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ONGC on gas leak report: No leakage at Uran plant; all precautionary measures taken
Posted on 25th September 2019
State-owned Oil and Natural Gas Corporation (ONGC) on Wednesday said that there is no leakage at its Uran plant days after a gas leak was reported from the facility. The smell of hydrocarbon was felt today early morning that spread due to incessant rains, India’s largest oil and natural gas company said. “At ONGC Uran plant smell of hydrocarbon felt early Morning which was spread due to incessant rains. There is no leakage. All precautionary measures in place. Plant is running normal.There is nothing to panic,” ONGC tweeted on Wednesday. ONGC contributes 70 per cent to the domestic production.

On September 3, 2019, three people lost their lives in a major fire that broke at ONGC’s gas processing plant at Navi Mumbai’s Uran. Many others were left injured in the accident. “A fire broke out in stormwater drainage early morning in Uran oil and gas processing plant. ONGC fire services and crisis management team immediately pressed into action. Fire is being contained. No impact on oil processing. Gas diverted to Hazira Plant. The situation is being assessed,” ONGC said in a tweet.

In Q1FY19, ONGC reported a 3.9 per cent year-on-year fall in net profit at Rs 5,904 crore for the on account of declining oil prices and production. ONGC’s gross revenue slipped by 2.4 per cent to Rs 26,555 crore as against Rs 27,213 crore in the same quarter last year. On a consolidated basis, net profit declined 24.4 per cent YoY to Rs 7,043 crore, while gross revenue slipped marginally by 0.8 per cent to Rs 1,09,515 crore. Shares of ONGC were trading at Rs132.55, down 0.95, or 0.71 per cent on NSE at the time of reporting.

Related Companies: Oil and Natural Gas Corporation Limited (ONGC)   

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AIMPLB to decide on filing Ayodhya verdict review petition in SC today
Posted on 16th November 2019
The All India Muslim Personal Law Board (AIMPLB) is likely to take a call on whether to file a review petition in the Supreme Court's final verdict in the Ayodhya land dispute case.

A meeting of AIMPLB is expected to take place today in Lucknow to decide on call to be taken by the board in the Ram Janmabhoomi-Babri Masjid case verdict by the Supreme Court.


Maharashtra: BJP afraid MLAs may defect, says NCP’s Nawab Malik
Posted on 16th November 2019
The Maharashtra BJP is bedevilled by the trepidation that politicians who joined the party ahead of the October 21 Assembly polls will defect and, hence, its leaders are claiming they will form government in the state, the NCP said on Saturday. NCP chief spokesperson Nawab Malik made the remarks a day after Maharashtra BJP chief Chandrakant Patil said his party will soon form the government and claimed it can count on the support of 119 MLAs, including Independents, in the 288-member Assembly.

SAT pulls up Sebi for 'shabby' handling of complaints from investor
Posted on 16th November 2019
The Securities and Appellate Tribunal (SAT) has hauled up the Securities and Exchange Board of India (Sebi) for giving computer-generated response to investor complaints filed on its online platform Scores and for disposing of the matter without settling the case.

“We find the approach adopted by Sebi to be a strange one. Such computer-generated disposal of a serious complaint speaks volumes on the conduct in treating the minority shareholders in this shabby manner,” the tribunal said while delivering a judgment on a matter related to an investor complaint.


US to extend licence for its firms to continue business with Huawei: Report
Posted on 16th November 2019
The Trump administration is set to issue a two-week extension of a licence allowing U.S. companies to continue doing business with China's Huawei Technologies Co Ltd, two sources familiar with the deliberations said.

The extension of around two weeks is far shorter than the prior 90-day extension and a longer extension is in the works but has not yet been finalised due to regulatory hurdles, said one source who was briefed on the matter.


SC sets aside NCLAT order, paves way for Arcelor to acquire Essar Steel
Posted on 16th November 2019
The Supreme Court on Friday brought down the curtains on an epic battle for debt-laden Essar Steel, paving the entry of the world’s largest steel maker, ArcelorMittal, into the second-biggest steel market, India.

In a ruling that would have a far-reaching impact on cases under the Insolvency and Bankruptcy Code (IBC), the apex court has set aside the National Company Law Appellate Tribunal (NCLAT) order that put a different class of creditors — financial vis-a-vis operational creditors as also secured and unsecured financial creditors — on a par.


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