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KG basin gas fields issue hangs fire

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scalesBy NewsGram Staff Writer

New Delhi: The central government is to take a decision within six months of receiving the expert panel report on the dispute between state-run Oil and Natural Gas Corp (ONGC) and Reliance Industries (RIL) over the interconnected gas fields in the Krishna Godavari basin, the Delhi High Court directed on Thursday.

The ONGC plea asking the central government to take a decision was disposed of by Justice R.S. Endlaw while asking all the parties involved in the matter to cooperate with the independent international expert agency, DeGolyer & MacNaughton.

According to ONGC, gas discoveries in its G4 and KG-DWN-98/2 (KG-D5) blocks in the eastern offshore extend into RIL’s KG-DWN-98/3 or KG-D6 block. As a result, it had moved to the high court alleging RIL on grounds of extracting gas upto 18 billion cubic meters from its blocks resulting in loss of several thousand crores of rupees.

ONGC has further claimed that three wells drilled by RIL on the boundary of the KG-D6 block are within a few hundred meters of its gas fields, while RIL vehemently disputes this. Both companies have presented data in support of their claims.

Now, the detailed report is being prepared in this regard for the decision to be taken.

 

(With inputs from IANS)

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Jammu Engineer Rahul Jarngal scales Mount Everest

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Rahul Jarngal along with three other members of an ONGC team scaled the world’s highest peak.

Jammu, May 29, 2017: Rahul Jarngal, an engineer belonging to Jammu and Kashmir’s Kathua district, has scaled the Mount Everest.

Jarngal belongs to the border village of Gurabeldaran in Hira Nagar and is an engineer with the Oil and Natural Gas Corporation Ltd (ONGC).

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On May 27, he along with three other members of an ONGC team scaled the world’s highest peak (8,848 ft) under the guidance of Loveraj Singh of the Border Security Force.

Singh represents the Indian Mountaineering Federation.

The expedition was flagged off by Minister of State for Petroleum and Natural Gas Dharmendra Pradhan on March 27.

The team had left Kathmandu for the summit on April 4, sources said.

(IANS)

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15 Public Sector Firms in India violate Sebi’s Norms of appointing atleast One Woman Director on their Respective Boards

These rules are aimed at ensuring gender diversity in boardrooms

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Fifteen PSUs including ONGC and Indian Oil Corporation failed to comply by Sebi's gender diversity directives, Wikimedia

New Delhi, Dec 16, 2016:  Sebi’s regulatory norms of appointing at least one woman director on the respective billboards till December 13, has not been followed by as many as 15 public sector firms including ONGC and Indian Oil Corporation. Reports of it went to the Parliament on Friday.

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As per the new Sebi directives and the Company’s Act, 2013 all the listed firms were required to have at least one woman director on their boards from April 1, 2015. These rules are aimed at ensuring gender diversity in boardrooms.

As on December 13, 2016, Bharat Petroleum Corporation, GAIL, Power Finance Corporation, Rural Electrification Corporation, Chennai Petroleum Corporation, Scooters India, MMTC and Fertilisers & Chemicals Travancore have not appointed women directors on their board, Corporate Affairs Minister Arun Jaitley said in a written reply to Lok Sabha, mentioned PTI.

It was mandatory for PSUs to appoint one women director to their boards
Arun Jaitley Wikimedia

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Other non-complaint firms are State Trading Corporation of India, Hindustan Photo Films Manufacturing Company, Bharat Immunologicals & Biologicals Corp, Rashtriya Chemicals and Fertilisers and Neyveli Lignite Corporation, he added.

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According to the Minister 169 and 1,106 companies listed on the NSE and BSE respectively had not appointed women directors as on September 30, this year. To avert this discrimination by acting against listed firms without a mandatory woman director, Sebi in April 2015 had announced a minimum Rs 50,000 fine. Further action against non-compliance of the directives include action against promoters and directors, if they remain non-compliant beyond six months.

