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Friday,30-July-2021

Business

Fuel prices remain unchanged on Saturday

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Fuel retailers spared consumers of any further increase in prices by keeping retail prices of petrol and diesel unchanged on Saturday.

Accordingly, petrol continues to cost Rs 96.93 per litre and diesel Rs 87.69 per litre in Delhi.

Across the country as well the petrol and diesel prices remained static on Saturday but its actual retail prices varied depending on the level of local levies in respective states.

In the city of Mumbai, where petrol prices crossed Rs 100 mark for the first time ever on May 29, the fuel price reached new high of Rs 103.08 per litre on Friday. It remained at the same level on Saturday. Diesel is also priced at Rs 95.14 a litre in the city, the highest among metros.

Petrol price has reached very close to hitting the century mark all across the country extending the scope of historic high prices that had already made the fuel rate cross the Rs 100 per litre mark in certain cities and towns of Maharashtra, Madhya Pradesh, Rajasthan, Telangana and Andhra Pradesh.

Before Saturday’s price hold, fuel prices increased on Monday, Wednesday and Friday this week. Petrol and diesel prices also increased on four days last week.

With price pause, fuel prices have now increased on 26 days and remained unchanged on 24 days since May 1. The 26 increases have raised petrol prices by Rs 6.54 per litre in Delhi. Similarly, diesel has increased by Rs 6.96 per litre in the national capital.

With global crude prices also rising on a pick up demand and depleting inventories of world’s largest fuel guzzler – the US, retail price of fuel in India is expected to firm up further in coming days. The benchmark Brent crude which reached multi year high level of over $75 on ICE or Intercontinental Exchange a couple of days back had softened to remain over $73 a barrel currently.

Business

HC allows commercial suit of Rs 938cr against NSEL defaulter NK Proteins

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The National Spot Exchange Ltd (NSEL) has got a shot in the arm with the Bombay High Court converting its suit for recovery of Rs 937.89 crore against NK Proteins and others into a commercial suit which would ensure stringent procedural formalities for speedy disposal of the case against the defaulter.

In its order, the court came down very heavily on NSEL largest defaulter NK Proteins Group for opposing the conversion of a regular suit into a commercial suit.

The High Court observed that the present case fell under the definition of “Commercial Dispute” under the Commercial Courts Act, 2015, which requires urgent and quick resolution of the matter.

The court’s ruling, on the application made by NSEL in September 2015, set the way for priority hearing that the Commercial Courts Act demands.

Notably, the Commercial Courts Act contains extensive rules of procedure and provides for mechanisms for fast-tracking the matter. It sets strict timelines and endeavours to make attempts at delaying the suit exceedingly difficult and expensive.

In a statement, the NSEL said the order recorded opposition by defaulting entity as “bereft of substance” and “opposition for the sake of it”.

“The High Court order is a major boost to NSEL’s fight against defaulters and strengthens its efforts in recovering the defaulted money,” it added.

NK Proteins Ltd is one of the largest defaulters in the Rs 5,600 crore NSEL payment default crisis with a liability of Rs of about Rs 935 crore.

Last week, an order by the Punjab and Haryana High paved the way for a criminal investigation against NSEL defaulter LOIL Group and an arrest of its owners Balbir Uppal and Janak Raj Singh for the recovery of Rs 720.31 crore.

“NSEL is getting booked all the defaulters one-by-one under the law, who were let go scot-free by the then Forward Markets Commission Chairman Ramesh Abhishek in 2013, in conspiracy with the then Additional Secretary in Department of Economic Affairs K.P. Krishnan and former Finance Minister P. Chidambaram,” said the company.

Pointing out that the NSEL payment default was an engineered crisis, the company said it was solvable, though it was not solved by then FMC Chairman Ramesh Abhishek who conspired with K.P. Krishnan and P.Chidambaram.

“Even though the Economic Offences Wing, Mumbai, had submitted its report, Ramesh Abhishek deliberately did not take any action against the defaulters and brokers. He let every broker and defaulter escape scot-free,” NSEL alleged.

Despite being unjustly targeted, it stated, NSEL had been continuously striving to recover the default amount from the 22 defaulting entities, which has resulted in obtaining the decree of Rs 3,364.71 crore and crystallisation of liability by the High Court Committee to the tune of over Rs 930 crore.

NSEL said the entire recovery process has been possible on account of its single-handed efforts and added that the Decrees were under execution at respective jurisdictions across India where it has achieved injunction or attachment in the Execution Proceedings as well.

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To clear debts, Axis Bank manager loots ICICI branch, kills officer

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In a shocking incident, an Axis Bank Branch Manager allegedly committed an unsuccessful heist on the ICICI Bank and stabbed a deputy branch head there to death, police said here on Friday.

The incident happened late on Thursday around 8.00 p.m., after the close of banking hours at the ICICI Bank’s Virar East Branch.

According to Virar Police Station Senior Police Inspector Suresh Warade, the accused Anil Dubey — the Naigaon Axis Bank Branch Manager, who was a former longtime employee of ICICI Bank, has been arrested.

In the scuffle that ensued between Dubey and the ICICI Bank Deputy Manager Yogita Nishant Choudhary, and her cashier colleague Shraddha Devrukhkar, he allegedly stabbed them both before attempting to flee with the bag full of the looted booty, but was caught outside by the locals.

While Vartak, 36, succumbed to her injuries later, Devrukhkar, 32, is undergoing treatment at a local hospital and further probe is on in the sensational case, said Warade.

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Toyota to raise price of Innova Crysta

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Automobile major Toyota Kirloskar Motor will raise the price of its flagship model, Innova Crysta.

Accordingly, the price will be raised by up to 2 per cent, effective August 1, 2021. The company cited rising input costs as the key factor behind the price hike.

“This increase is necessitated to partially offset the substantial increase in input costs,” the company said in a statement.

“The price increase has been tapered down considering the impact on our valued customers,” it added.

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