New Delhi, Apr 6 () The Delhi High Court Monday reserved its order on the interim bail plea of Christian Michel James, an alleged middleman arrested in connection with the AgustaWestland VVIP chopper scam cases by the CBI and the ED, who cited risk of contracting coronavirus in Tihar Jail.Justice Mukta Gupta, who conducted the proceeding through video conferencing, heard the arguments on behalf of counsel for Michel and the Central Bureau of Investigation and the Enforcement Directorate.Both the probe agencies opposed the interim bail plea.Michel, 59, claimed that his health condition was critical and incompatible with the current prison status, especially to cope up with the risk of contracting the COVID-19 infection which could have a lethal effect on him as he is already suffering from serious pathologies."The agedness and a pre-existing ill state of health will make the applicant's (Michel) body more susceptible to the said infection than any other ordinary prisoner with a normal health condition. Further, the presence within prisons of subjects who are tested positive for Covid19 pose a threat to the applicant considering his existing health condition and age," said the plea, through Vishnu Shankar and Aljo K Joseph.Last week, the apex court had asked Michel to first approach the high court with his plea.In his plea, he also referred to the Supreme Court's March 16 order directing all the states and union territories to constitute high-level committees to consider releasing on parole or interim bail prisoners and undertrials, for offences entailing up to 7-year jail term, to decongest jails in the wake of coronavirus pandemic.The plea further cited the Prime Minister's speech declaring a nation wide 21-day lockdown on March 24 to avoid spread of the virus.It said that Michel's health condition be monitored and treated and he required an environment like home where the risk of contagion is lesser and social distancing can be effectively practiced. The regular bail plea of Michel, who was arrested in 2018 and is in judicial custody since January 5, 2019, is also pending before the high court where the CBI and the ED have contended that he should not be granted the relief as he has a nexus with influential people and can influence witnesses.He has been denied bail in both the matters by the trial court. He has approached the high court against the lower court's decision.The special CBI court had denied him the relief, saying there was no sufficient ground to grant bail.Michel, extradited from Dubai, was arrested by the ED on December 22, 2018.On January 5 last year, he was sent to judicial custody in the ED case. He is also lodged in judicial custody in another case registered by the CBI in connection with the scam.Michel is among the three alleged middlemen being probed in the case by the ED and the CBI. The other two are Guido Haschke and Carlo Gerosa. SKV HMP SA

Chopper Scam: Delhi HC reserves order on Michel's interim bail plea citing virus risk in jail

New Delhi, May 29 () The Delhi High Court has restrained OLX India and Quikr India from posting on their web portals "fake and fraudulent" recruitment advertisements by using words 'JIO Jobs' and 'Reliance Trends Jobs' allegedly causing harm to the goodwill and reputation of Reliance Industries Ltd (RIL). Justice Mukta Gupta, in two separate interim orders, said RIL and Reliance Jio Infocomm Ltd have made out a prima facie case in their favour and in case no ad-interim injunction is granted they would suffer an irreparable loss and balance of convenience also lies in their favour. The high court passed the orders Thursday on two suits by RIL saying they are the owners of trademarks and trade names JIO and RELIANCE, with its variations in number of classes and defendants OLX India BV and OLX India Pvt Ltd and Quikr India Pvt Ltd are causing immense harm and irreparable injury to their goodwill and reputation. The web portals are engaged in publishing classified advertisements and they enable consumers to publish advertisements for selling and offering goods and services for a consideration. The lawsuits said fake and fraudulent recruitment advertisements were being published on the defendants' web portals which are accessible under various words like "JIO JOBS, RELIANCE TRENDS JOBS" and this infringes the plaintiffs' trademark and trade name JIO and RELIANCE. It said their trademark was being used and a number of innocent job seekers are duped and money is being extorted from them. The lawsuit against Quikr said that the web portal also operates as an online recruitment website facilitating consumers to advertise job vacancies. It said that the defendant categorises its customers who are job seekers into three different categories such as 'Gold', 'Rapid Hire' and 'Spot Light' thereby charging its customers on the basis of facilities which they would be able to avail from this portal. The counsel for OLX India submitted before the high court that they have removed some of the URLs and due to technical reasons, one URL could not be removed and they are in the process of doing it. They further said they have also added filters with the words 'JIO and RELIANCE' so that in future nobody can misuse their platform with these false and fictitious advertisements so as to defraud the job seekers and infringe the plaintiffs' trademarks or trade names. The counsel for Quikr India said the listings on its portal are automatic and in view of the large number of people listing their advertisements on the web portal and the system being auto generated, the web portal has no mechanism to ascertain the authenticity of the third parties. The counsel said as and when any party lodges a complaint, the defendant pulls down the concerned URL and in this case on being informed that these two URLs are fake, it would immediately pull them down. The high court, in its order passed in Quikr case, said "Consequently, till the next date of hearing, defendant, its agents, servants, affiliates are also restrained from putting on their portal any advertisement containing the name/mark JIO and RELIANCE with its variations and/or any other mark, logo which is deceptively/confusingly similar to the plaintiffs' registered trademarks JIO and RELIANCE in terms of prayer…" The high court also issued summons to OLX India and Quikr India on the lawsuits and listed the matter for further hearing on September 21. The high court asked the OLX India and Quikr India to file their written statement in response to the suit and added that the affidavit would indicate the "process implemented by them as also the due diligence carried out and precautions taken so that the platform of the defendants is not misused and illegal advertisements posted thereon". SKV HMP RKS RKS RKS