A four stage penalty structure is announced by the market watchdog wherein fines would increase with the passage of time. It had asked the stock exchanges to levy the fines as the violation relates the Listing Agreement.

prepared by Saptaparni Goon of NewsGram. Twitter: @saptaparni_goon

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Don’t get caught up in jargons, just call an insurance brokerage firm!

Insurance brokers in India work towards bringing an organized approach towards searching, analyzing and finalizing an insurance policy

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Representational Image. Image source: Pixabay

August 26, 2016: In the scenario where risk persists in everything that you do, you just cannot think of moving ahead in life without the right set of insurance policies as your real time savior.

Graph showing Insurance penetration in India and world. Image source: Swiss Re, Sigma

Source: CRISIL’s latest Report on Indian Insurance Industry (Oct 2015) – Details & Review

The table above clearly indicates that insurance penetration in India has not gained much momentum over the last many years. According to the CRISIL’s report on Indian insurance industry, India has an average of 3.1 percent in terms of the life insurance penetration in comparison to the global average penetration for life insurance as 3.5 percent. Further, India’s share of the global non-life insurance industry is just 0.7 percent.

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A major reason for the lesser penetration is the lack of awareness about the importance of different insurance policies. Insurance brokers in India can play a major role in taking India on the path of greater insurance penetration by making their clients aware of the importance of both – life insurance and non-life insurance. Holding expertise for different insurance policies, insurance brokerage firms assist you in taking the best policies for yourself with clarity about the hidden extra coverage and other insurance jargons.

How an insurance brokerage firm creates a difference for good?

Insurance brokers in India work towards bringing an organized approach towards searching, analyzing and finalizing an insurance policy. The five pillars on which an insurance brokerage firm relies upon while serving its clients are:

Expert advice

Insurance brokerage firms are those licensed setups, which can bring the experience and judgment of its expert brokers in getting the best coverage under any insurance policy. They are your personal advisors who first understand your insurance needs and then start hunting for the best policy that covers your individual requirements.

Trust building

Insurance brokerage firms work on the principle of building a relation of trust with its clients so that they can feel free to discuss their individual and business needs for insurance. A brokerage firm’s advice should be free from any biases towards the insurance company and focus completely on the benefits of the policy-holders by getting maximum coverage at best prices.

Representational Image. Image source: Pixabay
Representational Image. Image source: Pixabay

Transparency

Employees at a certified brokerage firm can help you in gaining more information about different insurance firms and the policies they provide. Also, when it comes to comparing policies from different insurance firms, insurance brokers can help in making things sorted by bringing more transparency into the process.

Advocacy for quick claim settlement

Disputed claims can prove detrimental for your peace of mind. So, why not leave the worries of claim settlement on your insurance brokerage firm? In most of the cases, its knowledge about different issues helps in prompt claim settlement. Moreover, an insurance brokerage firm gives you the assurance of not missing out on any coverage out of ignorance.

Making choices available

You need an insurance policy but that doesn’t necessarily mean that you know about every insurance firm and the options available. Here comes the insurance brokerage firm into the scene to help you in knowing and analyzing the various options available. As per your particular requirements, they bring to your notice the policy that provides optimum coverage.

What to look for in an insurance brokerage firm?

As per an article in The Economic Times, the number of insurance brokers in India has risen above 300 after the implementation of broking regulations in 2002. With so many options to choose from, it’s not easy to zero in on one. To make the choice easier, you should look for these two elements in an insurance brokerage firm:

The focus area

If you have individual needs for a policy and your insurance brokerage firm has the experience in dealing majorly with corporate issues, then you are least expected to get the best advice.

Years of experience

More the number of years an insurance brokerage firm has spent in the market, the safer it is to rely upon. Such firms have the experience of dealing with various clients with diverse personal and corporate needs, and their knowledge about different insurance firms is much more extensive.

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It’s good to have someone to advise you on insurance matters, and an insurance brokerage firm can best serve this purpose. All you need to do is to zero in on the firm that best fits your needs and is a trustworthy name in the markets.

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