Gas pricing row: SC gives RIL six weeks to respond
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NEW DELHI: The Supreme Court on Friday allowed Mukesh Ambani's RIL six weeks' time to respond to the CAG report on gas pricing from the KG basin.
The SC also allowed petitioners, including CPI leader Gurudas Dasgupta, to file response on government's new guidelines on gas pricing.
The Comptroller and Auditor General of India (CAG) had pulled up Reliance Industries for charging a rate in excess of the government approved price for its KG-D6 gas field and not including the marketing margin for calculating royalties and government's share.
The government had in October 2007 set a sale price of $4.20 per million British thermal unit based on the price discovered by RIL from key customers.
The CAG in a draft report of audit of RIL's eastern offshore KG-D6 block spendings stated that the company charged $4.205 per mmBtu from consumers, leading to excess billing of $9.68 million.
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Former Delhi deputy chief minister Manish Sisodia approached the high court on Thursday seeking bail in the corruption and money-laundering cases lodged by the CBI and the ED respectively in relation to the alleged excise policy scam.
The bail pleas are scheduled for hearing before Justice Swarana Kanta Sharma on Friday.
Sisodia approached the high court after a trial court refused to grant him bail in the matter on April 30.
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The Reserve Bank of India's decision to lift curbs on Bajaj Finance's two products, earlier than expected, sent the stock on a tear. Bajaj Finance stock soared 7.5 per cent to Rs 7,400 in Friday's intraday trade as against 0.6 per cent rise in the benchmark S&P BSE Sensex. This was the stock's biggest single-day rally in three years.
Bajaj Finance stock had hit a record high of Rs 8,190 on October 6, 2023.
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