Premature, says RIL about govt penalty on its Panna Mukta-Tapti oil field

'Premature', says RIL on govt's levy of penalty for its PMT oil field

The government has ordered Reliance Industries (RIL) to pay a penalty over an arbitration award on its Panna Mukta and Tapti (PMT) oil field, the company has informed BSE in a statement on Tuesday. The company, however, said the notice was premature.

“RIL as part of the contractor for Panna Mukta and Tapti production sharing contracts, has been notified by [the] Government of India (GOI) of its computation of the purported share of GOI’s Profit Petroleum and Royalty alleged to be payable by the contractor pursuant to the GOI’s interpretation of Arbitration Tribunal’s final partial award dated 12 October 2016,” RIL said in its statement to BSE.”Government’s demand notice is premature. The quantification of liabilities (if any) of the parties arising out of the partial award have to be determined by the Arbitration Tribunal after the Parties have made their respective submissions on quantification,” it adds further.

An RIL executive said the amount was still to be decided by the arbitration court though media reports quoted a figure of $3 billion as penalties. RIL and Shell hold 30 per cent stake each in PMT fields while the remaining is with state-owned Oil and Natural Gas Corp (ONGC).

  1. In October 2016, a London-Based arbitration plan ruled in favour of the Centre on recovery cost from RILand BG Group (now part of Shell) for the PMT oilfields. This was an interim award and final arbitration award was to follow procedural. .Read More

GST provider Vayana Network raises Rs 26 cr in latest series A funding

GST provider Vayana Network

Goods and Services Tax Network provider Vayana Network has received over Rs 25.7 crore from IDG Ventures and Jungle Ventures in series A funding. Vayana facilitates trade between businesses and helps finance small and medium enterprises (SMEs) through electronic payments and partnerships with various financial institutions. It is one among 34 GST providers approved by the government to facilitate GST for businesses currently.

The company claims to be the country’s largest technology-led third party business-to-business (B2B) trade financing platform. It has processed over Rs 4,000 crore in financing via a number of lending partners like Axis Bank, Religare SME Loans, DBS and Tata Capital apart from payment facilitator MasterCard. The equity investment will be used to further strengthen its B2B trade financing network both in India and abroad.

Vayana had previously raised external funding largely through Reliance Industrial Investments and Holdings. “This funding comes at an exciting time with GSTdriving a digital invoicing ecosystem in India and in the backdrop of increasing velocity for trade-based financing led by third party platforms globally. Our mission from day one has been to focus on designing the simplest possible process for corporate of all sizes and from different industries to avail short term financing for their buyers and suppliers,” said RN Iyer, founder and chief executive officer (CEO) of Vayana Network.

The company plans to roll out value-added services to utilise trade data for their clients. SMEs in India supply over 45 per cent of industrial production and employ over 50 million people…Read More

Flipkart lifts bid for rival Snapdeal to up to $950 million – sources 


E-commerce player Flipkart has sweetened its buyout offer for smaller rival Snapdealto between $900 million and $950 million, two people familiar with the negotiations said, adding that the new proposal is being evaluated by Snapdeal’s board.Reuters previously reported that Snapdeal had earlier this month rejected

Flipkart’s initial bid of between $800 million and $850 million as its board was unsatisfied with the offer and the payment terms. Flipkart’s revised offer was made for Snapdeal’s marketplace and its e-commerce solutions provider Unicommerce but does not include its logistics arm Vulcan Express and digital payments unit FreeCharge, which may be sold separately, said the sources, who did not want to be named as the discussions are not public.

One of the sources said Flipkart may hold back about $150 million of the deal price for 12-24 months after the consummation of a deal.Infibeam, a listed e-commerce player, has also made an offer for Snapdeal, the sources said, adding that the Snapdeal board is likely to consider the proposal. Details of the Infibeam offer were not immediately available.

Flipkart, Snapdeal and its main backers were not immediately reachable for comment. Infibeam was not immediately available for comment, but has said media reports linking it with Snapdeal are speculative…Read More

Hacker leaks emails of US State Department’s Russian affairs official

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hacker known as ‘Johnnie Walker’ has leaked emails of a senior U.S. State Department intelligence official involved in Russian affairs.

