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Massive power cut hits Kolkata
Kolkata came to standstill on the eve Durga Puja as major breakdown in CESC system caused massive power cut for several hours. A sudden breakdown of electricity supply to the city lasting for hours gave a creepy feeling to the people on the eve of Durga Puja. The breakdown in power supply affected Metro Rail, city"s major hospitals, the High Court, the state"s administrative headquarters and the commercial hubs. The CESC which is responsible for maintaining electric supply to the city, had a major breakdown in its system, causing a shortfall of 635 mw. According to CESC, one of its 132 KV substation line snapped in the morning causing the breakdown. As a result, two of its units in Budge Budge power station and one in Southern Generating Station went out of the system. To save other power stations from tripping, the CESC had to isolate other units from the grid.

ONGC loses Algeria oilfield to Chinese firm
State-run Oil and Natural Gas Corporation (ONGC) has lost an oilfield in Algeria to a consortium led by a Chinese oil firm. ONGC teamed up with Turkish Petroleum Corp (TPAO) and the United Arab Emirates’ (UAE’s) Dana Gas to bid for the hotly-contested Hassi Bir Rekaiz acreage in Algeria’s latest licensing round, sources said. It lost to a consortium of China National Offshore Oil Corp (CNOOC) and Thailand’s PTTEP.

News of the day

Double taxation of computer software yet to be redressed
Budget 2009 contained important proposals in regard to exempting packaged software from customs duty, on importation, and on excise duty, with regard to domestic supplies, to the extent that such software is purportedly chargeable to the service tax. The proposals attempted to redress the problem of potential double taxation that arises in regard to such software. Earlier articles in this column had highlighted the problem of double taxation in relation to several transactions including the service taxation of packaged software post the changes announced in the Budget 2009.
Management

Govt files revised SLP, setting 'defects' right

The government today revised its petition on the Ambani gas dispute before the Supreme Court, restricting its prayer to that part of the private agreement that pertains to gas. - Govt behind OilMin: Moily - Power ministry ready to appeal - Civil courts now try derivatives cases - SC rejects RNRL plea for final hearing of gas row on Sept 1 - SC green signal to govt on CW games construction - Oil Ministry likely to amend petition on Ambanis gas tangle “The defects have been cured,” said an official connected with the case, adding parts related to the Memorandum of Understanding (MoU) were amended. The Special Leave Petition (SLP) filed by the government on on July 18 had sought to declare the Ambani family MoU which deals with government rights null and void. Sources said the SLP was withdrawn in the morning, but attempts to file a revised petition in the afternoon failed due to procedural inconsistencies. However, it was filed just before the registry was closed. A decision to effect changes in the SLP emerged during a meeting of Finance Minister Pranab Mukherjee with the Oil Minister and the Law Minister on Tuesday. The amendment to the SLP came hours after the Supreme Court expressed its inability to commence final hearing of the gas dispute between the Ambani brothers from September 1, although it said it would try to give an early date. The court said it would decide on the date of final hearing on September 1, the day when all petitions related to the dispute are scheduled to come up for consideration. HC allows RIL to amend plea in NTPC suit Meanwhile, the Bombay High Court today allowed Reliance Industries Ltd (RIL) to amend its plea in its suit against National Thermal Power Corporation (NTPC). Earlier a single-member Bench of the high court had given a similar order, against which NTPC had filed an appeal. A Division Bench led by Chief Justice Swatanter Kumar today dismissed NTPC"s appeal. The suit between the two parties relates to their gas supply agreement. RIL through the proposed amendment wants to bring on record the affidavit filed by the Central government in the RIL-RNRL case in the high court last year and to take a stand that RIL"s bid for NTPC tender stands frustrated due to the government"s policy. The High Court has given NTPC four weeks to appeal in the Supreme Court.


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