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| − | This is a collection of articles archived for the excellence of their content.<br/>You can help by converting these articles into an encyclopaedia-style entry,<br />deleting portions of the kind nor mally not used in encyclopaedia entries.<br/>Please also fill in missing details; put categories, headings and sub-headings;<br/>and combine this with other articles on exactly the same subject.<br/> | + | This is a collection of articles archived for the excellence of their content.<br/> |
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| − | =Gas=
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| − | == KG-D6 Andhra offshore block/ field==
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| − | === Govt fines RIL $1.6bn for using ONGC gas===
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| − | [http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=Govt-fines-RIL-16bn-for-using-ONGC-gas-05112016023005 Govt fines RIL $1.6bn for using ONGC gas, Nov 05 2016 : The Times of India]
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| − | [[File: KG-D6 Andhra offshore block ONGC vs. RIL, 2013-16.jpg| KG-D6 Andhra offshore block ONGC vs. RIL, 2013-16 |frame|500px]]
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| − | Co Plans Arbitration, Says Demand Based On `Misreading Of Key Elements' Of PSC
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| − | The stage has been set for another round of legal slugfest between India's biggest private sector oil company and the government, with the oil ministry asking Reliance Industries and its partners in the KG-D6 Andhra offshore Block to pay $1.55 billion (approximately Rs 10,000 crore based on current exchange rate) as cost of gas that migrated to their side from an adjacent block belonging to state-run ONGC.
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| − | RIL responded to the demand note, sent on Thursday to it, British major BP and Canadian explorer Niko, by saying it proposed to initiate arbitration since the demand was based on “misreading and misinterpretation of key elements of the PSC (production sharing contract) and is without precedent in the oil and gas industry anywhere in the world“. “RIL proposes to invoke the dispute resolution mechanism in the PSC and issue a Notice of Arbitration to the government. RIL remains convinced of being able to fully justify and vindicate its position that the government's claim is not sustainable,“ the company said in a statement.
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| − | “According to the government, the Contractor is restricted to producing only that quantity of hydrocarbon as they existed at the point in time when the PSC was signed.This approach overlooks the fundamental fact that at that stage the work of exploration of the block has not even commenced and a complete lack of data makes it impossible to estimate the quantity of hydrocarbons available in the block.“ “The liability of the contractor has not been established by any process known to law and the quantification of the purported claim is without any basis and arbitrary .“
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| − | RIL and the government are already engaged in several international arbitrations with more than $5 billion at stake. The arbitrations have been initiated on issues ranging from penalty imposed for failure to meet the promised output targets and gas pricing in KG-D6 to cost calculations in the Panna-Mukta and Tapti fields, which have now been abandoned.
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| − | The ministry has deman ded $1.47 billion for 338.332 million units (measured in British thermal unit) of gas that migrated from ONGC's field in seven years ended March 2016. From this amount, $71.71million royalty that RIL paid on this gas was demanded. But an interest of $149.86 million, charged at the rate of 2% above Libor, was added to the amount to work out the total demand. The ministry also demanded $177 million in profit petroleum (government's share of profit) from the partners after disallowing certain costs previously as a penalty for RIL's failure to meet output targets.
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| − | The demand note follows the direction set by the panel the ministry had constituted under retired Justice A P Shah to adjudicate the report by US-based reservoir experts, DeGolyer and MacNaugton, appointed at the behest of the Delhi High Court. The report had confirmed ONGC's claim on migration of gas from its idle field into RIL's block, which started production in 2009.
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| − | The Shah panel upheld the report and said RIL and its partners had derived “undue enrichment“ from gas migrating from ONGC's block. It also said the compensation should go to the government since it is the public trustee of all natural resources. This is a sore point with ONGC since it was the original claimant for compensation -and some industry watchers said rightfully so -and had moved the court against RIL to pay up.
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| − | “The committee has concluded that the contractor's (RILBP-Niko) production of migrated gas and retention of ensuing benefits amounts to unjust enrichment, since the production sharing contract (PSC)... does not permit a contractor to produce and sell migrated gas,“ the demand note said.
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| − | = Oil-to-chemicals (O2C) operations=
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| − | ==2021: transferred to wholly owned subsidiary ==
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| − | [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2021%2F02%2F24&entity=Ar02110&sk=07C45384&mode=text Reeba Zachariah, February 24, 2021: ''The Times of India'']
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| − | [[File: RIL and the Oil-to-chemicals (O2C) operations, as in 2021.jpg|RIL and the Oil-to-chemicals (O2C) operations, as in 2021 <br/> From: [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2021%2F02%2F24&entity=Ar02110&sk=07C45384&mode=text Reeba Zachariah, February 24, 2021: ''The Times of India'']|frame|500px]]
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| − | Reliance Industries (RIL) will transfer its oil-tochemicals (O2C) operations to a wholly owned subsidiary for a $25-billion loan, besides $12-billion equity. Consideration for the transfer of the O2C assets, which includes the operating team and 12 manufacturing facilities, will be funded by a $25-billion loan from the parent, the company said in a presentation filed with the stock exchanges.