The hacker leaked a batch of private correspondence of a U.S. State Department intelligence official, who has been particularly interested in the Russian media andgovernment affairs and reshuffling, the Russia Today reported. The emails from a hacked non-governmental account over a two-year period were sent to “an unknown number of recipients but there is absolutely no information on who exactly was among the recipients.”

The sender also reportedly claimed that the U.S. State Department official was in contact with various intelligence agencies, including the CIA, as well as “mainstream media, NGOs, and international funds.” The alleged victim holds “a senior position in the State Department’s Bureau of Intelligence and Research”.

Apart from the name of the hacker’s target, the content of the letters has not been published in the Western media. Russian newspaper Kommersant, however Read More

Trai to discuss tariff floor price with telecom CEOs on July 21 


The Telecom Regulatory Authority of India (Trai) has called top executives of telecom companies for a meeting on July 21, seeking their views on setting floorprices for voice and data tariffs.

The demand to fix a floor price was raised by some telcos last month, when Trai Chairman R S Sharma met them for a discussion on the ongoing financial crisis in the industry. Reliance Jio’s entry in September 2016, with its free services and low tariffs, added to the stress of the telecom operators. The debt in the telecom industry is estimated at Rs 4.5 lakh crore, and companies are facing profit erosion.

the sectoral regulator has written to all telecom companies and asked them to submit their views on floor pricing, a Trai official said. The regulator also wants to know the industry view on the upper ceiling for tariffs, in case such a cap was necessary.

telecom tariffs are under forbearance – a practice which has been in place for the past 14 years and there is no upper or lower ceiling. The Trai has only fixed a ceiling for tariffs during roaming. Some telcos had raised the issue of operators offering below-cost tariffs to consumers, arguing it could hurt the financials of the industry. The incumbents, including Bharti Airteland Vodafone, maintained that Reliance Jio is offering “predatory pricing” by Read More

DCB Bank to slow down branch expansion for next 2 years to improve profits

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Small sized private sector lender DCB Bank will slow down on its network expansion for the next two years to concentrate on improving profitability from existing network of around 300 branches.”We have added branches at a faster clip in the last two years but will slow it down to 10-15 each in FY19 (financial year) and FY20,” DCB Bank’s managing director and chief executive Murali Natrajan told PTI.

bank has added 90 branches in the year to June 2017 to take it to 290 and will close the financial year (FY) 2017-18 with about 310 branches. By FY20, the bank will have only 350 branches.”The number of branches depends on what you can do from a cost to income ratio front,” he said, adding that the decision is not driven by the advent of digital alternatives.

Natrajan said the bank had aggressively expanded its branch network to have a size which is “meaningful” among the small-size lenders and despite the expansion, the cost to income ratio has been maintained at 57.2 per cent in Q1. The bank reported a 38 per cent increase in its June quarter net at Rs 65 crore, boosted primarily by a Rs 21 crore treasury income.

The asset quality was under check, but the provisions increased by over 70 per cent to Rs 35 crore.Natrajan explained it, saying this is the result of extra provisioning done because of the bank’s exposure to the SME sector which is Read More..

Travelling in October? Make the best use of airline discounts 

File photo of an Air India flight. (Photo: Shutterstock)

Travel Season In October-it’s a good time for travellers to start looking for flight tickets if they are going abroad. Planning in advance can help you get the best rates and the current offers on credit cards can further lower your prices.

“The current offers on credit cards offer the best deals for those who plan to fly in the September-Octoberholiday season,” says Sharat Dhall, COO (B2C) at Several online travel agencies (OTAs) have partnered card issuers to offer cashback on bookings. Cleartrip is running an offer with HSBC. HDFC Bank has tied up with Goibibo, Makemytrip, Yatra and Musafir.

Discounts offered with OTAs Opt for transacting through their apps. They offer loyalty points when you sign up with them and download the app. These loyalty points or virtual cash can help bring down the ticket cost further.

While OTAs offer the best deal, they don’t offer the concessions that airlines run. If you are a senior citizen, defence personnel or a student, many airlines offerdiscounts on base fares. This is not available with the OTAs. A flier should, therefore, compare whether the tickets are cheaper after discounts with an OTA or with a travel concession from an airline.