HC restrains OLX, Quikr from posting fake Reliance job ads on web portals

<ul><li><keyword id="2628697" type="PERSON" weightage="20" keywordseo="Billionaire-Mukesh-Ambani">Billionaire Mukesh Ambani</keyword> lost about $5.8 billion as RIL stock crashed this week. </li><li>This comes after crude oil prices fell more than 31% fearing coronavirus spread that may lead to a global recession. </li><li>Not only did <keyword id="10924" type="PERSON" weightage="20" keywordseo="Ambani">Ambani</keyword> lost his crown, his Reliance industry also lost the title of being the company with “highest market capitalisation.” </li></ul>Billionaire <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> might have lost his place among the top ten richest men in the world as his <keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>’ stock crashed along with the exchanges. On Monday, RIL recorded its highest fall at 13% since October 2008 and its market cap fell to ₹7 lakh crore, losing its tag as India’s most valued company to TCS. As a result, Ambani lost $5.8 billion of his personal wealth on March 9, according to the <a href="https://www.bloomberg.com/billionaires/profiles/mukesh-d-ambani/">Bloomberg Billionaire Index. </a> While this index never placed Ambani amongst the top ten richest men like Hurun and Forbes, it said that Ambani also lost the richest Asian man tag to internet billionaire Jack Ma. As per this index, Ambani is the 19th richest man with $42.3 billion. <div type="image" title="Reliance" msid="74572085" hostid="261"></div>

 If he falls below Jack Ma, this means Ambani might have lost his place in other rich lists too which do not give out real-time data. Until two weeks back, Hurun calculated his <a href="https://www.thehindubusinessline.com/economy/hurun-global-rich-list-2020-bezos-retains-top-rank-mukesh-ambani-at-9th/article30920461.ece">riches at $67 billion as the ninth richest man along with Steve Ballmer, the former Microsoft head. </a> As per Hurun list, if Ambani’s place would have fallen below Jack Ma whose rank is at 21, then Ambani could have lost at least 12 ranks thanks to the stock fall. As Ambani controls almost 42% of Reliance Industries, his coffers are linked to the stock performance. A crude awakening <a href="https://trak.in/tags/business/2020/03/10/coronavirus-wipes-away-rs-6-5-lakh-cr-from-indian-stock-market-5-reasons-why-this-happened/">Indian stock markets have lost at least ₹6.5 lakh crore </a> in the last few weeks as fears of a Coronavirus-led slowdown are fast spreading. The cases in India also doubled in the last <a href="https://www.businessinsider.in/india/news/coronavirus-cases-in-india-double-from-last-week-to-62-kerala-shuts-down/articleshow/74569885.cms">one week to </a>62, making businesses and people weary. Ambani however has bigger problems. While his telecom and retail businesses are going strong, his oil refining business is directly linked to the price of crude oil. As Saudi Arabia and Russia wage a price war, the commodity will wreak havoc with its complicated calculations as an offshore refiner -- keeping investors on the edge. As much as three-fifths of RIL’s operating profits come from oil and petrochemicals. The deal in question RIL’s fortunes are also tethered to the outcome of oil war and how well Saudi is successful in ‘stabilizing’ them. Investors fear Reliance Industries might not be able to close its $15 billion deal with Saudi state-owned company Saudi Aramco it announced in August last year. This deal is key to cutting down the massive $21 billion debt that the group has run up, Ambani has promised that he will turn RIL into a zero net debt company by 2021. However, even the Narendra Modi-led BJP government is throwing spokes in the wheel. The government filed a petition that sought a halt on the sale of stake, saying, RIL owed them money over its stake in Panna Mukta Tapti fields. Last month, <a href="https://thewire.in/law/shell-reliance-industries-english-high-court">Ambani won the case. </a>That however does not change the fact that Ambani’s throne is not as stable as it was, a few months back.

