As per the PSC, Reliance should have relinquished 25 per cent of the total area outside the discoveries in June, , and , but the entire block was declared as a discovery area and the company was allowed to retain it. The CAG was critical of government oversight, particularly on high value procurement decisions, and sought an "in-depth review" of 10 contracts, including eight awarded to Aker Group by Reliance on a single-bid basis. While expenditure incurred in and was audited by CAG, remaining expenditure incurred from onwards would be covered in the future audit. However, when technical bids were received, all vendors except one were rejected, and the contract was finally awarded on a single financial bid," it said. Seeking in-depth review in the award of 10 contracts of which 8 were awarded to Aker Group companies , it said, "We are not even remotely suggesting that the operator should follow government procurement procedures, yet any commercially prudent private acquisition would also attempt to generate competition and thereby obtain the most competitive price.
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Tulmaran Are you a Business Owner? Your Reason has been Reported to the admin. It is waiting for a final presentation on the quantification of actual losses to the exchequer due to alleged advantage taken by the contractors. If the cost petroleum is high, the profit petroleum is low. Furthermore, no negative replies have been received to any of the questions in the confirmation.
NIFTY 50 10, 2. Prasad and others, who were appearing for the first time before the parliamentary panel, relkance a presentation to the committee on the project and the reasons behind the increase in the cost. The Sensex rose 0. The reality is turning out to be different. Reliance executive director P M S Prasad on 29 June wrote to oil secretary G C Chaturvedi protesting that his firm has not received the full copy of the draft CAG report and was never consulted on many issues pointed in the reports.
What a year has been! CAG, however, did point out in the earlier report that RIL had declined to share information that would have enabled the auditor to critically examine the justification of the company for cost escalations.
Latest News Trade truce fails to revive China factories Revelers say hello togoodbye to an unsettling year New food standards to come into force from January 1: To see your saved stories, click on link relince in bold.
For the uninitiated, a brief explainer would be helpful. RIL is proud of its achievements accomplished in the most challenging circumstances. It compared the FDPs on five essential criteria such as cost overrun, cost competitiveness, slippage in execution, schedule competitiveness and operability.
A source has said that Reliance was given enoughopportunities to present its views at various stages during the audit. Get real-time alerts and all the news on your phone with the all-new India Today app. Sibal, and also in some ways leading to the exit of petroleum minister Murli Deora.
A multi-stake partnership to equip adolescents and youth for the job market is taking shape, with Unicef as September 8, IPA reported as follows: RIL is the first private sector company from India to feature in the Fortune Global list of Worlds Largest Corporations and ranks th amongst the worlds Top companies in terms of profits. In the new year, marketers will have to focus on four new essentials. A tough ride for the passenger-vehicle segment Multiple disruptions pull down demand; two-wheeler and commercial-vehicle Get instant notifications reljance Economic Times Allow Not now.
Foul language Slanderous Inciting hatred against a certain community Others. The CAG dwelt on three expenditure heads. The lower the price, the higher is the quantity of gas that the private party would have to sell to recover its costs. The numbers have been mentioned in a chapter of the CAG report released on August 2.
Simply put, the cost petroleum is the total investment made divided by the price of gas per unit. The NGO has urged that Centre should deport for the outcome of the two petitions pending before the apex court.
NewsApp Free Read news as it happens Available on. There are two elements here: Their bidding was market competitive and prices charged were comparable to the then prevalent prices in the market. Read more on RIL. This will alert our moderators to take rekiance.
My Saved Articles Sign in Sign up. RIL has diligently and aggressively pursued highly successful exploration, appraisal and development operations and has done so in accordance with GIPIP. It was also reiterated by the Ashok Chawla Committee on allocation of natural resources. TOP Related Articles.
CAG flays Oil Min for allowing RIL to retain D6 area
Reliance executive director P M S Prasad on 29 June wrote to oil secretary G C Chaturvedi protesting that his firm has not received the full copy of the draft CAG report and was never consulted on many issues pointed in the reports. The Comptroller and Auditor General of India CAG also said the current PSC template encouraged companies to front-load expenditure as it correspondingly reduced the share of the government in the profits. A spokesperson for RIL declined to comment. CAG, however, did point out in the earlier report that RIL had declined to share information that would have enabled the auditor to critically examine the justification of the company for cost escalations.
Krishna Godavari Basin
The auditor had earlier carried out a similar audit in The actual overstatement of expenditure may vary in the final report based on the exit conference observations. For a long time the private operator delayed submitting accounts to the federal auditor objecting to CAG scrutiny, but later reluctantly agreed after the oil ministry compelled it to submit to the audit. In its draft report sent to the ministry earlier for comments as reported by TOI on May 29, the auditor had pointed out the lack of budgetary and financial control exercised by the government in the KG D-6 basin.
Full coverage of the RIL-KG D6 basin controversy
Archived from the original on 28 October Retrieved 3 August The K. ONGC began prospecting for oil and gas in the basin in April It drilled its first well near Narasapur in and discovered gas there.
Report on RIL’s KG basin among 15 given by CAG
Tulmaran Are you a Business Owner? Your Reason has been Reported to the admin. It is waiting for a final presentation on the quantification of actual losses to the exchequer due to alleged advantage taken by the contractors. If the cost petroleum is high, the profit petroleum is low. Furthermore, no negative replies have been received to any of the questions in the confirmation. NIFTY 50 10, 2.