Ahmedabad Page 3

Business 3Bengal issues tender tosell Saradha properties

Kolkata, The West Bengal government has issued a

global tender to value the seized assets andproperties of the scam-tainted Saradha Groupin West Bengal and other states, a governmentcounsel Monday told the Calcutta High Court.

During the hearing of a public interest litiga-tion seeking a Central Bureau of Investigation(CBI) probe into the Saradha Group scam, gov-ernment pleader Ashok Banerjee said 208 dif-ferent properties of the group in the state havebeen seized and around 180 other propertiesare located in other states.

Chief Minister Mamata Banerjee had earliersaid that the government will try to indemnify theduped investors of the company by selling theproperties of the company.

Meanwhile, a division bench of Justice A.K.Banerjee and Justice M.K. Chaudhuri asked theamicus curiae (friend of the court) whether acommittee consisting of experts from differentfields be set up to look into all aspects of thecase, including the return of money to the inves-tors.

The amicus curiae appointed by the court toassist it is slated to inform the court about hisviews Tuesday when the matter comes up forhearing next.

Appearing for the state, Banerjee opposedthe prayer for a CBI probe, and stated that thestate investigating agencies were doing a goodjob and that they should be given adequate time.

WESTERN TIMES AHMEDABADWEDNESDAY, JUNE 12, 2013

Rupee hits new low of58.95 against dollar

Mumbai,The Indian rupee Tues-

day hit a new record lowof 58.95 against a dollaron continued worries overcurrent account deficit andincreased demand for theUS currency from import-ers in the absence of anyintervention by the centralbank. The partially con-vertible rupee weakenedby 77 paise to hit a newlow of 58.95 against a dol-lar at the interbank foreignexchange market here.

The Indian currencyhad registered its biggestfall in almost two yearsMonday. It had slumped by1.9 percent to close at58.16 against a dollar.

The value of rupee hasdepreciated by more thaneight percent in the pastone and half month. It hasdropped in 16 out of thelast 18 trading sessions.

The rupee is underpressure due to worriesover widening current ac-

count deficit and firming ofthe dollar against majorglobal currencies, includ-ing the Euro and the Japa-nese Yen. Absence of anyintervention from the Re-serve Bank of India (RBI)has intensified pressureon the rupee. The slidecontinued even though thegovernment said it wastaking medium-term mea-sures to control currentaccount deficit.

Economic Affairs Sec-retary Arvind Mayaramsaid the panic in the mar-ket was “unwarranted”.

“I think this will settledown in a while. We shouldnot worry but we arewatching the situationclosely,” Mayaram told re-porters in New Delhi Mon-day while reacting to thesharp drop in the value ofrupee.

The sliding rupee putpressure on the markets.The benchmark Sensex ofthe Bombay Stock Ex-

change (BSE) slumped1.33 percent to 19,182.90points, while the Nifty ofthe National Stock Ex-change also declined by1.33 percent to 5,799.95points.

Case against JindalSteel, others in coalallocation case

New Delhi, The Central Bureau of

Investigation (CBI) Tues-day said a case has beenfiled against Jindal Steeland others for alleged ir-regularities in allocationbeing conducted in 19 lo-cations here and inHyderabad.cations inDelhi and Hyderabad inconnection with the case,"the agency said, addingthe case pertained toaward of coal blocks inJharkhand and had beenreferred to by the CentralVigilance Commissioner.

Oil firms right in redefiningbusiness models: Moily

New Delhi, In an indication of the

government's thinking onrevising gas prices, Petro-leum Minister M. VeerappaMoily said Tuesday oilcompanies were right inredefining their businessmodels in view of risingproduction costs and re-duced profits.

"The average produc-tion cost has risen from $2per BOE (barrel of oilequivalent) in 2001 to $12per BOE in 2012 and their(international oil compa-nies') operating profit mar-gins have reduced to 11percent in 2012 from 16percent in 2005," Moilysaid.

He was speaking at theinauguration of the 3rd IEFNOC-IOC Forum here co-hosted by ONGC andShell.

Observing that lique-fied natural gas (LNG)pricing is fast turning anissue, Moily said importersnow desire to move awayfrom oil-linked gas prices

to the international Henryhub gas pricing becauseof the current high oil priceband. "So how new dealswill take place, is fast turn-ing into a watchablegame," the minister said.

