Business Confidential: WINDOW DRESSING ACCOUNTS?


Petroleum ministry officials were curtly informed by the revenue department that it will audit the cost recovery mechanism for the sector to figure out whether public sector oil companies were layering their costs to earn higher loss recovery numbers.

But petroleum ministry officials were surprised when they found the same data used by them to calculate the losses will also be used by the finance ministry.Obviously, what is being checked is not the accuracy of the data but arithmetic ability of the two sets of officials.


Decks have been cleared for former LIC chief TS Vijayan to be appointed as the Insurance Regulatory and Development Authority (Irda) chairman. The Central Vigilance Commission is understood to have cleared Vijayan's name for the post. Sources said that the proposal is now pending with the Appointments Committee of the Cabinet. The term of current Irda chairman J Hari Narayan ends on February 21.

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