Month: August 2019

Indraprashtha Gas increases price of CNG by 50 paise in Delhi, cites appreciation of dollar compared to rupee

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indraprastha Gas Limited (IGL), a joint venture of GAIL, BPCL and Government of NCT of Delhi on Saturday announced a revision in the selling prices of compressed natural gas (CNG) in Delhi, Noida, Greater Noida, Ghaziabad, Rewari, Gurugram and Karnal.

According to IGL, the increase was warranted to offset the impact on its input costs as a result of the recent appreciation of dollar vis-à-vis rupee.

This revision in prices would result in an increase of Rs 0.50 per kg in the consumer prices of CNG in Delhi, Rewari, Gurugram and Karnal and Rs. 0.55 per kg in Noida, Greater Noida and Ghaziabad.

The new consumer price of Rs 47.10 per kg in Delhi and Rs 53.50 per kg in Noida, Greater Noida and Ghaziabad would be effective from 6.00 am on September 1, 2019. The price of CNG being supplied by IGL in Gurugram and Rewari would be Rs 58.95 per kg and in Karnal, it would be Rs 55.95 per kg from 6.00 am on September 1, 2019.

Also, the IGL will continue to offer a discount of Rs 1.50 per kg in the selling prices of CNG for filling between 12.00 am to 6.00 am at select outlets in Delhi, Noida, Greater Noida and Ghaziabad. Thus, the consumer price of CNG would be Rs. 45.60 per kg in Delhi and Rs 52.00 per kg in Noida, Greater Noida and Ghaziabad during 12.00 am to 6.00 am at the select CNG stations.

Explaining the reasons leading to the revision in the prices of CNG, the official spokesperson explained that the marginal revision has been necessitated due to recent appreciation of US dollar vis-à-vis rupee and the increase in operational expenses since the last price revision. The base price of natural gas being procured by IGL from all sources is dollar-linked thereby making the entire input price totally dependent on price of dollar vis-à-vis rupee.

However, this increase would have a marginal impact on the per km running cost of vehicles. For autos, the increase would translate to just over 1 paisa per km, for taxi it would be 2 paise per km, it said.

With the revised price, CNG would still offer over 52 percent savings towards the running cost when compared to petrol-driven vehicles at the current level of prices. When compared to diesel driven vehicles, the economics in favour of CNG at a revised price would be over 27 percent.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Unpaid fuel bills: Haj pilgrimage may hit after OMCs warn AI of stopping supply at 2 more airports

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Flight services of flag carrier Air India, including those for Haj pilgrimage, might be hit partially following the IOC-led oil marketing companies (OMCs) threatening to suspend fuel supplies at two more airports — Hyderabad and Raipur– over non-payment of dues.

The state-owned oil marketing firms have already stopped supplying fuel to Air India flights at Pune, Vizag, Cochin, Patna, Ranchi and Mohali since August 22.

The three OMCs — Indian Oil Corporation, Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp Ltd — together have around Rs 4,300 crore in dues from Air India.

Though Air India is on cash-and-carry mode since April this year and making a payment of Rs 18 crore per day towards daily jet fuel bill, the OMCs have sought clearance of all dues at the earliest.

“The OMCs have asked Air India to make a lump sum payment towards outstanding amount including interest at the earliest, saying if the carrier fails to do so, they will extend the suspension of fuel supplies to Hyderabad and Raipur airports as well from September 6,” a source privy to the development told PTI.

He said that Air India does not have international operations from the six airports where the OMCs have not been supplying jet fuel to its flights since August 22.

“However, if it is stopped in Hyderabad as well, there will be a severe impact on some of our overseas flights as well as Haj operations in addition to domestic operations,” he said.

“Air India’s total fuel bill dues were Rs 4,600 crore as of March 31, 2019, which came down to Rs 4,300 crore by July 31,” the source said. “Also, since April 1 this year, Air India is making a payment of Rs 18 crore per day for daily fuel intake,” the source added.

