Govt may ask all refineries to produce fixed level of LPG
New Delhi: The government is likely to order oil refineries, including private sector Reliance Industries and Essar Oil, to maintain a minimum level of LPG production to ensure uninterrupted supply of cooking gas to the public. While India is surplus in petroleum products, production of LPG in the country is lower than the demand. The deficit is met through imports which have to increased if any of 20 refiners in the country produces less than projected LPG. Sources said modern refineries have flexibility of changing product slate and often LPG production is pushed down in favour of high value petrol and diesel. Change in production profiles of refineries especially private sector units, has in the past led to LPG scarcity and the resultant delays in delivery of domestic cooking gas. To tide over this, the Oil Ministry last month sought law ministry’s opinion if the government can under the Essential Commodities Act of 1955 ask both public and private sector oil refineries to produce a certain volumes. Sources said the Law Ministry in its opinion has stated that petroleum and petroleum products are among the essential commodities defined under the Essential Commodities Act, 1955.
New companies law after EC approval
New Delhi: With the Model Code of Conduct for general polls in force, the Corporate Affairs Ministry will intimate the Election Commission before notifying rules for the remaining provisions of the new companies law. The Ministry is in the process of finalising the rules for various provisions of Companies Act, 2013 that replaces the way corporates are governed in the country. Rules for certain provisions, including that for Corporate Social Responsibility (CSR) spending, have already been notified by the Ministry. As the Election Commission of India announced the schedule for the Lok Sabha elections yesterday, the Model Code of Conduct has come into force.
Stanford strips Martoma of MBA degree
New York: Indian-origin hedge fund portfolio manager Mathew Martoma, convicted for his role in the most lucrative insider trading scheme in US history, has been stripped of his MBA degree by the Stanford business school. This is the first time the Stanford Graduate School of Business has revoked a graduate’s degree. Martoma, 39, took admission in Stanford’s Graduate School of Business in 2001, after being expelled from Harvard in 1999 for allegedly doctoring his law school transcript to gain a federal clerkship.
Winsome seeks revaluation of diamonds
MUMBAI: Beleaguered gems and jewellery company, Winsome Diamonds and Jewellery Ltd has requested Punjab National Bank to revaluate the entire inventory of diamonds and pearls in the bank’s joint custody, the company said. The company has defaulted on loans worth around 42.58 bln rupees to the consortium of lenders, with the largest default on 10.52 bln rupees loans given by PNB.
MUCBF to organize two-day conference
Mumbai: The Maharashtra Urban Co-operative Banks’ Federation Ltd. (MUCBF), Mumbai on the eve of International Women’s Day has organized a two-day National Mahila Co-operative Bankers’ Conference on March 8-9, 2014 to create awareness and propagate active participation by women in the Co-operative banking sector’s activities. The Chief Executive and Secretary Sayali Bhoir looks forward to Mahila Co-operative Bankers that include Chairpersons, Mahila Directors / CEOs and Mahila staff members also of other UCBs to participate in the Conference. The conference is scheduled to be held at Prakruti Resort, Kashid Village, Alibag Murud Road, Raigad district. The Maharashtra Federation would release a Souvenir named ‘Mahila Guarav Visheshank’ on Mahila Legends in Co-op Banking covering their success stories. Besides, a Special Essay contest has also been organized in which winners will be honored with prizes.