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| − | The interest-bearing loan from RIL to the O2C company will be an “efficient mechanism to upstream cash, including any potential capital receipts in the unit”, it said. Carving out the O2C operations into an independent entity will make it easier for RIL to bring in external investors. It had earlier explored a different structure, but India’s securities market rules did not permit such a scheme.
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| − | RIL had said earlier that it, being a listed company, cannot issue shares with differential rights (that is, equity shares with interest linked only to the O2C business) to investors. Therefore, the O2C undertaking has to be transferred into a wholly owned subsidiary of RIL, in which the external investors will invest, it had said.
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| − | RIL has been in discussions with Saudi Aramco to sell a 20% stake in the O2C unit for more than one and a half years. The deal, if successful, could lead to further deleveraging of RIL. RIL will retain management control of the O2C company. The separation will also not dilute earnings or restrict cash flows for the parent, according to the company’s presentation.
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| − | The O2C transfer on a slump sale basis — subject to courts, shareholders and creditors approvals — is expected to be concluded before September 30. Slump sale means transfer of an undertaking for a lump sum consideration without values being assigned to individual assets and liabilities.
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| − | “The income tax law lays down specific computation provisions for a transaction qualifying as a slump sale. This computation mechanism remains the same, irrespective of such transaction carried out through an NCLT scheme or through a private arrangement. Basis of this mechanism, the seller is allowed to offset its tax net worth as on the transfer date from the aggregate sale consideration. If the sale consideration of the transaction equates to or is less than the tax net worth of the transferred undertaking, then no capital gains or associated tax liability would arise. Also, such slump sale transaction entailing the transfer of undertaking as a going concern would not entail GST implications,” said RBSA Advisors MD Ravi Mehta on the Reliance O2C demerger.
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| − | [[Category:Economy-Industry-Resources|RRELIANCE INDUSTRIES LTD.RELIANCE INDUSTRIES LTD.
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| − | RELIANCE INDUSTRIES LTD.]]
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| − | [[Category:India|RRELIANCE INDUSTRIES LTD.RELIANCE INDUSTRIES LTD.
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| − | RELIANCE INDUSTRIES LTD.]]
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| − | [[Category:Name|ALPHABETRELIANCE INDUSTRIES LTD.RELIANCE INDUSTRIES LTD.
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| − | =Vimal=
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| − | ''' RIL selling 49% in ‘Vimal’ to Chinese textile company '''
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| − | Piyush Pandey, December 10, 2014
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| − | Through the late 1970s and early 1980s, the distinctive tune of ‘Only Vimal’ ads became instantly recognizable to millions of Indians.
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| − | From top models to Bollywood hearthrobs and cricket stars, they all featured in the iconic ads. As the clothing brand went from strength to strength, so did its owner—an initially obscure company founded by Dhirubhai Ambani called Reliance Textiles that was in 1985 rechristened Reliance Industries Ltd.
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| − | While nostalgia may be a powerful factor, savvy tycoons don't allow it to overcome business sense. Which is why RIL, India's biggest company now led by Mukesh Ambani, has decided to sell a 49% stake in the textiles business to the $3-billion Chinese textile giant Shandong Ruyi Science & Technology Group for an undisclosed sum. RIL will hold 51% in the new JV. The textile business is located at Naroda near Ahmedabad and was set up in 1966. But it now contributes $300-350 million, or less than 1%, to the overall $65-billion annual revenues of RIL. In 2012, RIL had appointed bankers to sell its textile business but the sale was called off due to a tepid market and lack of buyers.
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| − | “Our joint venture with Ruyi Group will help Reliance reposition its textile business on a high-growth path,” said Nikhil R Meswani, executive director, RIL. Ruyi, a leading textile company in China, has a global presence, including in America, Europe, Japan, Australia, New Zealand and China. It has a portfolio of world-renowned brands such as ‘Taylor & Lodge’, ‘Harris Tweed’, ‘Royal Ruyi China’, ‘Nogara Italy’ and ‘Indios Italy’. Ruyi also operates in India under the ‘Georgia Gullini’ brand in the worsted suiting segment of the market. This business operation and its other activities would get realigned to strengthen the JV.
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| − | Investment adviser S P Tulsian believes that the deal size would not be significant, given that none of the textile companies in that space is valued at over $100 million.
