Audit a contractual obligation; RIL will abide by it: Moily

November 5, 2012

Moily_RIL

New Delhi, November 5: Amidst a row over CAG audit of Reliance Industries' KG-D6 gas field spendings, Petroleum Minister M Veerappa Moily today said audit is a contractual obligation and the company will abide by it.

"I have already gone on record to say that it is a contractual relationship between the government and the respective contracting parties... Audit (of spending on oil and gas fields) is part of this (contractual obligation)," he told reporters here.

RIL had on Saturday stated that it had never contested the government's right to get spendings on the flagging KG-D6 gas fields audited by the Comptroller and Auditor General of India (CAG) but added that the consent must not lead to a performance audit of a private firm.

"Let us not get into immediate on this. Allow them (RIL) to make a business," Moily said. "They (RIL) will abide by that (contractual obligations). We need not create problems for either for them (RIL) or for the government and CAG."

The row over CAG's second round of audit of KG-D6 field erupted after the Petroleum Ministry last week postponed a kick-off or 'Entry Conference' called to commence the scrutiny of spendings in 2008-09 to 2011-12.

The meeting was called-off due to differences over the nature and scope of audit to be conducted by CAG, with RIL saying it was open to a financial audit but not a performance scrutiny wherein complex technical decisions like hiring of a particular technology may come in for questioning.

In a Saturday evening statement, RIL said it "has at no time contested the government's right to conduct an audit by any agency, including the CAG, as provided in Section 1.9 of the Accounting Procedure of the Production Sharing Contract".

RIL said it "appreciates" CAG's reported statement that it does not conduct performance audit of private firms.


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News Network
January 17,2020

Jan 17: President Ram Nath Kovind, on Friday, dismissed Nirbhaya convict Mukesh Singh's mercy petition, according to multiple media reports.

Mukesh Singh - one of the four convicts in the Nirbhaya gang rape and murder case had filed a mercy petition on Tuesday after Supreme Court dismissed curative petitions filed by him and Vinay Sharma (another convict).

More to follow

 

MHA forwards mercy petition of Nirbhaya convict to President; recommends rejection

New Delhi, Jan 17: The Union Home Ministry on Friday forwarded to President Ram Nath Kovind the mercy petition of one of the convicts in the Nirbhaya gangrape case, recommending its rejection, officials said.

Mukesh Singh, one of the four death row convicts in the 2012 Nirbhaya gangrape and murder case, had filed the mercy petition a few days ago.

"The Home Ministry has forwarded the mercy petition of Mukesh Singh to the President. The ministry has reiterated the recommendation of the Lieutenant Governor of Delhi for its rejection," the official said.

The Delhi LG had sent the mercy petition of Mukesh to the Home Ministry on Thursday, a day after the Delhi government recommended its rejection.

The four convicts -- Mukesh Singh (32), Vinay Sharma (26), Akshay Kumar Singh (31) and Pawan Gupta (25) were to be hanged on January 22 at 7 am in Tihar Jail. A Delhi court had issued their death warrants on January 7.

However, the Delhi government had informed the high court during a hearing that execution of the convicts will not take place on January 22 as a mercy plea has been filed by Mukesh.

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News Network
March 11,2020

New Delhi, Mar 11: According to the Union health ministry, there are 62 confirmed cases of coronavirus in the country.

The Delhi High Court Wednesday sought the stand of the Centre and the Delhi government on a PIL seeking proper and adequate measures to combat coronavirus.

A bench of Chief Justice D N Patel and Justice C Hari Shankar issued notice to the Ministry of Health and the Delhi government seeking their replies on the public interest litigation (PIL) filed by an advocate.

The petition, by lawyer Triveni Potekar, seeks directions to the Centre and the Delhi government to make available important and relevant information on access to and availability of medical facilities for testing and treatment for the coronavirus disease.

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News Network
March 9,2020

Mumbai, Mar 9: India's Yes Bank will not be merged with State Bank of India, which is set to infuse funds in the beleaguered lender, the newly appointed administrator leading the rescue plan said in a television interview on Monday.

"There is absolutely no question of a merger," Prashant Kumar, the administrator, told the CNBC TV18 channel.

The Reserve Bank of India (RBI) on Thursday took control of Yes Bank, after the lender - which is laden with bad debts - failed to raise the capital it needs to stay above mandated regulatory requirements.

Placing Yes Bank under a 30-day moratorium, the central bank imposed limits on withdrawals to protect depositors and said it would work on a revival plan. The move spooked depositors, who rushed to withdraw funds from the bank.

Kumar, a former finance chief at SBI, assured depositors their money was safe and that the moratorium on Yes Bank might be lifted much before the deadline on April 3 and normal banking operations might resume as early as Friday.

He also mentioned that the withdrawal limit of Yes Bank may be removed by March 15, 2020.

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