Here’s how Mukesh Ambani lost $5.8 billion in a day

<ul><li>The Kishore Biyani-led group moved the <keyword id="6355014" type="UNKNOWN" weightage="20" keywordseo="delhi-high-court">Delhi High Court</keyword> seeking relief from the stay order which <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> had received from a Singapore arbitrator. </li><li>During the proceedings at the court, Harish Salve representing <keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> said that Amazon has many falsehoods and one of them is claiming that it didn’t know about the Reliance-Future Retail deal until September 2020.</li><li>The Delhi High Court adjourned the hearing until November 11.</li><li>The court issued summons to Amazon, Future Coupons Pvt Ltd (FCPL) and Reliance Retail Ltd (RRL) on the FRL suit and asked them to file their written statements within 30 days.</li></ul>Reliance and Future Retail’s legal tussle against Amazon continues as the Kishore Biyani-led group moved the Delhi High Court seeking relief from the stay order, which Amazon had received from a Singapore arbitrator. After a day-long hearing, which included comments from legal representatives from Future Retail, Future Group and Amazon, the court adjourned the hearing until November 11. The Delhi High Court also sought Amazon's response on Future Retail's plea, which alleged that the Jeff Bezos-led e-commerce giant was interfering in its deal with Reliance Retail on the basis of an interim order by a Singapore arbitrator. Justice Mukta Gupta issued summons to Amazon, Future Coupons Pvt Ltd (FCPL) and Reliance Retail Ltd (RRL) on the FRL suit and asked them to file their written statements within 30 days. ‘Amazon knew about RIL-Future Retail deal’, claim Future’s lawyers During the proceedings at the court, Harish Salve representing Future Retail said that Amazon has many falsehoods and one of them is claiming that it didn’t know about the Reliance-Future Retail deal until September 2020. Salve claimed during the proceedings that Future Retail, which was badly hit during the pandemic, had begun negotiations with Reliance during June 2020 and Amazon knew about it. It is important to note that Amazon in its letter to SEBI had claimed that Future had <a href="https://www.livemint.com/companies/news/amazon-claims-future-hid-facts-from-investors-11604942502089.html">hidden facts </a>from the e-commerce giant. Salve argued that Amazon cannot jump into the Future Retail-Reliance transaction and if there is a dispute they will have to refer to dispute resolution. Legal reporting platform Bar &amp; Bench quoted the top lawyer, who also represents Reliance, “FRL is a listed entity. Before Amazon invested in FCPL, it wanted to ensure that Biyani had control over FRL. If banks sold Biyani's shares, an outsider would have come in. Amazon cannot say that they will become parties to this. They cannot come in only because there is a concept of group companies.” <div type="twitter" handle="barandbench" handlename="Bar &amp; Bench" image="http://pbs.twimg.com/profile_images/1304761912068984833/5-qPfQOb_normal.jpg" favoritecount="391" retweetcount="46" status="Delhi High Court begins hearing Future Retail's suit against @amazon in relation to the interim order passed by an… https://t.co/Y94DUogA5E" createdat="1604986308000" id="1326034806124146689"></div> Salve further argued that Amazon’s relief is against Future Coupons and so it has to be their arbitration, but it can’t go against Future Retail. “They shouldn't interfere.. let them come to NCLT as a stakeholder if they want to,” he said during the proceedings as reported by Bar &amp; Bench. The lawyer also argued that FDI isn’t allowed in multi-brand retail in India and that Amazon can’t go ahead with FDI violations. Salve ended his arguments in court by saying, “Please don’t let this American giant kill Future.” Appearing for other Future Group parties, Senior Advocate Abhishek Manu Singhvi said that Amazon had made opportunistic opposite submissions to CCI and SEBI. “The court is dealing with a concept which is alien to Indian law. Emergency Arbitration doesn't exist in India,” he said. Singhvi further argued that seat is Delhi for the case, as “under Singapore Rules, emergency Arbitration is pre arbitration and temporary. It is auto terminated once the arbitral panel takes over”. Meanwhile, representing Amazon senior advocate Subramanium said, “Amazon is an investor..law gives me protective rights. Emergency Arbitrator prima facie concludes that there was no inhibition on investment in FCPL.. there was no violation of FDI. If they had succeeded before the emergency Arbitrator, would they still say it was not binding.” The court went on to adjourn the hearing for the day. The legal battle so far One of the most talked about deals in the Indian retail industry has now turned into a global fight between the world’s richest man Jeff Bezos and India’s richest man Mukesh Ambani. <a href="https://www.businessinsider.in/business/news/future-retail-reliance-deal-bse-to-consult-sebi-after-amazons-request-heres-all-that-has-happened-so-far/articleshow/78949099.cms">Here’s a timeline of events in the Future Retail, Reliance vs Amazon fight so far</a> On October 25, global e-commerce giant Amazon got a stay order on the Future Retail and Reliance deal from a Singapore arbitrator, and had written to BSE and SEBI to uphold the decision. Amazon had sent a legal notice to Future Coupons over Future Group’s ₹25,000 crore deal with Reliance. Amazon had <a href="https://www.timesnownews.com/business-economy/companies/article/amazon-sends-legal-notice-to-future-group-for-alleged-breach-rofl-rights-in-reliance-deal/663768">said that </a>it was denied the Rights of First Refusal for the deal with Future Group. The Singapore court had ruled in favour of Amazon and passed an interim order that put the RIL-Future deal on hold. Future Retail had on November 7 informed the bourses that it was seeking relief and contended that Amazon was ‘misusing’ the interim order passed by an emergency arbitrator, appointed by the Singapore International Arbitration Centre (SIAC) on October 25, 2020. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/google-will-be-probed-by-indias-competition-commission-for-allegedly-abusing-dominance-to-push-gpay/articleshow/79141895.cms">Google will be probed by India’s Competition Commission for allegedly ‘abusing dominance’ to push its payments app</a>

