Nation
Court gives Congress chance to prove Uttarakhand majority
Dehradun : The Uttarakhand High Court on Tuesday ordered a floor test in the assembly on Thursday and gave ousted chief minister Harish Rawat a chance to prove his legislative majority in the hill state that is under President's Rule.
 
Uttarakhand came under President's Rule on Sunday, a day before Rawat was to prove his majority in the house on Monday.
 
Hearing a petition by Rawat, the court also said that all nine Congress rebels who were disqualified by the speaker will be allowed to take part in the vote. It said the result of the voting should be presented to the court on Friday. The court has ordered a court registrar to oversee the vote in the assembly.
 
Congress spokesperson and advocate Abhishek Manu Singhvi said the ruling followed two days of extensive arguments.
 
"The high court accepts the point that despite President's Rule there is enough scope for judicial review to allow a floor test to take place," he told the media, "This was asked by us." 
 
"Mere horse trading allegations will not justify President's Rule and stop floor test," he added. 
 
He said the court has implemented what the governor had said thrice and what the chief minister has said twice. 
 
Singhvi said the court has allowed the disqualified Congress legislators to take part in the voting but their vote would be taken into consideration separately.
 
A stunnned Bharatiya Janata Party (BJP) said it was no victory for the Congress but described as "unprecedented" the court verdict to allow floor test during President's Rule. 
 
"To order something like this during President's Rule is unprecedented," BJP spokesperson Nalin Kohli said. 
 
The Uttarakhan political crisis began when nine Congress legislators, including former chief minister Vijay Bahuguna, whom Rawat replaced, revolted against the chief minister and turned to the BJP.
 
On March 18, crisis worsened when the assembly passed the budget Appropriation Bill by voice vote even as more than half the members in the house sought a division, which would have led to recorded voting. The rebel Congress lawmakers supported the BJP's demand for the division. Speaker Govind Kunjwal declined the request.
 
Amid BJP cries that Rawat did not enjoy majority in the house of 70 members, the speaker asked the government to prove its majority on Monday. 
 
The Congress rebel lawmakers were disqualified on Saturday and the BJP-led central government imposed President's Rule a day later. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Low gas price a boon for GAIL, Petronet, Indraprastha Gas, Gujarat Gas
Low gas prices would help in supporting the LNG pooling mechanism, and therefore, offer an excellent opportunity for a revival in consumption growth from these sectors, says Religare Capital Markets in a research note
 
There is an unusually positive alignment in the fundamentals of gas companies across the natural gas value chain, which may benefit the players in the sector. These are low global natural gas prices, favourable government policies, a surge in liquefied natural gas (LNG) regassification capacities, and a more positive role for Petroleum and Natural Gas Regulatory Board (PNGRB)’s role as suggested by recent court verdicts. Religare Capital Markets Ltd says it find a strong rationale for long-term investment in the sector, which has stocks like GAIL, Petronet LNG, Indraprastha Gas (IGL), Gujarat State Petronet (GUJS) and Gujarat Gas (GGAS).
 
 
The Religare research note sees revival in gas demand from price-sensitive segments, support from government policies, better prospects for pipeline and LNG infrastructure and improving clarity on RNGRB's role as the main reasons behind its rationale.
 
"Spot LNG prices have declined to less than $4.5 per million British thermal units (mmbtu), making it viable for price sensitive segments such as power generation and industrial applications using liquid fuel. While these prices may not sustain, global oversupply in LNG will ensure it remains competitive against alternate fuels," the report says.
 
Traditionally, demand for natural gas in India has been primarily driven by the power and fertiliser sectors. Since these sectors are regulated by the government, gas consumption is not purely a function of free market principles and hence is extremely price sensitive –especially for power generation. Low gas prices would help in supporting the LNG pooling mechanism, and therefore, offer an excellent opportunity for a revival in consumption growth from these sectors, Religare added.
 
 
According to Religare, the crash in global gas prices presents one of the best opportunities for the government to bring gas-based power plants out of the woods. At an LNG price of $5 per mmBtu ($4.5 per mmBtu on 25% blending with domestic gas), power tariffs would work out to about Rs4 per unit. "While this is still above the average Rs3.5 per unit for domestic coal-based generation capacity, it makes the blended costs comfortable enough for state electricity boards (SEBs) to buy power from gas-based plants," it said.
 
The planned increase in LNG regasification capacities on the west coast by around 14mmtpa (or 49mmscmd) by FY2019 will remove bottlenecks in LNG import capacity. Domestic gas production might also improve by 10-15mmscmd by FY2019.
 
 
Religare says, "We expect around 25mmscmd (out of 40mmscmd) of incremental gas supplies to be absorbed by the power sector, as the government’s pooling policy strives to achieve average PLFs of 30% by FY2020 on a base of expanded power generation capacity of 38,000MW. In a way, we do not expect gas-based power generation capacities to just about survive on government support. This implies deficit in gas consumption would expand to staggering 130mmscmd levels for the power sector by FY2018. There can therefore, be only upsides to our gas consumption estimates, if prices continue to sustain at current levels."
 
According to Religare, some government-driven initiatives such as LNG price pooling for the power and fertiliser segments, pollution control drives through the diesel vehicle ban and the push for compressed natural gas (CNG) vehicles have led to further improvement in LNG demand. It says, "We expect most of these initiatives to continue well beyond FY17."
 
The research note sees better prospects for pipeline and LNG infrastructure over next few years. "Over 100 million metric standard cubic meter per day (mmscmd) of LNG regasification capacities are expected to be commissioned over five years. Since most of these would commission on viability from long-term contracts, they offer gas supply certainty," it said.
 
Religare says limiting PNGRB’s role to setting bid guidelines and ensuring fair play in current operations is the need of the hour. The Supreme Court verdict in favour of IGL has set the ball rolling for more investments in the city gas distribution (CGD) business across the country. A similar ruling on tariffs for GAIL’s pipelines – after being slashed by an average of 60% over the last four years due to the regulator’s heavy-handed intervention – will ensure a strong revival in investment sentiments for cross-country natural gas pipelines, the report added.

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COMMENTS

Ramesh Poapt

8 months ago

guess, gaze,gauge-gas game! gainer companies?

Real Estate : Shalimar Estates Director Arrested
Ram Raj Verma had moved an application for registration of the allotment of a showroom in a shopping mall to be constructed by Shalimar Estates Private Limited in Mohali (Punjab). The total price of the showroom was Rs36 lakh. The draw of lots in respect of the commercial unit was held on 2 February 2006. Mr Verma was allotted a showroom of category ‘C’, with super-built-up area of 400 square feet. The complainant opted for instalment payment plan and deposited a total of Rs23.31 lakh up to 28 May 2007 with the developer. The remaining amount was to be paid at the time of possession.
 
Though a period of two years expired in February 2008, there was no sign of any construction at the site. Mr Verma sent several letters regarding wanting possession of the showroom but there was no response. Mr Verma then filed a case in the consumer court.
 
The Punjab State Consumer Disputes Redressal Commission, on 21 November 2014, asked Shalimar Estates to refund Rs23.31 lakh deposited by the complainant and pay a compensation of Rs1 lakh for mental harassment. The Commission also asked the realtor to pay Rs10,000 as cost of litigation.The local police arrested Ineet Aggarwal, director of Shalimar Estates Private Limited, for not complying with the order of the Punjab State Consumer Disputes Redressal Commission issued in November 2014. The Commission sentenced the owner of the real estate company to three years in jail. 

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