Regulations
Reliance Group's Sasan power project gets nod for higher tariff
New Delhi : In a significant relief for Reliance Power's 3,960-MW Sasan project, the regulator has approved an annual hike of 9 paise or 7 percent in tariff over its entire 25-year contract period, that translates into an extra compensation of Rs.300 crore per annum.
 
The approval, based on what is called a change in law petition filed by the Reliance Group, has been awarded by the Central Electricity Regulatory Commission to Sasan Ultra Mega Power Project, set up in the Singrauli district of Madhya Pradesh.
 
"A one time compensation of Rs.271 Crore is also granted by regulatory commission till 31st July 2015," the company said in a statement, adding the regulator's directive also eases the way for future pass-through of compensation for the power project.
 
This, by way of a mechanism for the future payments toward changes in electricity duty rates and energy development cess that has also been approved by the regulatory commission in its 46-page order.
 
Reliance Power has a large largest portfolio of power projects in the private sector, based on coal, gas, hydro and renewable energy, with an operating capacity of 5,945 MW.
 
In April last year, the Anil Ambani-led Reliance Group had announced that it had fully attained commercial operations of the Rs.27,000-crore Sasan ultra mega power project, 12 months ahead of schedule, with all the six units generating 3,960 MW of electricity.
 
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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Central government allows `Jallikattu' in Tamil Nadu
Chennai : Tamil Nadu erupted in joy as the central government announced on Friday its decision to allow the traditional 'Jallikattu' or bull taming sport during Pongal festival.
 
People at places like Madurai and Trichy, where Jallikattu is traditionally held, were the most elated.
 
Tamil Nadu Chief Minister J. Jayalalithaa thanked Prime Minister Narendra Modi for the decision.
 
"I am very grateful to you for your prompt response in the matter, which has enabled the conduct of `Jallikattu', a sport which upholds traditional cultural values and traditions of Tamil Nadu and has great historical significance and also ensures the ... continuance of traditional breeds of indigenous cattle," she said in a communication to Modi.
 
"I am very happy to learn that the ministry of environment, forests and climate change has issued a notification that has paved the way for the conduct of the traditional sport," she said.
 
The central government bowed to the strong demand made by various organisations and political parties to permit the traditional bull taming sport that was banned by the Supreme Court to prevent cruelty to animals.
 
The central government, in a gazette notification, removed bulls form the list of animals that were banned from public display.
 
The central government allowed bulls to be exhibited as a performing animal at Jallikattua and bullock cart races in Maharashtra, Karnataka, Punjab, Haryana, Kerala and Gujarat.
 
However, the permission is subject to conditions like sanction from the district collector or the district magistrate. 
 
The bullock cart races are to be held on proper track and the bulls have to be tamed within a distance of 15 metres from its enclosure.
 
The bulls should also be put to proper testing by officials of the animal husbandry and veterinary department ensuring their good health and no performance enhancing drugs are administered to them.
 
In May 2014, the Supreme Court upheld a notification by the environment and forests ministry categorizing bulls in the list of animals which shall not be exhibited or trained as performing animals.
 
The Tamil Nadu government filed a review petition before the Supreme Court.
 
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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SC to hear SEBI's plea for appointing receiver of Sahara's assets
New Delhi : The Supreme Court will hear, on February 2, market regulator SEBI 's plea seeking appointment of a receiver for sale of Sahara group's assets for compliance of the apex court's August 2012 order to return investors' money that it had raised in 2008 and 2009.
 
A bench headed by Chief Justice T.S.Thakur directed the hearing of the application next month as senior counsel Arvind Datar, appearing for the Security and Exchange Board of India (SEBI), on Wednesday, urged the court to hear the plea.
 
He told the court that there was no progress in the direction of Sahara mobilising the funds to return the investors money raised through optionally fully convertible debentures (OFCD)as directed by the court. 
 
Counsel appearing for Sahara however said that there was no urgency and they were negotiating with new prospective buyers.
 
At this the court observed that some directions are required to be passed on the matter.
 
The apex court on September 28 had asked Sahara to file its reply to SEBI's application seeking the appointment of a receiver to take over the charge of the entire assets of the group, located within and outside the country, sell the same and deposit the proceeds in SEBI's Sahara Refund Account.
 
The apex court by its August 31, 2012, order had asked Sahara to repay investors Rs.17,400 crore with an interest component of 15 percent. This amount, according to market regulator, coupled with interest component, has escalated to Rs.36,000 crores.
 
Coupled with the plea for the receiver's appointment, SEBI has also sought the refund of Rs.41 crore that it had spent in connection with the scanning, storage, handling and other incidental expenditure relating to investors documents.
 
It said that it has completed the scanning of the documents submitted by Sahara relating to the investors and urged the court to direct the group to either take back the documents or the charge of the storage where they are kept. It said that it was spending Rs.10 lakh per month for their storage.
 
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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COMMENTS

Vaibhav Dhoka

2 years ago

The order must be executed in time bound manner when justice can be seen as DONE>

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