‘Please don’t let this American giant kill Future,’ Kishore Biyani’s lawyers say Amazon knew about RIL-Future Retail deal from June

New Delhi, Apr 7 () The Delhi High Court has dismissed the plea of Christian Michel James, an alleged middleman arrested in connection with the AgustaWestland VVIP chopper scam cases, seeking interim bail on the grounds of risk of contracting coronavirus in Tihar jail.Justice Mukta Gupta, who conducted the hearing through video conferencing, said the apprehension of Michel that because of his vulnerable age and overcrowding in jail, he is likely to contact COVID-19 which may be detrimental to his health, is unfounded. "As regards the apprehension of the petitioner (Michel) being infected by COVID-19 pandemic, it may be noted that the petitioner is lodged in a separate cell with only two other prisoners and thus, is not in a barrack or dormitory where there are a number of prisons. It is not the case of the petitioner that any of the two inmates residing with him are suffering from COVID-19."Hence, the apprehension of the petitioner also because of the vulnerable age and overcrowding in jail that he is likely to contact COVID-19 which may be detrimental to his health, is unfounded," the judge said, in the order passed on Monday and uploaded on the court's website on Tuesday. The ED and CBI, represented through advocates Amit Mahajan and D P Singh respectively, opposed the interim bail plea of Michel, saying he was lodged at the safest place in the country being the Tihar Jail and there is no threat of him coming in contact with any COVID-19 patient.The counsel also said that in Tihar Jail, each and every prisoner has been screened to check whether he is COVID-19 positive or not and no prisoner till date has been found to be suffering from the virus.The 59-year-old Michel claimed that his health condition was critical and incompatible with the current prison status, especially to cope up with the risk of contracting the COVID-19 infection which could have a lethal effect on him as he is already suffering from serious pathologies.Michel, extradited from Dubai, was arrested by the ED on December 22, 2018.On January 5 last year, he was sent to judicial custody in the ED case. He is also lodged in judicial custody in another case registered by the CBI in connection with the scam.Michel is among the three alleged middlemen being probed in the case by the ED and the CBI. The other two are Guido Haschke and Carlo Gerosa.The court, in its order, also noted that despite being a British national, Michel has not been residing in the United Kingdom for the last 6-7 years and had to be extradited from Dubai after an inquiry. After coming to know about the arrest of others in Italy, he fled to Dubai, the court noted, adding that Michel is thus a "flight risk and also has no roots in the society".It said the charge sheet has been filed by CBI and complaint by the Enforcement Directorate, and further investigations are pending in both the cases and at this stage, his release even on interim bail is not warranted."Hence, this court is not inclined to grant interim bail to the petitioner. Applications are accordingly dismissed," the judge said.Last week, the apex court had asked Michel to first approach the high court with his plea."The age and a pre-existing ill state of health will make the applicant's (Michel) body more susceptible to the said infection than any other ordinary prisoner with a normal health condition. Further, the presence within prisons of subjects who are tested positive for Covid19 pose a threat to the applicant considering his existing health condition and age," the plea, through Vishnu Shankar and Aljo K Joseph, said.In his plea, he also referred to the Supreme Court's March 16 order directing all the states and union territories to constitute high-level committees to consider releasing on parole or interim bail prisoners and undertrials, for offences entailing upto 7-year jail term, to decongest jails in the wake of coronavirus pandemic.The high court said that pursuant to the apex court's March 23 order, a high powered committee of the high court laid down certain criterias for releasing the prisoners.It said Michel failed to qualify on three criterias laid down by the high powered committee, that is, being a foreign national, involved in more than one case not being on bail in others and the cases being under Prevention of Corruption Act and Prevention of Money Laundering Act. It said that Michel's health condition be monitored and treated and he required an environment like home where the risk of contagion is lesser and social distancing can be effectively practiced. The regular bail plea of Michel, who was arrested in 2018 and is in judicial custody since January 5, 2019, is also pending before the high court where the CBI and ED have contended that he should not be granted the relief as he has a nexus with influential people and can influence witnesses.He has been denied bail in both the matters by the trial court. He has approached the high court against the lower court's decision.The special CBI court had denied him the relief, saying there was no sufficient ground to grant bail. SKV HMP DVDV

