Companies & Sectors
Government considers Kelkar panel report; diesel, LPG rates may go up

Moily said the government was also considering raising the cap on supply of LPG cylinders to nine per household in a year from current limit of six

New Delhi: Diesel, kerosene and LPG (cooking gas) prices may be hiked soon as the Indian government considers Vijay Kelkar Committee recommendations on cutting fiscal deficit, reports PTI.

 

The Kelkar Committee, which was appointed by Finance Ministry to suggest a roadmap for fiscal consolidation, has suggested immediate hike in fuel prices and complete deregulation of diesel prices by start of 2014-15 fiscal. It also suggested raising kerosene and LPG rates.

 

"That (Vijay Kelkar committee recommendation on deregulating diesel and raising kerosene and LPG rates) is a proposal. It is still at proposal stage. The (Petroleum) Ministry is only processing that report and we are yet to take a decision," Oil Minister M Veerappa Moily told reporters.

 

The panel had in September recommended "immediate increase in Petroleum prices. This should be continued in the next year in such a way that the prices of diesel are fully deregulated by the start of 2014-15. The prices of kerosene and LPG also should be revised regularly to keep the subsidy levels at affordable levels."

 

Price of diesel, which currently costs Rs47.15 per litre in Delhi, was last revised on 14th September when it was hiked by a steep Rs5.63 per litre. Kerosene rates have not changed since June 2011 and it currently costs Rs14.79 per litre in Delhi.

 

State-owned oil companies currently sell diesel at a loss of Rs10.16 per litre, kerosene at Rs32.17 a litre and LPG at Rs490.50 per 14.2-kg cylinder.

 

Moily said the government was also considering raising the cap on supply of subsidised cooking gas (LPG) cylinders to 9 per household in a year from current limit of six.

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COMMENTS

Vaibhav Dhoka

4 years ago

Now elections are over Mr Moily should hasten announcement of 9 cylinders.

Accused in constable Tomar's death move HC for quashing of FIR

Shantanu Kumar and seven other accused have moved the high court for quashing of the FIR lodged on 23 December 2012 under penal provisions of attempt of murder and rioting


New Delhi: The eight accused in the death of Constable Subhash Tomar during anti-rape stir in capital on Friday moved the Delhi High Court seeking quashing of an first information report (FIR) against them for murder and rioting offences, claiming that they have been falsely implicated "without an iota of evidence", reports PTI.

 

Taking note of the plea, the High Court asked the city police to file within a week a status report on its probe into the circumstances leading to death of Tomar, who was allegedly assaulted on 23rd December by the eight protesters during the protests against the brutal gangrape of a paramedical student on 16th December.

 

Justice GP Mittal also issued notices to the Ministry of Home Affairs and the Delhi government. Fixing the matter for further hearing on 15th January, it also allowed the accused, who are out on bail, to amend their petition to insert an additional prayer for CBI investigation in the whole incident.

 

Shantanu Kumar and seven other accused have moved the high court for quashing of the FIR lodged on 23 December 2012 under penal provisions of attempt of murder and rioting.

 

Police later invoked section 302 (Murder) of the IPC against them after Tomar's death at a hospital here.

 

"The whole city is scared as a sister was sexually assaulted and the brothers who came out on roads to protest were made accused by the Delhi police.

 

"The head of the Delhi police needs to be called here in the court and asked to give reasons as to how he made false statements in his press conference about the whole case," said the counsel for accused.

 

He also referred to the alleged dissimilarities in the statements of Delhi Police Commissioner Neeraj Kumar, two eye-witnesses and a doctor of Ram Manohar Lohia (RML) Hospital to buttress his allegation that Tomar collapsed on his own and was not assaulted by the accused.

 

The counsel said the video footage of DMRC amply suggests that the two accused, Kailash Joshi and his brother Amit, were travelling in a metro at the time of the incident and their false implication in this case raises a serious issue.

 

Taking note of the submission, the court asked city police to file the report.

 

Meanwhile, the court said it will take up on 15th January a separate plea of Gaurav Kumar Bansal, an advocate seeking CBI probe into constable's death.

 

Tomar, who died on 25th December at RML hospital, was posted at Karawal Nagar police station here and was called to help police in maintaining law and order at India Gate during the ant-rape protests on 23rd December.

 

Besides Amit, Kailash Joshi and Shantanu Kumar, Nafees, Shankar Bisht, Nand Kumar, Abhishek and Chaman Kumar - have been made accused.

 

The eight accused were granted bail by the trial court on 24th December.

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SEBI moots corporate governance norms overhaul for listed companies

In the discussion paper for proposed changes in the corporate governance norms for listed companies, SEBI has also proposed measures for a greater oversight by and on independent directors, as well as greater alignment of CEO salaries with the performance and goals of the company

Market regulator Securities and Exchange Board of India (SEBI) on Friday proposed wide-ranging overhaul of corporate governance norms for listed companies, through measures like checks against unjustifiable pay of chief executives (CEOs), greater powers to minority shareholders, an orderly succession planning and hefty penalties for non-compliance, reports PTI.

 

Besides, the regulator has also proposed a new concept of 'corporate governance rating' by independent agencies to monitor the level of compliance by the listed companies and regular inspection by SEBI and stock exchanges.

 

In a discussion paper for proposed changes in the corporate governance norms for listed companies, SEBI has also proposed measures for a greater oversight by and on independent directors, as well as greater alignment of CEO salaries with the performance and goals of the company.

 

SEBI said "that, on average, the remuneration paid to CEOs in certain Indian companies are far higher than the remuneration received by their foreign counterparts and there is no justification available to that effect."

 

The market regulator has also proposed mandatory disclosure by the listed companies of ratio of remuneration paid to the each of their directors and their median staff salary.

 

Such a disclosure has already been proposed in the Companies Bill 2012 for all public companies, but SEBI has proposed such a provision for listed companies in advance, along with a number of other corporate governance measures contained in the proposed Bill that is awaiting final Parliamentary approval.

 

SEBI said that it is seeking to adopt better global practices through these proposals without increasing the cost of compliances by a huge margin.

 

"... at the same time, it is necessary to bring back the confidence of the investors back to the capital market, for channelising savings into investment, which is the need of the hour," SEBI said.

 

The regulator also said the current regulations provide for actions like delisting or suspension of a company's shares, adjudication for levy of monetary penalty, prosecution and debarring of promoters and directors from the markets in case of non-compliance.

 

However, delisting or suspension is generally not considered an investor friendly action and therefore, cannot be resorted to as a matter of routine and can be used only in cases of extreme/repetitive non-compliance.

 

"Prosecution, on the other hand, is a costly and time-consuming process," SEBI said, while proposing measures like companies being asked to get Corporate Governance rating, inspection of compliance by stock exchanges, SEBI or any other agency.

 

It has also proposed imposing penalties on the company, its directors, compliance officer and key managerial persons for non-compliance "either in spirit or letter", and sought to convert the provisions of Listing Agreement into regulations for better enforcement.

 

Comments on the paper have been invited till 31st January.

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