HPCL corruption case: Special CBI court acquits two
Posted on 11th November 2017 |
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| A special CBI court here has acquitted two persons in a corruption case, citing lack of evidence and the prosecution’s failure to prove the charges. Special judge P S Tarare recently acquitted a former convener of the Oil Sector Officers Association (OSOA), Ashok Singh, and Hindustan Petroleum Corporation Limited (HPCL) executive Shishir Kumar Dubey. The CBI had filed the charge sheet against Singh, who was then Chief Regional Manager at HPCL’s Vashi Regional Office, and station manager Dubey for allegedly manipulating petrol pump meter readings and misappropriating funds between 2004 and 2007. The CBI in its charge sheet filed in 2010 stated that Dubey allegedly entered into a criminal conspiracy with Singh to misappropriate funds by “manipulating dip readings resulting in reporting of lower stock loss and mismatch between derived sales quantities and nozzle sales”. The charge sheet had also said that the two allegedly misused the fleet cards facility by not collecting amount in cash from select customers. The CBI contended that Dubey in connivance with Singh manipulated Management Information System (MIS) to misappropriate funds and extend unauthorised discounts. They extended unauthorised credit of over Rs 44.04 crore to 45 parties, resulting in loss of Rs 88.09 lakh to HPCL, the agency had said. However, Dubey’s lawyer informed the court that as per the statutory inspection report, there was no manipulation. “This report is prepared by the area sales manager and he did not report any anomaly,” said Dubey’s lawyer Ninad Mazumdar. He claimed that the company ignored the statutory report and made its own report, using a wrong formula. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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