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| − | =Profits: 2015-16=
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| − | [http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=RIL-posts-biggest-quarterly-profit-in-8-years-23042016027043 ''The Times of India''], April 23, 2016
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| − | [[File: Reliance Industries Ltd. (RIL), Revenues and profits, 2011-16.jpg| Reliance Industries Ltd. (RIL): Revenues and profits, 2011-16; Graphic courtesy: [http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=RIL-posts-biggest-quarterly-profit-in-8-years-23042016027043 ''The Times of India''], April 23, 2016|frame|500px]]
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| − | ''' RIL posts biggest quarterly profit in 8 years at Rs 7,398cr '''
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| − | Reliance Industries' (RIL) fourth quarter (Q4FY16) consolidated profit rose nearly 16% to Rs 7,398 crore ($1.1 billion), the highest in more than eight years, due to strong margins in its refining and petrochemicals business.
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| − | The company's refineries earned $10.8 on each barrel of crude processed as against $10 a year earlier. RIL's earnings beat analyst estimates of Rs 7,010 crore, according to Bloomberg.
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| − | RIL's Q4FY16 revenues declined nearly 9% to Rs 64,569 crore ($9.7 billion) as the benchmark (Brent crude) oil prices declined 41% in the last one year. Exports fell about 18% to Rs 30,935 crore due to lower product prices.
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| − | The revenues from the company's mainstay -refining and marketing -decreased 15% to Rs 48,064 crore, but gross profit from this segment increased 30% to Rs 6,394 crore. This segment accounted for 74% of RIL's revenue and 67% of its gross profit in the quar ter ended March 2016.
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| − | Petrochemicals, the second biggest contributor to revenues, declined 4% to Rs 20,915 crore in the fourth quarter from a year earlier but gross profit increased 35% to Rs 2,713 crore. This segment accounted for 32% of the company's revenue and 28% of its gross profit in the three months ended March 2016.
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| − | For fiscal 2016, RIL's consolidated profit climbed 17% to Rs 27,630 crore while revenue rose 24% to Rs 296,091 crore.Gross profit from refining increased 49% to Rs 23,598 crore and that of petrochemicals enhanced 23% to Rs 10,221crore. “FY16 has been a year of outstanding achievement for our downstream hydrocarbon businesses. Our refineries sustained double-digit gross refining margins and record levels of utilization through the year. Our balanced petrochemical portfolio, across products and feedstocks, helped capture the benefit of vastly improved naphtha cracking economics and favourable polymer markets,“ said Mukesh Ambani, CMD, RIL, which operates the world's biggest oil refinery complex in Jamnagar, Gujarat, in a statement.
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| − | Higher profits will help the company complete its expansion projects in its petrochemicals and refining business at Jamnagar, Dahej and Hazira and start its mobile service operations. Ambani said RIL's telecom subsidiary Reliance Jio Infocomm will commercially roll out its 4G services this year. Reliance Jio has so far spent Rs 1.2 lakh crore, including on spectrum, and will spend another Rs 30,000 crore in building the telecommunication business.
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| − | =Irregularities =
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| − | ==2000 case: ₹25cr fine for takeover code was violation==
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| − | [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2021%2F04%2F08&entity=Ar01910&sk=ECD5968A&mode=text April 8, 2021: ''The Times of India'']
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| − | Sebi fines Ambani bros ₹25cr in 21-year-old case
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| − | Penalty For Alleged Violation Of Takeover Rules While Issuing Shares In Undivided RIL In 2000
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| − | Mumbai:
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| − | Markets regulator Sebi on Wednesday imposed a Rs 25-crore fine collectively on Mukesh Ambani and Anil Ambani, the erstwhile main promoters of the undivided Reliance Group, along with several family members and group companies. They were penalised for alleged irregularities relating to the issue of 12 crore equity shares in January 2000 by Reliance Industries (RIL). Sebi imposed the penalty on Ambani family members and related entities since it was found that the takeover code was violated during the allotment of shares by RIL.
| + | =A profile= |
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| − | According to Sebi’s order, in January 2000, RIL allotted 12 crore shares to 38 entities from within the Reliance Group. The allotment was made after exercise of the option on warrants attached with 6 crore non-convertible debentures (NCDs), which were issued in 1994. From the disclosure filed with the bourses by RIL, it was found that these 38 entities were ‘persons acting in concert’ (PACs) with RIL promoters.
| + | [http://timesofindia.indiatimes.com/sports/golf/top-stories/Milkmans-son-Shubham-Jaglan-lifts-world-junior-golf-title/articleshow/48130512.cms ''The Times of India''] |
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| − | Through this conversion, RIL promoters together with the PACs had increased their stake in the company from 22.7% as of end-March 1999 to 38.3% as of end-March 2000. Out of these, 7.8% shares were acquired as a result of a merger and hence were exempt under the then prevailing Takeover Regulations.
| + | Milkman's son Shubham Jaglan lifts world junior golf title |
| | + | Avijit Ghosh,TNN | Jul 19, 2015 |
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| − | However, 6.8% shares that were acquired by RIL promoters together with PACs in exercise of 3 crore warrants were alleged to be in excess of the 5% ceiling under the same regulation. Hence the imposition of the Rs 25-crore fine on these entities, the Sebi order said.