An Air India spokesperson refused to comment.

The source said so far the national carrier was managing operations from the six airports by rescheduling flights, but if supplies are cut at two more airports,
especially Hyderabad, it would have a big impact on its overall operations.

On Wednesday, Indian Oil had defended cutting jet fuel supplies to Air India. “We ourselves are borrowing around Rs 75,000 crore annually, that means we are a net borrower and not a cash- surplus company. To support credit to Air India, we need to borrow from markets,” IOC chairman Sanjiv Singh had said.

He said IOC provides 90 days credit to Air India but the dues have been mounting and this must be 240 days now. “So the total dues to us, including interest, is more than Rs 2,900 crore. Although we don’t take any formal bank guarantee from a public sector entity which we do from private airlines, now we are a little worried and cannot continuously support the airline,” Singh had stated.

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Starting this winter, 4 Kerala airports to get 30 more daily flights

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Union civil aviation secretary Pradeep Singh Kharola on Saturday said 30 more daily flights would operate from four airports in Kerala starting this winter.

He said this while addressing a meeting of airline representatives called by Kerala chief minister Pinarayi Vijayan.

Vijayan reminded the officials during the meeting that in last year’s meet, the aviation industry demanded that the aviation turbine fuel (ATF) tax be reduced. Though it was done, no favourable decision was taken to increase the number of flights.

“We are ready to further reduce the tax on ATF if the airlines are ready to increase their flights to the various Kerala airports,” the chief minister said.

Vijayan also raised the issue of various airlines jacking up the fares on the Middle East routes, and even as the issue was raised numerous times, no action has been taken.

Top officials of the aviation industry and representatives of 19 airlines were present at the meeting.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

From tomorrow onwards, India to get Swiss banking details of Indians

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Banking details of Indians with accounts in Switzerland will be available to tax authorities here from Sunday as the automatic exchange of information regime kicks off between the two countries.

The move, the Central Board of Direct Taxes (CBDT) said, is a significant step in the government’s fight against black money and the era of “Swiss bank secrecy” will finally be over from September. The CBDT frames a policy for the Income-Tax Department.

Between August 29 and August 30, a Swiss delegation, led by the deputy head of the tax division in the state secretariat for international finance Nicolas Mario Luscher, called on Revenue Secretary A B Pandey, CBDT Chairman P C Mody and CBDT Member (Legislation) Akhilesh Ranjan before the regime kicked in, it said.

The first automatic exchange of financial account information (AEOI) under the provisions common reporting standard will start from September.

“India will receive information of the calendar year 2018 in respect of all financial accounts held by Indian residents in Switzerland,” the CBDT said in a statement. The information will include accounts that were closed during 2018.

During the meeting, both sides discussed bilateral exchange of information matters to expedite execution of tax information-sharing requests made by India in specific cases, it said. “Enhancing collaboration in offshore tax compliance matters was also discussed,” the CBDT said.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

SpiceJet pilot suspended by DGCA for mishearing ATC clearance

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Directorate General of Civil Aviation (DGCA) on Saturday suspended a first officer of SpiceJet for three months for mishearing an Air Traffic Control clearance, due to which he gave incorrect direction to the pilot-in-command (PIC), causing runway incursion at Mumbai airport, said a source.

“DGCA probe found that Atul Yadav, who was the first officer on Surat-Mumbai flight on July 5, told the PIC that their plane was cleared by ATC to cross runway 14. The truth is the clearance was given to the IndiGo plane that was ahead of his plane,” the source told PTI. The SpiceJet plane had the call sign SEJ2763.

When the regulator issued a show-cause notice to Yadav on August 19, he responded by admitting his mistake and stating the incursion happened on July 5 because another plane with a similar call sign — which was ahead of their plane — had received the ATC clearance to cross runway 14, the source said.

The aircraft ahead of the SpiceJet plane was of IndiGo and it had a call sign IGO063, the source said.

