burst into spontaneous celebrations after the announcement of the results and his family members were seen distributing sweets. Fisal said that he aimed not only at cracking Civil Services, the highest job in India, but also at overcoming the odds. His family moved to Srinagar from Sogam village in Kupwara after brutal murder of his father in 2003. His father Ghulam Rasool was a schoolteacher and well-known personality in the village. He fell prey to militants' bullets without any reason. After father's death, Faesal's family left their native place never to return. Fasal's mother is also a schoolteacher and she said, "I am happy that he achieved his dream." Despite his science background, ShahFaesal had chosen Urdu literature and public administration as his optional subjects for the civil service exam. ShahFaesal’s success will also inspire budding talents in the valley. Tags: ias result 2010, IAS topper, ias topper 2009, ias toppers 2010, Shah Faesal, UPSC IAS Toppers Result 2010 List, upsc topper 2009Related posts    |
| Posted: 06 May 2010 10:06 PM PDT
Have any Questions or want to share something, please write in the comments below. Tags: 8th class result bhiwani board, 8th class result bhiwani board 2009, bhiwani board, bhiwani board 8th class result, board of school education bhiwani, bseh bhiwani, haryanaresults.nic.in, hbse, hbse 10th result, hbse 12th result, hbse 8th class resultRelated posts    |
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