Briefly Business: CII crticises proposed gas pricing formula

CII crticises proposed gas pricing formula

New Delhi: Confederation of Indian Industries (CII) has drilled holes in the Rangarajan Panel report on pricing of natural gas based on average of global indices, saying the proposed formula was not in line with contractual provisions. The panel had suggested taking a weighted average of the US, Europe and Japanese gas hubs or market price and then averaging it with the net imported price of liquid gas to arrive at a sale price of domestically produced gas.

Indian-origin trader jailed in fraud case

New York: Ashu Bhandari, former president and CEO of GEM Manufacturing, has been sentenced to prison and ordered to pay a $1.1 million fine for his role in a scheme to illegally import protected black coral into the US. Bhandari is the last to be sentenced in investigation into the illegal trade in black coral.

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