In the last few weeks, the DGCA has suspended many pilots of SpiceJet and other airlines for similar runway incursion or excursion incidents. “Yadav has been suspended for a period of three months. This period would be calculated from July 10, 2019,” the official added.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

After removing founder Gautam Thapar, CG Power fires CFO Venkatesh over alleged misconduct

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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After removing founder Gautam Thapar as chairman of the company, the board of fraud-hit CG Power and Industrial Solutions has sacked the firm’s chief financial officer V R Venkatesh over alleged “misconduct” and breach of trust.

The board of the company at its meeting on Friday “terminated the employment of V R Venkatesh as the chief financial officer of the company, for cause, with immediate effect,” CG Power said in a regulatory filing.

“The termination of the employment of Venkatesh is due to the grave nature of the misconduct and breach of trust on his part and having knowingly undertaken actions which were detrimental to the interests of the company and its stakeholders,” it said. Venkatesh could not be contacted for comments.

Company CEO and managing director K N Neelkant, who was sent on leave on May 10 by the board to enable proper investigation into financial irregularities, continues in his role for now.

However, some investors and lenders have questioned his continuance given that the fraud involving some assets of the firm being provided as collateral and the money from the loans siphoned off by “identified company personnel, both current and past, including certain non-executive directors”, happened under his watch.

The board-instituted investigation had also found some liabilities and advances to related and unrelated parties being understated. The company has restated its financial results for the previous fiscal taking into account the unstated liabilities, the filing said.

“Certain unauthorized/unapproved banking transactions in the nature of loans (unauthorized transactions/ loans) taken from banks / financial institutions (lenders)/a connected party aggregating to Rs 635 crores were not disclosed in the Standalone Financial Results of prior years/periods by off-setting against certain related and unrelated party balances,” the company’s auditors said in the audit note furnished with the restated statement.

It said interest expenses of Rs 90.93 crore which were serviced by the company in relation to these unauthorized loans were accounted under different heads in the Standalone Statement of Profit and Loss and “were mispresented in the financial statements/ results of prior years/periods.”

“The company also has loans including interest receivables and advances recoverable from related and unrelated parties, as reinstated on March 31, 2019, aggregating to Rs 2,439.94 crore for which further interest income aggregating to Rs 337.61 crore is currently not recorded as at March 31, 2019,” it said.

On August 29, the board has removed Thapar as the chairman of the company through a circular resolution approved by a majority of the members. Thapar opposed the resolution, while CEO and managing director K N Neelkant had abstained from voting.

Thapar, who had not commented on the issue since the company disclosed financial irregularities on August 20 after a marathon board meeting on the previous day, had in a statement after his removal said: “No promoter or promoter entity has derived any undue benefit. There is simply no fraud.”

“The reports following the Board meeting of August 19, 2019, are disheartening. Indeed, I would say that the reports do not reflect facts.

“In the interests of all stakeholders, including banks and financial institutions, I must say that no funds lent by banks nor any funds of CG have been misappropriated. The money has been applied with due Board approval. All inter-corporate transactions have been fully authorised by the Board,” he said.

The board was headed by him during that period.

Thapar would, however, continue to be a member of the board — a position from which only shareholders can remove him. Though a founder promoter of CG Power, Thapar lost almost all of his shares after lenders in past years invoked pledges he had created to borrow money. He currently has only 8,574 shares out of 62.6 crore shares of the company.

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3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

The Healthiest Ingredients for Your Monsoon Meal, and the Best Way to Cook Them

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The monsoon season requires a different sort of diet, one that feels fresh and flavoursome, yet light on the tummy and not laden with oils and fats. Instead of rich curries and fried foods, one needs a slightly curated menu this season.

Keeping the sultry climes of the Indian weather in mind at this time of the year, the chefs at Oko, the oriental-food speciality restaurant at The LaLiT Delhi, suggest a delectable meal that would fill you up while keeping your energy levels high and your taste buds invigorated.