The C. RangarajanCommittee, appointed bythe prime minister to lookinto the mechanism of ex-ploration Production Shar-ing Contracts (PSCs), hasrecently submitted its re-por t. "The RangarajanCommittee report is underactive consideration andthe actions for implemen-tation of Rangarajan Com-mittee recommendationshave been initiated," Moilyannounced at the confer-ence of national and inter-national oil companies.

Putting the issue inperspective, Moily said:"Government, on the otherhand, all across the globehas this task of maximiz-ing the returns from theiroil and gas resources be-sides doing economic andsocial goods to their

masses by and large. Thiswill require IOCs (interna-tional oil companies) toshed off their pure com-mercial objectives andpartnering in hostgovernment's concernstowards society and nationbuilding."Pointing out thattop 10 IOCs have an aver-age reserve life of only 13years and declining furthercompared with 78 yearsfor the top 10 national oilcompanies (NOCs), whichis not a good sign for theindustry, Moily said NOCswill require partnershipsfor extraction of huge un-conventional reserves.

"Need of the hour is toundertake huge R&D ac-tivities in areas of shale oiland gas, tight oil, gas hy-drates, coal gasification.We require the par tner-ships and investmentthere. There is also a needfor par tnerships in ma-tured conventional fieldswhere a lot of oil is still leftto be exploited," Moilysaid.

Rupee will stabilise in3-4 days: Government

New Delhi, The Indian rupee,

which has plunged by al-most 2.5 percent in the lasttwo sessions and hit arecord low of 58.95against a dollar Tuesday, islikely to stabilise in the nextthree to four days, a topgovernment officials said.

"In next three-fourdays, we will see a mid-course correction... Rupeeis going to stabilise and weare going to see a positivemovement,” Economic Af-fairs Secretary ArvindMayaram told reportershere.

The partially convert-ible rupee weakened by 77paise to hit a new low of58.95 against a dollar atthe interbank foreign ex-change market in Mumbai.

The Indian currency

had registered its biggestfall in almost two yearsMonday. It had slumped by1.9 percent to close at58.16 against a dollar.

The value of rupee hasdepreciated by more thaneight percent in the pastone and half month. It hasdropped in 16 out of thelast 18 trading sessions.

Mayaram said the gov-ernment was not “undulydisturbed” by the recent fallin the value of Indian cur-rency.

"This is a temporaryphase. This is simply a cor-rection. Our indication issome of the FIIs (foreigninstitutional investors) arenow poised to bring inlarge funds,” Mayaramsaid.

"Certainly we are nothappy about it, but we are

certainly not unduly wor-ried about it. There will bea course correction,” headded. Chief economicadvisor in the finance min-istry Raghuram Rajan saidthe market regulator Secu-rities and Exchange Boardof India (SEBI) and theReserve Bank of Indiawould take “warranted”action to control the rupeeslide.

"SEBI, RBI and thegovernment are keenly fol-lowing what is happeningand everybody will actwhen the time comes,”Rajan said while address-ing a press conferencehere.

Rajan said the factorsthat were responsible forrupee slide were reversingand the currency wouldstabilise in a few days.

GUJARAT WATER SUPPLY &SEWERAGE BOARD, GANDHINAGAR

TENDER NOTICE NO. 02 / 2013-2014

INF/524/13-14

On-line tender through E-tendering are invited by the UrbanCell, GWSSB, Jalseva Bhavan, Sector-10A, Gandhinagar forwork of Water Supply System and Under Ground DrainageSystem for Porbandar, Chhaya, Ranavav and Kutiyana townsof Porbandar District under Porbandar package for estimatedcost Rs. 344.79 crore. The tender can be down loaded at anytime after date 7.06.2013 but last date of on-line submissionon website shall be up to 18.00 hours on date 10.07.2013. Prebid conference will be held on 20.06.2013 at 12.00 a.m. hours.For more details please visit our web site https://www.nprocure.com & http://www.gwssb.org with tender ID-117677

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Delhi government to set up trade boardNew Delhi,

The Delhi government Monday decided to set up atrade board to address the issues of traders in the capi-tal.

This was decided in a meeting between Chief Min-ister Sheila Dikshit and traders' representatives PraveenKhandelwal and Ajay Arora, said a Delhi governmentofficial. Dikshit also said that the board would also beauthorised to constitute different committees to facili-tate consideration of issues concerning various depart-ments and agencies of the government.

While she assured that her government and theVAT department would ensure that traders do not faceharassment, she expressed pleasure over "construc-tive contribution" being rendered by the traders in col-lection of VAT in Delhi.