Govt seeks $3.8 bn from RIL, ONGC, Shell

New Delhi: The government has reiterated a demand for $3.8 billion from Reliance Industries, Shell and ONGC following an English court ruling over government share from the Panna-Mukta and Tapti fields in western offshore. In a regulatory filing, RIL said the government had on May 2017 sought $3.8 billion as its share from the western offshore field and has "recently repeated its demand". The liability is to be split between the three companies in proportion to their stake in PMT. State-owned Oil and Natural Gas Corp (ONGC) has 40% interest while RIL and Shell hold 30% apiece. The demand pertains to interpretation of the contract for the Panna-Mukta and Tapti (PMT) oil and gas fields in the Arabian Sea.  In December 2010, BG Exploration & Production India Ltd and RIL, initiated an arbitration against the Government of India (GoI) after a dispute over the state's share of profit and royalty from Panna-Mukta and Mid and South Tapti contract areas off the west coast. PTI

Bhushan Steel seeks 90 days to file results 

New Delhi: Bhushan Steel, which has been acquired by Tata Steel under the insolvency process, has sought 90 days extension to file its audited financial results for the quarter and year ended March 31, 2018. Tata Steel completed the acquisition of controlling stake of 72.65% in the firm last week. As per regulatory norms, the company is under obligation to submit its audited financial results for the quarter and year ended March 31, 2018 within 60 days from the end of the financial year, that is by May 30, 2018 .“Pursuant to the approved resolution plan, the entire existing Board of the company was deemed to have resigned and vacated their office with effect from 18.05.2018 and the new Board has been constituted with five directors, and key managerial personnel have been appointed to manage the affairs of the company,” it said. PTI

NCLAT stays NCLT order on JP Associates 

New Delhi: In a relief to Jaiprakash Associates, the National Company Law Appellate Tribunal (NCLAT) on Thursday stayed the NCLT order which had directed the realty firm to return nearly 760-acre land to its subsidiary Jaypee Infratech. The appellate tribunal also admitted the petition filed by the three lenders -- Axis Bank, Standard Chartered Bank and ICICI Bank, and issued notices to the resolution professional (RP) of the Jaypee Infratech. A two-member NCLAT Bench headed by chairman Justice SJ Mukhopadhyaya said the finding of NCLT that fraud has been committed on the mortgaged property by Jaiprakash Associates to the banks was not based on ‘evidence’ or ‘in accordance with law’. "The impugned order dated.... passed by designated authority (NCLT) Allahabad in so far as direction to ROC is concerned remains stayed," the appellate tribunal said. NCLAT has also said Anuj Jain, RP of debt-ridden Jaypee Infratech, may file reply, including evidence if any that mortgage is fraudulent or that mortgage was created in collusion with the directors or partners of the company. PTI

Bank credit grows 12.64%, deposits up 7.61% 

New Delhi: Banks’ credit grew by 12.64% year-on-year to Rs 85,51,099 crore in the fortnight ended May 11, 2018, according to RBI data. In the similar fortnight ended May 12, 2017, banks’ advances stood at Rs 75,90,941 crore. In the previous fortnight ended April 27, 2018, bank credit had increased by 12.61% to Rs 85,38,570 crore, from Rs 75,82,391 crore in the period ended April 28, 2017. Banks’ deposits grew by 7.61% to Rs 1,13,92,165 crore in the fortnight ended May 11, 2018, compared with Rs 1,05,86,083 crore in the fortnight ended May 12, 2017, the data by RBI showed. In the fortnight ended at April 27, 2018, deposits had grown by 8.20% to Rs 1,14,30,786 crore. In March this year, the non-food bank credit rose by 8.4%, the same rate as in March 2017. Loans to agriculture and allied activities increased by 3.8% in March 2018 as compared to increase of 12.4% in March 2017. PTI