• Centre seeks court intervention to stall Reliance-Saudi Armco deal:  Reliance Industries Ltd and its partner, British Gas, has handed back the Panna-Mukta oil and gas fields to the government at the end of the 25-year production sharing contracts (PSC), while a court in Delhi asked the duo to disclose their assets on an application brought by the Central Government seeking to recover $4.5 billion (about Rs 30,000 crore) in dues on the deal. The Centre’s application, heard by Delhi HC on December 20, seeks to restrain Reliance and BG from disposing off their assets, including 20% stake RIL’s oil to chemicals business to Saudi Aramco for Rs 1.03 lakh crore or roughly $15 billion. >>

 

  • Delhi High Court restrains Eveready, McLeod Russel from sale of assets The Delhi High Court has passed an ad-interim ex-parte order of injunction, restraining dry cell battery major Eveready Industries and bulk tea producer McLeod Russel, both group companies of financially stressed Williamson Magor group, from selling, transferring and encumbering or creating third party rights on any of their assets. While McLeod Russel and McNally Bharat Engineering (MBEL) have been pushing for debt restructuring with the former opting for sale of its tea estates to pare debt, sources said Eveready is on the lookout for a strategic partner to dilute its battery business and has been monetising idle land. The court’s order restrains all these companies from carrying out their plans. >>
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