Companies & Sectors
PNGRB moves SC against Indraprastha Gas

PNGRB has filed a special leave petition in the Supreme Court against the order dated 1 June 2012 passed by the Delhi High Court

 
PNGRB (Petroleum and Natural Gas Regulatory Board) has moved the Supreme Court against Indraprastha Gas (IGL), challenging the earlier Delhi High Court order, which ruled that board has no regulatory powers.
 
IGL in its notification on BSE said, “...PNGRB has filed a 'special leave petition' (a copy of which has been received by the company) in the Hon'ble Supreme Court against the order dated 1 June 2012 passed by Hon'ble Delhi High Court...”
 
PNGRB in its order dated 9 April 2012 had asked IGL, the sole supplier of compressed natural gas in Delhi and NCR to cut down its network tariff by 63% and compression charges by 53% and also notified that the difference “will be reflected through appropriate reduction” in natural gas selling prices. In a retrospective decision, it also asked the company to refund the difference to its customers for the period from 1 April 2008 till the date of issuance of order.
 
Ruling in favour of IGL, the Delhi High Court order vide 1 June 2012 had upheld that PNGRB has no jurisdiction to fix rates or regulate tariff. It also quashed the board's decision to fix network tariff and compression charges of IGL.
 

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Competition Commission imposes Rs397 crore penalty on Shree Cement

CCI found 11 cement manufacturers, including Shree Cement Limited and CMA in contravention of the provisions of the Competition Act, 2002. It also asked Shree Cement to refrain from anti-competitive activities in the future

 
New Delhi: The Competition Commission of India (CCI) on Monday imposed a penalty of Rs397.51 crore on Shree Cement Ltd for indulging in restrictive trade practices, reports PTI.
 
The CCI imposed the penalty on Shree Cement while issuing final order in the case against cement manufacturers and their trade body Cement Manufacturers Association (CMA).
 
"The Commission has also imposed a penalty on Shree Cement Ltd at the rate of 0.5 times of its profits for the years 2009-10 and 2010-11 aggregating to Rs397.51 crores," CCI said in a statement.
 
The CCI, it added, "found eleven cement manufacturers, including Shree Cement Limited and CMA in contravention of the provisions of the Competition Act, 2002, which deal with anti-competitive agreements including cartels".
 
It also asked the company to refrain from such anti-competitive activities in the future.
 
With regard to other companies, the CCI said as they were fined earlier, it was not imposing any penalty on them again for the same period of contravention.
 
CCI last month had imposed a whopping Rs6,307 crore fine on 11 leading cement makers, including ACC, Ambuja Cements, UltraTech, India Cements, Binani Cement, JK Cement, Madras Cement, LaFarge and Jaypee Cement. Industry body CMA was also fined with Rs73 lakh.
 
The inquiry, the CCI statement said, was based on a case which was transfered from the Office of the Director General (Investigation & Registration) of the erstwhile Monopolies and Restrictive Trade Practices Commission to the CCI.
 
The MRTP Commission had initiated the investigations on the basis of press reports published in a business daily as well as on a letter of Builders Association of India.
 
When contacted, Shree Cement Managing Director HM Bangur said: "We have not seen the CCI order. Let us first go through the order and then we will decide on the future course of action in consultation with our lawyers".
 
Kolkata-based Shree Cement is present in the cement and power sector. It has cement capacity of 13.5 million tonnes and power capacity of 560 MW. The company's turnover stood at Rs4,625 crore during last fiscal.
 

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Havells India Q1 net profit dips 11% to Rs71.3 crore

Havells said slowdown in Europe and general volatility in Latin America, including Brazil, Argentina and Columbia, have impacted its margins during the June quarter

 
New Delhi: Electrical goods maker Havells India reported 10.5% fall in its consolidated net profit for the quarter ended June 2012 at Rs71.3 crore due to adverse conditions in global markets, reports PTI.
 
The company had posted a net profit of Rs79.7 crore in the corresponding period last year.
 
The consolidated net income during the first quarter, however, grew by 18.9% to Rs1,778 crore from Rs1,496 crore in the year-ago period, Havells India said in a statement.
 
“The slowdown in Europe and general volatility in Latin America, including Brazil, Argentina and Columbia, have impacted margins,” the company said.
 
Havells India said its all business segments performed well during the quarter with improvement in operating cash flows and ratios.
 
“Sales of switchgear division rose 15% to Rs241 crore compared to Rs210 crore achieved in the corresponding quarter of the previous year. The cable and wire division showed a healthy growth of 21% in net sales to Rs431 crore as against Rs356 crore,” it added.
 
Lighting and fixtures segment registered revenues worth Rs150 crore as against Rs121 crore, up 24%. The electrical consumer durables grew by 57% to Rs210 crore from Rs134 crore in the same period last year.
 
Commenting on the numbers, Havells India joint managing director Anil Gupta said: “The current quarter results reflect benefits of our expanding footprint in India in all business segments. We continue to focus on expanding our product portfolio, which offer differentiated value proposition to our customers.”
 

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