Regulations
HC asks government to take decision on KG basin issue

ONGC claims three wells drilled by RIL on the boundary of the KG-D6 block are within a few hundred meters of its gas fields, while RIL disputes this

 

The Delhi High Court on Thursday directed the central government to take a decision, within six months of receiving the report of an expert panel set up on the dispute between state-run Oil and Natural Gas Corp (ONGC) and Reliance Industries (RIL) over their Krishna Godavari basin gas fields being interconnected.
 
Justice R.S. Endlaw disposed of the plea of ONGC asking the central government to take a decision while asking all the parties involved in the matter to cooperate with the independent international expert agency, DeGolyer & MacNaughton.
 
According to ONGC, gas discoveries in its G4 and KG-DWN-98/2 (KG-D5) blocks in the eastern offshore, extend into RIL's KG-DWN-98/3 or KG-D6 block. It had moved the high court alleging RIL has extracted gas upto 18 billion cubic meters from its blocks resulting in loss of several thousand crores of rupees.
 
ONGC claims three wells drilled by RIL on the boundary of the KG-D6 block are within a few hundred meters of its gas fields, while RIL disputes this. Both companies have presented data in support of their claims.
 

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SEBI orders Ramalinga Raju, others to pay back Rs.1,802 crore

According to Securities and Exchange Board of India (SEBI), the amount has to be paid within 45 days with 12% simple interest calculated from 7 January 2009

 

Indian securities market regulator SEBI on Thursday ordered Satyam Computers scam kingpin B.Ramalinga Raju and 11 others to disgorge Rs.1,802.81 crore of the unlawful gain from insider trading.
 
According to Securities and Exchange Board of India (SEBI), the amount has to be paid within 45 days with 12% simple interest calculated from 7 January 2009.
 
As per the order issued by SEBI's whole time member Rajeev Kumar Agarwal, SRSR Holdings Pvt Ltd, a front for the Satyam Computers promoter group, has been ordered to repay Rs.1,258.88 crore.
 
The remaining around Rs.543.93 crore should be paid by 11 others including Ramalinga Raju (around Rs.26.62 crore) and B.Rama Raju (around Rs.29.54 crore).
 
The market regulator also banned B. Appalanarasamma, B. Jhansi Rani, B. Rama Raju Jr., B. Suryanarayana Raju, B. Teja Raju, Chintalapati Holdings Pvt. Ltd, Chintalapati Srinivasa Raju and SRSR Holdings from the securities market for a period of seven years.
 

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