AgustaWestland case: Delhi HC dismisses Christian Michel's interim bail plea

<ul><li>Around $40 billion added to RIL’s market value in the last five months. </li><li>The stock rallied RIL said that Saudi Aramco will infuse $15 billion to acquire 20% of stake in refining and petrochemical business. </li><li>Internally, the company values Jio at $65 billion and retail at $35 billion, according to J P Morgan. </li></ul> If something is too good to be true, it probably is. After Reliance Industries’ spectacular bull-run for the last three years, analysts are now waiting for the company to fulfill the promises that have brought the stock so far ⁠— around $40 billion added to its market valuation in the last five months. One of the reasons for the surge in blue-chip stocks like RIL has been the lack of options for investors. Investors, including mutual funds, have been averse to risky, small companies ⁠— allowing a premium for established names in the stock market. But that’s not all. 
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 A steady stream of positive news has helped the RIL stock. “We think investors would like to see completion of the various de-leveraging transactions - refining stake sale, completion of InvIT transactions, strategic investors in Jio/retail; that RIL initiated in the second half of last calendar year,” said a report by J P Morgan which has a neutral rating on the stock. Good news that is yet to materialise The stock rallied by a sharp 30% from August last year after chairman <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> said that Saudi Aramco will infuse as much as $15 billion to acquire 20% of stake in refining and petrochemical business. The timeline of this deal closure was never mentioned at the annual general meeting (AGM). And investors fear that it might not be completed in the current financial year, as it is linked to many approvals. The Indian government has already thrown a spanner in the refining sale deal over another dispute. The government is demanding $3 billion from RIL and its partners in Panna, Mukta Tapti oil fields to pay up a <a href="https://economictimes.indiatimes.com/industry/energy/oil-gas/ril-shell-ongc-asked-to-pay-3-billion-in-penalty/articleshow/59639575.cms?from=mdr">penalty </a>over profit calculation. Its July announcement of $3.7 billion infusion into telecom investment trusts by Canadian fund Brookfield is also yet to close, officially. But these delays are not affecting the positive sentiment that these large infusions have created. Meanwhile, the debt on the books has soared to ₹2.9 lakh crore or $41.2 billion. Given the uncertainties and the massive debt, a rapid rise in the share price, like in the case of RIL, would have been unlikely for any other company. Mutual funds own too many shares of RIL Parallel to the announcements, there have been significant changes in the stock holding patterns as well. It looks like most of the biggest bettors on RIL stock could be mutual funds. Their ownership of the stock is at a 10 year high at 5.5% stake in the company, according to J P Morgan. In 2019, mutual funds were underweight on the stock – which simply means, the investor is more keen to ‘sell’ the stock than ‘buy’. That is reversing now. “While on an aggregate basis, mutual funds are still under-weight the stock, we highlight that the underweight has now reduced materially and this is unlikely to be a driver of the stock in 2020,” said J P Morgan. $100 bn companies –retail and Jio There has been a steady stream of good news in both