One of the first things advised at this time of the year is to go easy on the heavy red meats, and instead opt for lighter meats such as fish and chicken. The other is to ditch the rich gravies for clear soups and stews.

Spicy food is also not advised; it’s better to stick to recipes that are lightly flavoured with beneficial herbs. Food preparation also needs a bit of a twist; instead of frying, go for sautéing or steaming instead.

Here is a list of nutritious ingredients and cooking techniques that will hit the sweet spot this monsoon.

Go for Soba Noodles

Made with buckwheat, soba noodles are an excellent addition to your soup bowl this season. Eating buckwheat has been shown to lower blood sugar, improve heart health and even prevent cancer.

Try a soup made with soba noodles.  Boil the noodles, drain them and rinse them with hand under cold water. Using a slotted spoon, stir a bowl of julienned bokchoy, soy sauce, sliced asparagus and carrots, and chopped spring onion. Meanwhile, make hot Dashi stock using diced carrots, onions, leek, celery, coriander stems, along with crushed ginger and garlic boiled in water.

Transfer the hot Dashi stock to your bowl of vegetables, and simmer at least 15 minutes to enhance the flavour. Add salt and crushed black pepper. When you’re ready to serve, pour the hot soup over the boiled and drained soba noodles, and add toppings as required.

Saute Not Fry

Sautéing is fast and favoured method of cooking vegetables, especially during the monsoon season. All the ingredients are to be placed on the pan at around the same time, cooked quickly on high heat, and then removed and served immediately. It uses less oil or fat than frying, and helps the body absorb fat-soluble vitamins faster.

But there are tips to keep in mind to optimise the nutrient intake of your sautéed vegetables. Soak the whole vegetables in tepid, salty water for 20 minutes to remove all traces of pesticides or wax used for supermarket display. While chopping, avoid removing vegetable peels if they are edible, as this is where most nutrients are to be found. Ideally, you should cut your vegetables into larger pieces – the smaller they are cut, the more nutrients are lost to air.

Similarly, start sautéing your vegetables as soon as possible after chopping, so they don’t lose too many vitamins from exposure. Cook for the shortest time necessary at a moderately high temperature, but make sure to keep turning over the vegetables constantly to avoid burning.

Harness the Strength of Sesame

Sesame seeds are a potent dose of nutrition, especially for vegetarians. The rich omega fatty acids present in white sesame seeds promote hair growth, improve blood circulation, and boost skin health. The antioxidants in the seeds reverse signs of ageing, and the high fibre content boosts digestion.

They are also an excellent and healthy way to boost energy levels as they contain healthy fats like polyunsaturated fatty acids and Omega-6. Besides fibre, they also have iron, calcium, magnesium and phosphorus, and help stabilise blood pressure.

Chef Shekhar at Oko has come up with a delicious sesame dressing for salads that really delights your taste-buds. Whisk together 50 gm of white sesame seeds, 20 ml Kikkoman soya, 5 gm sugar, 20 ml olive oil, 5 ml lemon juice, a pinch of salt and 2 drops of white wine vinegar. Store this in your refrigerator until your salad is ready for dressing.

Steam Fish Inside Banana Leaves

South Asian cuisines are famous for steaming food using banana leaves. Not only does this give the food a sweet taste and a soft fragrant flavour, the leaves also make a protective sheet to keep thͦe juices and nutrition of the food intact, and protect the food from burning or catching fire while cooking.

Banana-wrapped and steamed sea bass is an excellent dish this time of the year. Make a smooth marinade using chopped ginger, garlic, Kaffir lime leaves and red chilli, along with 100 ml oyster sauce and half tablespoon of Thai fish sauce in a bowl.

Marinate a steak of sea bass fish with the paste. Then, wrap the marinated fish with a banana leaf and keep it resting for at least two hours in the refrigerator.

Preheat your grill to 280˚C, and place the wrapped fish steak on the grill. Cover with a lid and keep drizzling water under it. Cook for at least 10 minutes.

First published in eShe magazine

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow