The company promoted by billionaire Anil Agarwal had contributed $2.01 million to political parties in India in 2011-12, according to the London-listed firm's annual report for 2012-13.

\"The kind of language used by Jairam Ramesh and Anand Sharma in questioning the EC's decision is a clear indication that the Congress is not bothered about the adverse impact the doubling of gas prices will have on the lives of people...,\" AAP said in a press release.

Shares of PSU, power, banking, capital goods, metal, realty and refinery firms firmed up sharply on good buying support. ONGC and RIL shares rose despite the Election Commission directing the Centre to put on hold the proposed hike in natural gas prices from April 1.

While deciding to impose the fine, the Competition Commission of India (CCI) said that Google Inc and Google India Private Ltd failed to comply fully with various notices issues by the Director General (DG) on different occasions.

RIL's five-year gas sales pacts with sectors including fertiliser and power will expire on March 31, requiring buyers to sign new contracts for supplies from the conglomerate's D6 block in the Krishna Godavari basin, off India's east coast.

Most parts of the Companies Act, 2013, that replaces the nearly six-decade old law that governs corporates in the country, would come into effect from April 1.

\"I think (it) is to make sure that any such announcements are not tinged by uncertainty. That's why it is important to ask the Election Commission whether this meets with the code of conduct. Think of it as caution, you might call the caution excessive but it's important to follow process,\" RBI governor Raghuram Rajan said when asked about the reasons for approaching Election Commission before issuing new bank licences to private sector.

About two dozen public and private sector applicants, including India Post, IFCI and large business houses such as the Anil Ambani group and the Aditya Birla group, have applied for bank licences.

The UPA government has said that the formula would help increase domestic gas production. Gas producers have echoed this view. But the main opposition party BJP has opposed it.

\"We are examining it. And because the matter is also in the Supreme Court of India, we would like our Solicitor General or Attorney General to examine it. I don't want to comment further on the issue,\" he told PTI in south Indian city Bangalore Tuesday.

The EC order comes as a setback for RIL as it was charging ahead with plans to hike the natural gas price from its eastern offshore KG Basin field. RIL had already sent drafts of a new gas sale- and- purchase agreement that it wanted fertiliser companies to sign as the current fiveyear contract expires on March 31. RIL will now have to wait.

Brokers said the market sentiment was low as stocks of oil producers, led by Reliance Industries, slumped after the Election Commission asked the government to defer a planned hike in gas prices that was to come into effect from April 1.

Russian Raj: By annexing Crimea, Russian President Vladimir Putin has esclated tensions with the West. Apart from suspension from the G8 club of nations, Russia faces economic sanctions.

\"I only know that the RBI has written to the EC seeking their views on this (issuing new bank licences). Whether they have replied or not I have no idea. Uptill yesterday, I had no information on that,\" Deputy RBI governor KC Chakrabarty told reporters on the sidelines a function in Mumbai.

Attributing declining growth to global and domestic factors, India's Planning Commission Deputy Chairman Montek Singh Ahluwalia on Tuesday said efforts to revive infrastructure investment would help in reverting to 8 per cent growth in next three years.

Events that made news this fortnight -

India's campaign spend, which can include cash stuffed in envelopes as well as multi-million-dollar ad campaigns, has been estimated at Rs 30,000 crore ($4.9 billion) by the Centre for Media Studies, which tracks spending.

The benchmark indices - S&P BSE Sensex and the CNX Nifty - were in a record-breaking spree. The former hovered near the key milestone of 22,000-mark, while the latter breached the historic landmark of 6,500 this week.

Who said what on Lok Sabha poll dates being announced. Featuring: Kapil Sibal, Narendra Modi, Mamata Banerjee and more.

The RBI Governor also said the central bank would approach the Election Commission to ensure the process is in no way violating the Model Code of Conduct. The Code came into effect on March 5, when the Lok Sabha poll schedule was announced.