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Election 2013-2014

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Gandhi giri

Plundering of India's Natural resources by Ambanis, in collusion with congress, continues unabated

CPI MP Gurudas Dasgupta on Tuesday accused Maili of "thwarting" arbitration proceedings initiated against Reliance Industries Ltd by his predecessor Jaipal Reddy to limit the cost recoveries due to shortfall in production of gas from RIL-operated KG-D6 basin. Reddy had imposed a fine of $1 billion on RIL to restrict cost recovery due to shortfall in production in 2011-12. Dasgupta alleged that Moily was "sitting over" the decision of the former minister to "give undue benefits to Reliance." In a letter to Prime Minister Manmohan Singh, Dasgupta said the government stands to lose $1 billion by not proceeding with the arbitration. "Can a Petroleum Minister decide unilaterally to thwart the arbitration proceedings to absolve a single corporate of its multi-billion contractual obligations?" he asked. "The Petroleum Minister (Moily) talks about giving incentives for (raising) production. What about disincentives for shortfall in production." "The penalty of 2011-12 was based on the principle of reduced production leading to a reduction in capital allowed since assets were under-utilised. The same principle needs to be scrupulously applied for both 2012-13 and the current year as well," he wrote. He also alleged that Moily was pressuring the petroleum secretary to "put up a note suggesting that arbitration proceedings should be dropped and there should be negotiations". The CPI MP, however, did not furnish any documents to back his allegation. Dasgupta had previously alleged that Moily was favouring RIL by proposing a steep increase in gas prices. He sought the Prime Minister's intervention to "ensure that arbitration proceedings are persisted with" and "fresh penalties for failing production are imposed". Talking to reporters, Dasgupta demanded a judicial inquiry into the matter. http://www.indianexpress.com/news/gurudas-dasgupta-continues-attack-on-moily-says-ril-given-undue-benefits/1130926/

Gas price hike a mega scam in the making: Dasgupta

The Petroleum and Natural Gas Ministry is on the verge of perpetrating a “gigantic scam” by advocating a gas price hike that would benefit the Mukesh Ambani-owned Reliance Industries Limited (RIL) to the tune of thousands of crores, said CPI MP Gurudas Dasgupta at a press conference here on Thursday. Mr. Dasgupta has sought the intervention of Prime Minister Manmohan Singh in not only putting an end to this “national loot” but also in deciding on whether Veerappa Moily, the Petroleum and Natural Gas Minister, can continue in office. Mr. Dasgupta, who also released a letter to the Prime Minister along with some documents including parts of a Cabinet note on the gas price hike, said while the Rangarajan panel had recommended almost doubling the $4.2 mbtu price, Mr. Moily had gone much further and recommended that the gas price be $8 mbtu in the first year, $10 mbtu in the second year, $12 mbtu in the third year and $14 mbtu in the last two years — close to what RIL had been demanding. “The Petroleum Secretary and other senior officials had opposed the Moily formula three times and returned the file. But Mr. Moily is putting pressure on them to sign the file that contains his recommendations. If the Moily formula is accepted then the country would be faced with an additional subsidy burden of Rs. 76,000 crore, all this to benefit an industrial house. It is high time that the Prime Minister should intervene in the matter and put an end to this betrayal of the nation and remove Mr. Moily from the Cabinet,’’ he demanded. Mr. Dasgupta claimed that if RIL’s price of $13.8 mbtu price is accepted, the increase in the subsidy burden would be Rs. 36,000 crore per year and the corresponding profit will be Rs. 32,400 crore for RIL. For the five-year period, this would translate into an additional subsidy outgo of Rs. 1,80,000 crore and an additional profit of Rs. 1,62,000 crore for RIL. “This is a gigantic scam that is in the process of being enacted through the generous assistance of the petroleum Ministry,” he remarked. “What is even more shocking is that Mr. Moily has been pitching for RIL despite strong resistance by officials in the Petroleum Ministry including the Petroleum Secretary to a massive hike in gas prices. In the present scenario, with high inflation and a slowdown in the economy, an increase in gas prices will result in huge increases in the prices of fertilizers and power tariff which will derail the economy and hit the common man severely,” he said. http://www.thehindu.com/business/Industry/gas-price-hike-a-mega-scam-in-the-making-dasgupta/article4743196.ece