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Biz EOD: RIL counters govt's petition; RInfra wins Rs 1,250 crore arbitration award; M&M rejigs auto, farm divisions

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twitter-logo BusinessToday.In        Last Updated: December 23, 2019  | 22:33 IST
Biz EOD: RIL counters govt's petition; RInfra wins Rs 1,250 crore arbitration award; M&M rejigs auto, farm divisions
Top stories from the world of business and economy.

Mukesh Ambani-led Reliance Industries countered government's petition in the Delhi High Court seeking to impose non-payment of $3.5 billion in an international arbitral award of Panna-Mukta and Tapti production-sharing contracts case. Anil Ambani-led Reliance Infrastructure said it has won Rs 1,250 crore arbitration award against government-owned Damodar Valley Corporation. Mahindra & Mahindra announced further changes in its group corporate office and automotive and farm businesses, sectors, effective from April 1, 2020. Read for more top stories from the world of business and economy:

1. RIL counters govt's petition to recover dues in PMT profit dispute case; says no immediate liability

RIL submitted the affidavit in response to the government's move to the Delhi HC, seeking to block RIL selling a 20 per cent stake in its oil-and-chemicals business to Saudi Aramco for $15 billion, in view of dues of $3.5 billion in the PMT oil and gas fields

2. Reliance Infrastructure wins Rs 1,250 crore arbitration award against DVC, share jumps 5%

The arbitration tribunal awarded the case in favour of Reliance Infrastructure and directed DVC to pay Rs 896 crore and return the bank guarantees of Rs 354 crore within four weeks or pay additional interest, at the rate of 15 per cent annually, for any delay in payment beyond four weeks

3. M&M rejigs top brass in auto, farm divisions; Rajan Wadhera to step down

In its Group Corporate Office (GCO), S Durgashankar will be assigned an enhanced role as Group Controller of Finance and Accounts. In auto and farm sectors, Veejay Nakra will be appointed CEO of auto division

4. Air India stake sale: Singapore, London roadshows receive lukewarm response from potential buyers

The tepid response, however, is unlikely to delay the government's proposed privatisation plan schedule which is expected to conclude initial bidding documents for Air India by next month

5. CAA & NRC II: Here are the myths and facts about all-India national register of citizens

In sharp contrast to the Assam NRC, identification process for "doubtful citizenship" or "illegal migrant" under the NPR and NRIC being prepared is not specific, leaving immense scope for arbitrariness and misuse- and all leading to targeting and filtering out the Muslims

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