~
RIL on Friday told the Supreme Court that if RNRL’s claim for gas sale price of $2.34 per unit was accepted, it would cause a loss of around $12 billion to the government and down its own profits by over $5 billion.
RIL’s counsel senior advocate Harish Salve argued before a Bench comprising Chief Justice K G Balakrishnan and Justices B Sudershan Reddy and P Sathasivam that the gas price was fixed as per the terms and conditions of the production sharing contract, the gas utilisation policy and the decisions of the empowered group of ministers.
There could not be a situation where RIL would be supplying gas at $2.34 to RNRL for the latter to indulge in its trading while the government, which is the owner of the gas, and the company which extracts the gas, were to suffer losses.
Presenting a comparative chart taking the unit selling price of gas at $4.2 and $2.34, Salve said at the higher price, the total cash flow to the government would be $15.29 billion and to RIL $7.95 billion.
However, if the sale price was $2.34 per unit, then the total cash flow to the government gets drastically reduced to $3.84 billion and that to RIL gets curtailed to $2.43 billion, he said.
While stressing on the loss to the government exchequer, he also said that if RIL for its $9 billion investment was to get only $2.43 billion profit in 13 years time, then it was not worth doing business.
At Sampark Online Finserv LLP, we provide financial advice and distribute various investment products with the most efficient & widest range, customized specifically to your NEEDS..@ Whether you are keen on small investments or playing it big, We provide financial advice and distribute various investment/financial products with the most efficient & widest range, customized specifically to your NEEDs.
Subscribe to:
Post Comments (Atom)
Popular Posts
-
8 MILLIONS CHILDREN ARE NOT IN SCHOOL : THE POWER OF YOUR WORDS CAN HELP CHANGE THEIR LIVES .. JOIN THE MOVEMENT NOW
-
A TO Z OF INCOME TAX PROVISIONS AT A GLANCE: 1. Detailed information of Income Tax is available on www.incometaxindia.gov.in 2. As per...
-
SAMPARK 75(193), G. T. ROAD RAMBANDHU TAKAW OPP-CHOWALAL SCHOOL ASANSOL-713303, (W.B),INDIA JALAN BHAWAN 52 N.S.ROAD...
-
Greatness is Not found in Possessions Power, Position or Prestige It is found in Humility Service & Character Always be Grea...
-
Every sunset gives us one day less to live! But every sunrise give us one more day of hope.. So always hope for the best..@ GD...
-
The boom years of the early 21st century were good for many people, but perhaps no one enjoyed them more than Sheikh Mohammed bin Rashid al ...
-
Life is the most difficult exam Many people fail bcoz they try to copy others Not realising THAT every1 has a different question paper..@ ...
-
It is impossible to predict the future price of stocks, Due to tentative nature of share prices, Stock prices are fluctuate by investor v...
No comments:
Post a Comment