of its consumer businesses. Its retail business launched JioMart, the online grocery business. Jio too raised its tariffs which will add to its profit margin. However, investors might seek more evidence of the reasons behind the sky high valuations that the businesses command. RIL, which has plans to spin off telecom and retail businesses, had restructured them and set benchmark valuations. Effectively, they value Jio at $65 billion and retail at $35 billion, according to J P Morgan. There is a way this price for RIL can be justified. If a strategic investor, like Aramco or any other company that may invest in the telecom investment trust, is willing to pay a similar amount, that would be a vindication for people who have bought RIL shares after the recent run-up. “While there are internal benchmark valuations, we think large strategic investors buying over 10% stake in these businesses at or above the benchmark valuations would be seen positively,” the research report said. A reinforcement of valuation in times of an erratic stock market performance might give the millions of RIL’s retail investors a reason to go with the flow.

The real story behind Reliance Industries' spectacular $40 billion bull-run

BJP winner candidate list for Maharashtra state elections

BJP candidate list for Maharashtra State elections 2019

We all know that Salman Khan is launching his protégé <keyword id="1623055" type="UNKNOWN" weightage="100" keywordseo="Sooraj-Pancholi">Sooraj Pancholi</keyword> (Son of Aditya Pancholi) along with <keyword id="928985" type="UNKNOWN" weightage="100" keywordseo="Athiya-Shetty">Athiya Shetty</keyword> (daughter of Suniel Shetty) in the official remake of the 1983 film Hero, in the debut production of his banner, <keyword id="1542347" type="UNKNOWN" weightage="100" keywordseo="Salman-Khan-films">Salman Khan Films</keyword>. The movie’s fate was in question after Sooraj was accused of being responsible for the death of his alleged girlfriend Jiah Khan, but her death was later ruled as suicide. 
 
The first official trailer of the movie, which has been named after the original movie, is out, and Sooraj Pancholi definitely looks like the next big thing. 
 
With the toned physique and a rugged, tattooed look, we see him portraying Sooraj, a goon who has kidnapped the daughter of the IG of police, with whom he later falls in love with. Athiya, in her role as Radha, looks innocent and convincing at what was required from her end. 
The trailer is full of action scenes and we also hear the title track of the movie being played in the background in some scenes. 
 
Three words get highlighted in the trailer: rebels, love and freedom, and looks like the movie is going to be as interesting as the 1983 original, which is remembered for the earnest performances of Jackie Shroff and Meenakshi Sheshadri in the lead roles. 
 
The script has been re-written by Nikhil Advani, whohas also directed the movie, along with Umesh Bisht. Co-produced by Mukta Arts, the banner that produced the original, Eros International, Emmay Entertainment and Salman Khan Films, the movie would release on 11th September. 
 
Catch the trailer here: 
 
 
 
Courtesy: Eros

Hero: The saga of rebels, love and freedom

Natural gas price in India is likely to be hiked by 8 % from April 1 driven by an increase in rates in reference markets including <keyword id="4191783" type="ORGANIZATION" weightage="20" keywordseo="US-Henry-Hub">US Henry Hub</keyword>, according to news agency <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword>. 
 
