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

November 5, 2012

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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
May 22,2024

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An Emirates plane was damaged after colliding with a flock of flamingos shortly before touchdown, damaging the plane and leaving several birds dead, the airline said on Wednesday. The flight, however, landed safely in Mumbai late on Monday night, the airlines added.

The Boeing 777 aircraft, flying from Dubai to Mumbai, hit the flock around 300 metres (1,000 ft) from the ground, leaving 39 of the birds dead, sources said.

"Emirates can confirm that EK508 from Dubai to Mumbai on May 20 was involved in a bird strike incident upon landing," an Emirates spokesperson told Reuters.

"The aircraft landed safely and all passengers and crew disembarked without injury, however sadly a number of flamingos were lost and Emirates is cooperating with the authorities on the matter," the spokesperson said.

The Emirates aircraft was damaged in the incident and the return flight, scheduled to depart for Dubai on May 20, was cancelled, the spokesperson said.

Images in local media showed officials carrying bloodied flamingos, which migrate to the city every winter from the neighbouring state of Gujarat.

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News Network
June 1,2024

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Gautam Adani, chairman of multinational conglomerate the Adani Group, has reclaimed the title of the richest person in Asia with a net worth of $111 billion, according to the Bloomberg Billionaires Index. This came after the group's shares rallied up to 14 per cent on Friday.

With this, Adani has overtaken Reliance Industries’ Mukesh Ambani after nearly 5 months. Ambani stands at 12th rank with a net worth of $109 billion. He had overtaken Adani in net worth after his conglomerate's shares crashed following the Hindenburg report last January.

So far in 2024, Adani’s net worth has jumped $26.8 billion while Ambani's wealth has increased by $12.7 billion.

Last week, Adani also expressed his optimism about the future of the group saying that its best days are ahead.

“The road ahead is paved with extraordinary possibilities, and I can promise you that the Adani Group today is stronger than it has ever been," he said.

2023 had been quite challenging for the Adani Group after the Supreme Court ordered a panel to probe the allegations in the Hindenburg report. Adani, who was the third richest person in the world before the report, slipped in the rankings rapidly after the group's shares saw a sell-off.

However, later the Supreme Court ordered the Securities and Exchanges Board of India (Sebi) to conclude its investigation into the Adani Group and said no more probes were needed. Sebi had said that it could not reach an outcome in its probe.

The shares of the Adani Group have rallied after the judgement. In January, Adani had overtaken Ambani after nearly 12 months but later the lead was taken again by Ambani. Now Adani has overtaken Ambani again.

The Bloomberg Billionaires Index showed that currently, Bernard Arnault is currently the richest person in the world with a net worth of $207 billion. He is followed by Elon Musk and Jeff Bezos with total wealth of $203 billion and $199 billion respectively.

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News Network
June 1,2024

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Kolkata: Sporadic incidents of violence marred the seventh and final phase of Lok Sabha polls in the nine parliamentary constituencies in West Bengal, as TMC, ISF and BJP workers clashed in various parts of violence-prone Jadavpur and Diamond Harbour constituencies.

Although the poll panel has claimed that voting has been peaceful so far, it said it has received 1,450 complaints until 11 am from different political parties alleging EVM malfunctions and agents being stopped from entering booths.

Around 28.10 per cent of over 1.63 crore voters exercised their franchise in the first two hours of polling to the nine Lok Sabha seats, an Election Commission official said.

Clashes broke out between supporters of the TMC, ISF and the BJP in different pockets of the state as the parties clashed over stopping polling agents from entering booths.

A confrontation erupted in Bhangar within Jadavpur constituency between backers of Trinamool Congress and the Indian Secular Front (ISF), with allegations of crude bombs being hurled from both sides. Police intervention ensued, triggering protests as both factions accused each other.

To quell the situation, security personnel resorted to a lathicharge to disperse the mob, recovering several crude bombs.

Angry voters of Kultuli within Joynagar constituency dumped electronic voting machines (EVMs) and Voter Verified Paper Audit Trail (VV-PAT) machines into nearby waterbodies alleging electoral misconduct.

"Today morning at 6.40 am Reserve EVMs & papers of Sector Officer near Benimadhavpur FP school, at 129-Kultali AC of 19-Jaynagar (SC) PC has been looted by local mob and 1 CU, 1 BU , 2VVPAT machines have been thrown inside a pond," the office of CEO West Bengal posted on X.

"Sector Police was a little behind. FIR has been lodged by the Sector Officer and necessary action has been initiated. The poll process in all six booths under the Sector is running uninterrupted. Fresh EVM and papers have been provided to the Sector Officer," it further said.

Senior BJP leader and Bengal co-incharge Amit Malviya posted on X, "Democracy is up in flames in West Bengal. Bombs have been hurled in Jadavpur's Bhangar, and irate villagers in Joynagar's Kultali have thrown an EVM and VVPAT machine in a pond because TMC goons won't let them vote."

"But the worse affected is Diamond Harbour, where Mamata Banerjee's nephew and heir apparent is contesting from. BJP workers are being intimidated, not allowed to sit in the booths, their polling documents destroyed. WB Police is acting like Abhishek Banerjee's henchmen. Even the Muslims have not been spared because a large number of them are voting for CPI(M) candidate Pratikur Rahman. TMC's 'secularism' dies the moment Muslims start voting against it," he posted on X.

Following this, Kolkata Police claimed that the incident happened in the morning before the poll process began.

"This incident happened in the morning around 6 am much before the polling process in Bengal. Police and CAPF immediately intervened and have taken steps against miscreants. Legal action initiated. Polling in Bhangar started without any interruption and is going on peacefully," Kolkata Police posted on X.

TMC supporters have accused the ISF of orchestrating the violence to intimidate voters. Prompt action from local law enforcement led to lathicharges and the arrest of suspects in Polerhat area of Bhangar.

Another incident occurred where the vehicle of an ISF worker was vandalised in Baghajatin area. Accusations have been levelled against Trinamool Congress supporters for the alleged incident.

Diamond Harbour, where TMC national general secretary Abhishek Banerjee is seeking re-election, witnessed clashes between TMC and BJP supporters. BJP candidate Abhijit Das accused the ruling party of malpractices, which the TMC denied. As Das approached a polling booth, TMC activists staged protests and shouted "Go back" slogans. In response, Das got out of his car and shouted counter slogans.

Similarly, CPI(M) candidate Patikur Rehman faced "go back" slogans from TMC workers when he attempted to visit a booth in the Canning area.

In Diamond Harbour's Satganchia, BJP workers were allegedly beaten up by TMC over allegations of intimidation of voters. In Kultuli area, two BJP activists were injured during clashes with TMC workers.

In Jadavpur area's Ganguly Bagan, CPI(M) workers were allegedly beaten by the TMC activists and their camp offices were ransacked. The TMC, however, denied the allegations and accused the Left party of intimidating the voters.

In Baranagar assembly seat, where a by-poll is on, CPI (M) candidate Tanmay Bhattacharya was allegedly physically assaulted when he was standing outside a booth as TMC workers accused him of trying to influence the voters.

The state Congress unit wrote to CEO Aariz Aftab requesting him to take stern action against alleged irregularities and rigging that are taking place in various pockets.

Basirhat SP Hossain Mehedi Rahaman said three persons were injured during the clash between TMC and BJP supporters at Bayramari in Sandeshkhali, adding that one person was arrested in this connection.

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