Annoyed over Reliance Industries` (RIL) alleged lackadaisical attitude in fulfilling the terms and conditions under which it was awarded the contract for reviving a state-run sugar mill, the Bihar government has issued a notice to the Mukesh Ambani-led firm.
`SBI Caps, the agency entrusted by the state government, has sent the notice to RIL asking it to comply with the terms and conditions laid down for awarding the contract within 15 days, failing which, the contract will be cancelled for fresh tenders,` state minister for sugarcanes Gautam Singh told PTI here today.
Singh said RIL was awarded the contract to revive the sugar mill at Motipur in Muzaffarpur district last year and it deposited Rs 5.75 crore as security deposit for the tender.
RIL spokesperson could not be contacted for comments.
RIL was required to deposit half of around Rs 45 crore estimated for handing over the state-run mill to it for revival and expansion within three months of the winning the contract, the minister said.
`Mukesh Ambani`s firm has so far failed to deposit the money and therefore SBI Caps, following our instructions, has sent a legal notice asking the firm to comply with the agreement within 15 days, failing which, we will be constrained to cancel the contract and process for the tender afresh,` Singh said.
He, however, said the government would not be harsh in its approach and it would consider doing the needful once RIL`s reply to the notice was received.
During the global recession of 2008 RIL closed many operations and let the investements go to hell in order to focus on its strategic business.
So these small business matters can be kept hanging or let Bihar government find its alternatives.
Unfortunately 90% of blames on Mukesh Ambani and RIL don`t take into account the unexpected global recession. At least RIL did not as much buy something like Corus and even Jaguar at the wrong point.
The KG D6 Basi was near completions so he did infuse a higher cost to complete the project. That should be considered a wise decision.
iinvestr - You are the biggest pessimist this nation has seen. Our nation needs optimistic persons to progress despite all odds.
Kindly refrain from abusive language to drive in your pennywise and pound foolish points of view. Persons with your viewpoints and those of whose viewpoints you are spreading without proof and evidence are certainly tricks, frauds and cheating perpetuated by the cartel of frauds and cheats in the market. RIL is not a share market traded, RIL is primarily an industry so will have to be viewed according by SEBI and governments.
There is no panic in RIL or market today according to the news that you are spreading.
iinvestr on - RIL may have to take tough decisions during rough times ( recession ). It is these decisions which helps to protect the shareholder`s value. Which is why I like most others choose to stay invested in RIL.
What ever may be the case, personal comments could kindly be avoided on this blog as most of would rather like to see contents directly related to RIL.
Why you always confuse nation with Reliance? Reliance is a conglomerate of characterless people having no qualms of integrity. There are industrial doyens like Tata`s. If you read newspapers, you might have come across stories of bravery and heroics by Taj hotel executives, even in the times of extreme adversity, they have always given top priority to the safety and comfort of their guests. Wonder what a group of reliance cronies would have done in the same situation. You are the worst scum and don`t deserve any reply.
What Reliance is doing is nothing but Economic Terrorism. Rogues like Ambanis would have been fixed and taught a lesson of lifetime if they would have been in any first world countries. They should be tried in a open court and fate of them should be decided by a referendum by this country`s people.
In respect of national interest I will put it in another way which I have been defending. To false baseless rumours and allegations against RIL for the benefit of FIIs is against national interest. Since yesterday this rumour has been spreading far and wide and now that you see Asian markets down might link this to the FIIs and to the frauds and cheat cartel of this stock market becomes visible.
RIL`s SEBI matter relates to a profit of Rs 513 crores and if we are not vigilant we could land up losing billions of dollars.
It is a well know fact that all you need to do to bring the market down is to spread rumouts against RIL having the largest weightage on our indices.
The fact is that the showcause written by SEBI is dated 8th October, 2009 so whether there is any truth or not in this should rightly be ignored.
The gas and oil production which caters to DOMESTIC demand and requirement of this nation is of national importance too. If GOI takes over this business and the production facility of RIL in national interest I am in 100% support of this. If we don`t get self suffcient in fuel and energy as quickly as possible we are losing a golden opportunity.
After Ratan Tata its is goodbye Tata and I suppose an FII outsider will takeover the reins.
Mukesh Ambani is the present chairman of RIL. If Mukesh Ambani is doing wrong and mismanaging he can be thrown out of RIL and GOI can takeover his shareholding. If Satyam can be so slavaged with minor stake of Rama Linga Raju sure the 47% stake of Mukesh Ambani can be taken over by GOI and Mukesh Ambani will have to go to the new board to get some compensation.
Hence I am not worried and will support RIL in national interest. I am not buying anymore barring the 10 shares bought yesterday but I am acrtively shorting FnO and holding RIL. My average price of RIL doing this has come down to Rs 850 and I suppose if the market does not change its behaviour it may come down to Rs 500/-.
cupoftea - Well said. Otherwise dishonest, fradulent and cheats in this market are just pointing fingers against individuals for their benefits from volatility in this market at the cost of this nation`s progress.
Yes let us talk about RIL as a company and let personal matters remain where they are and be decided in the Ambani household.
Several MMB members don`t seem to understand this very elemtary fundamental when you are invested in the stock market and most of us certainly have not invested in individuals. A 47% shareholding means nothing in case of gross mismanagement of individuals which some members are targetting and abusing.
That Reliance is a rogue corporate house is reflected in its market movement. Even after 1:1 bonus declaration the stock is tanking. Need one say more? And five star rating is given to messages when other boarders too feel the same.
iinvestr - Are you a rogue or not? Before passing such vicious judgments on others kindly clarify your status. There are only 3/4 regular MMB members who use abusive language and I consider them to be rogues first.
If you wish to make some valid points kindly be watchful of the manner in which you are driving home allegations and points berefts of facts and fundamentals.
Yes I was short in the market since I seem to know my way around and will soon cut it out. Enough for me in one day.
RNRL and RCOM is UP. The main benficiary of gas RPOWER is down. I am watching the movement of these stocks as well however movements of the stocks don`t reflect the TRUTH.
Bonus of not I have been bying RIL from Rs 1600 onwards since last year bought several times at Rs 1000 yet I value my entry price at Rs 850 thanks to shorting.
I will keep shorting the market at appropriate times that was ALWAYS my option once the markets started going above 5000.
Now why do I do that? I am recognising all the rogues around me and wishing destruction of our nation to benefit the FIIs with the VOLATILITY.
One need to be unbiased in expressing his opinion and should not overlook the current happenings. Also should not misguide others by suppressing and distorting facts for ones` vested interests.
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