Price of natural gas, used for generating power and making fertiliser and petrochemicals as well as CNG for automobiles, is likely to rise to USD 2.7 per million British thermal unit for the period from April 1, 2017 to September 30, 2017 from current USD 2.5 per mmBtu, industry sources said. 
 
This will be the first increase in domestic gas prices in two years. 
 
Rates may further rise to USD 3.1 per mmBtu in second half of 2017-18 fiscal (April to March). 
 As per the mechanism approved in October 2014, the price of domestically produced natural gas is to be revised every six months -- April 1 and October 1 -- using weighted average or rates prevalent in gas-surplus economies at <keyword id="4192317" type="UNKNOWN" weightage="20" keywordseo="henry-hub-of-us">Henry Hub of US</keyword>, National Balancing Point of the UK, rates in <keyword id="165372" type="CITY" weightage="20" keywordseo="Alberta">Alberta</keyword> (<keyword id="6356687" type="COUNTRY" weightage="20" keywordseo="canada">Canada</keyword>) and <keyword id="6358826" type="COUNTRY" weightage="20" keywordseo="Russia">Russia</keyword> with a lag of one quarter. 
 
So, the rates for April 1, 2017 to September 30, 2017 period will be based on average price at the international hubs during January 1, 2016 to December 31, 2016. 
 
Sources said prices in the reference markets for 2016 are known and so the rates in first half of fiscal year beginning April 1 can be calculated. 
 
Rates were last changed on October 1, 2016 when they were cut by 18 per cent to USD 2.5 per mmBtu from USD 3.06. This was the fourth six-monthly reduction. 
 
A rate hike will provide relief to upstream gas producers who have been getting rates below the cost of production. But at the same time, an increase in natural gas prices would mean higher raw material cost for compressed natural gas (CNG) and natural gas piped to households (PNG) and would translate into hike in retail prices. 
 
It would also mean higher feedstock cost for power generation and manufacturing of fertilisers. 
 
Prior to the October cut, rates were reduced by 20 per cent to USD 3.06 from April 1, 2016. The price of gas between October 1, 2015 and March 31, 2016 was USD 3.81 per mmBtu and USD 4.66 in the prior six-month period. 
 
At the time of last revision, the government had also announced a sharp reduction in cap price based on alternate fuels for undeveloped gas finds in difficult areas like deep sea which are unviable to develop as per the existing pricing formula. 
 
The cap for October 1, 2016 to March 31, 2017 was fixed at USD 5.3 per mmBtu, down from USD 6.61 in April 1 to September 30 period. This cap too will rise to USD 5.7 per mmBtu, sources said. 
 <keyword id="6354737" type="CITY" weightage="20" keywordseo="ONGC">ONGC</keyword> is the country's biggest gas producer, accounting for some 60 per cent of the 90 million standard cubic meters per day current output. 
 All of its gas as well as that of <keyword id="111992" type="CITY" weightage="20" keywordseo="Oil-India-Ltd">Oil India Ltd</keyword> and private sector RIL's KG-D6 block are sold at the formula approved in October 2014. This formula however does not cover gas from fields like Panna/Mukta and <keyword id="405458" type="PERSON" weightage="20" keywordseo="Tapti">Tapti</keyword> in western offshore and Ravva in Bay of Bengal.

Shell out more for CNG gas from April 1

The Bank <keyword id="6354813" type="COMPANY" weightage="100" keywordseo="nifty">Nifty</keyword> led major indices lower on Wednesday as traders turned bearish on equities after a sharp global sell-off following China's surprise devaluation of its currency. Banks, Tyre stocks and metal companies were the worst hit. 
 
The Nifty fell 44 points to 8,418 in early deals, dangerously close to its 200-day moving average. The Advance-Decline Ratio was at 10/40 with Hindalco, NMDC, Coal India, Bharti Airtel and Tata Motors taking the first five slots on the losers' list. Tata Steel and Sun Pharma, post their earnings, Tech Mahindra, TCS and Infosys were the top gainers on the Index, where Yes Bank was the most actively traded counter. 
 
