‘Moily stalling action to seek billions in penalty from RIL’

Petroleum and Natural Gas Minister Veerappa Moily is stalling arbitration proceedings against the Reliance Industries Limited (RIL) seeking to recover a penalty of $1 billion from the firm for violating contractual obligations in gas extraction in the Krishna-Godavari basin, says CPI MP Gurudas Dasgupta. Mr. Moily is going against the recommendations of the Directorate General of Hydrocarbons (DGH) and the Comptroller and Auditor General (CAG) that the Mukesh Ambani-owned RIL should surrender a part of the gas block allotted to it and pay additional penalties, charged Mr. Dasgupta.

Read Full Story>>