Major indices were bathed in red. The CNX 100, CNX 200 and CNX 500 Indexes lost between 0.5-0.6 percent. The Bank Nifty fell 136 points, or 0.7 percent, to 18,481 on dismal numbers posted by SBI. CNX Metals, CNX PSU Bank and CNX Auto Indexes were the top losers in the sectoral space on the National Stock Exchange. The CNX IT index was the lone sectoral gainer as it a reverse play on the weakness of the Rupee. 
 And on the Bombay Stock Exchange, the <keyword id="6484188" type="CITY" weightage="100" keywordseo="Sensex">Sensex</keyword> fell 127 points to 27,738 points in initial trades on Wednesday. As a consequence, the Advance-Decline Ratio stood at 10/20. M&amp;M, BHEL and ICICI Bank were major losers compared with Tata Steel, Wipro and Lupin that gained ground. 
 
The Futures and Options market was also on the backfoot with Hindustan Petroleum, Indian Oil, Hindalco and Coal India leading the list of losers versus Sun Pharma, Divi's Labs, Reliance Power and Tech Mahindra that made it to the list of gainers. The Advance-Decline Ratio, meanwhile, stood at 41/120. 
 
The broader market, too, was dominated by the bears in the first half hour of trade with 583 shares rising compared with 933 that fell. 
 
Ajanta Pharma, NIIT Technologies and Chennai Petro struck fresh highs in the first 20 minutes of trade and Jubilant Life Sciences, Mukta Arts and Educomp solutions made it to the volume buzzers list on the NSE. 
 
GAIL, Hindalco and Hind Zinc figured on the list of stocks hitting lowest in 52 weeks. 
 
Image credit: Indiatimes

Here's how the Markets opened today

<keyword id="3068548" type="UNKNOWN" weightage="100" keywordseo="Budget-2016-17">Budget 2016-17</keyword> is likely to bring <keyword id="3065386" type="UNKNOWN" weightage="100" keywordseo="Oil-cess">oil cess</keyword> relief to domestic producers, for the first time in over four decades. In the budget by <keyword id="6355261" type="POSITION" weightage="100" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="100" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> the government is likely to make changes in the way Oil Industry Development Cess is levied to provide relief to companies like ONGC and Cairn India that are being battered by oil prices plunging to 11-year low. 
 
"There are indications the Budget may announce an ad valorem rate of cess instead of Rs 4,500 per tonne fixed levy currently," a senior government official told PTI. 
 
The ad valorem rate of cess will results in higher payouts when prices are high and lower when rates fall. Currently, state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) pay a cess of Rs 4,500 per tonne on crude oil they produce from their allotted fields on a nomination basis. 
Cairn has to pay the same cess for oil from the Rajasthan block. 
 
With oil prices dropping to an 11-year low of under $35 per barrel, the cess translates into one-third of the realisation going away in just one levy. 
 
The Budget may fix the levy at around 8-9 per cent of the crude oil price, the official said. 
 
The Oil Industry (Development) Act, 1974, provides for collection of cess as a duty of excise on indigenous crude oil. Cess incurred by producers is not recoverabl .. 
In 2005-06, when the crude oil prices had increased from an average of $40 per barrel to $60, the OID cess was raised from Rs 1,800 to Rs 2,500 per tonne from March 1, 2006. Again, when the crude prices climbed to over $100, the rate of cess went up to Rs 4,500 ($12 per barrel) with effect from March 17, 2012. 
 
While the government had effectively linked the cess rate to prevailing crude oil prices in the past, there has been no reduction when the oil prices have declined. 
 
The official said the Oil Ministry has made a formal representation to the Finance Ministry for making the cess ad valorem. Also, companies like Cairn as well as industry associations too have made similar representations. 
 
Oil producers say the current cess rate constitutes about one-third of the oil price, which has severely impacted several small discoveries and marginal fields, making many of the projects unviable. 
 
In the low oil price environment, several countries including the UK, the US, and China have changed fiscal systems to increase production and promote investments. 
 
Most of crude oil produced in India comes from pre-NELP and nomination blocks and is liable for payment of cess. 
 
While New Exploration Licensing Policy (NELP) blocks like Reliance Industries' KG-D6 are exempt from payment of cess, pre-NELP discovered blocks like Panna/Mukta and Tapti and Ravva pay a fixed rate of cess of Rs 900 per tonne. 
 
(Image credits: indiatimes)

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