| + | He belongs to Israna, a village in Haryana's Panipat district. Shubham trained at an abandoned agriculture field. He practised his bunker shots from a cement mixer filled with sand. He rehearsed chips near his angaan from a tiny grass strip with holes. That he learnt much of his golf primarily watching experts on YouTube. |
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| − | RIL was yet to comment on the Sebi order, which was issued on Wednesday evening. Sebi said that the Ambani brothers and all the other entities named in the order jointly and severally would pay the total fine within 45 days.
| + | When Shubham claimed the IMG Academy junior world championship for the 9-10 age category in San Diego, it wasn't just another trophy on a burgeoning shelf -- he has already won over 100 tournaments -- it was a heart-warming moment of breath-taking young talent overcoming overwhelming odds with the right support. |
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| − | The order noted that while determining the quantum of penalty, no quantifiable figures or data were available on record to assess the disproportionate gain or unfair advantage and amount of loss caused to an investor or group of investors as a result of the default committed by the entities.
| + | It appears that an NRI set up a small golfing range in his home village of Israna. He bought the kids some equipment and hired a local caddie to teach them. But after a few months, most kids seem to lose interest. The caddie too quit, but not without leaving some equipment at Shubham's home and telling his father that his son had real talent. Despite the setback, Shubham kept practising on weekdays. On weekends, he took a bus to the Karnal golf course to hone his game. |
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| | + | "Shubham would spend hours watching video tutorials on the computer. A lot of what he had learnt at that stage was self-taught. For someone just seven years of age, his understanding of the mechanics of golf was phenomenal," says Nonita Lall Qureshi, a top golfer, who has been coaching Shubham since he was 7. |
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| − | ==2017: Banned from trading in equity derivatives for 1 year==
| + | When they met, it was evident that the family had a major decision to make: leave their home, dairy business and move to Delhi so that Shubham could play serious golf. The family needed pro-active intervention at this stage which was provided by The Golf Foundation, a charitable society formed in 2000 by golfers who wanted to give back to the game by helping a pool of talented, underprivileged golfers in India. |
| − | [http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=RIL-barred-from-equity-derivatives-mkt-for-a-25032017029034 RIL barred from equity derivatives mkt for a year, Mar 25, 2017: The Times of India]
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| | + | Former Asian Games gold medalist Amit Luthra of The Golf Foundation says that they found suitable accommodation for Shubham's family at Ashram after encouraging them to move from Israna to Delhi. |
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| − | '''Sebi Asks It To Pay Rs 447Cr Plus Rs 536Cr Interest'''
| + | "We bought them a Hondo Brio because he had to travel with Shubham in NCR. We ensured his father and him got a US visa. And we take care of his expenses in India and abroad," says Luthra, also a recipient of Arjuna Award. Delhi Golf Club gave him free playing facilities. |
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| − | In a 54-page order released late on Friday , markets regulator Sebi banned Reliance Industries and 12 of its associate companies from trading in equity derivatives for one year “directly or indirectly“.
| + | After winning the world junior championship, Jaglan praised his father for working harder than him in a Facebook post. He also credited his coach Nonita for pushing his "game and mind to this level" and to Luthra sir for "giving all day the support that I needed" "Shubham has really adjusted well to the changed culture, language and all. He goes to Laxman Public School where his grades are in good. He has balanced his game, fitness, education and free time," says his coach. |
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| − | Sebi also directed India's largest private sector company to pay up within 45 days -Rs 447 crore plus interest on it at 12% for almost 10 years -which adds up to nearly Rs 1,000 crore -for alleged fraudulent trading in a case that dates back to 2007.
| + | Nonita also points out that Shubham has a clear concept of golf being "a target sport." "Once his drive was just five yards off target and I said, good shot. He said, maam, how can you call that a good shot. He is focused on accuracy and hugely demanding on himself." Nonita says he loves Tiger Woods although in other interviews he lists Seve Ballesteros and Gary Player among his idols. One day, lovers of Indian golf hope that Shubham Jaglan will join the elite club. |
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| − | Derivatives are financial instruments traded on exchang es which include futures and options (F&O) contracts, the prices of which are directly dependent on the price of the stock. The case relates to alleged fraudulent trading in the F&O segment in Reliance Petroleum, which was a subsidiary of RIL and has since been merged with the major.
| + | =July 2015: IJGA World Stars of Junior Golf = |
| | + | [http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=Indian-Tiger-Woods-in-the-making-25072015001048 ''The Times of India''], Jul 25 2015 |
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| − | Sebi member G Mahaling am said the directions were passed after taking into consideration the magnitude of the fraud across the markets.“I am inclined to pass certain directions against the noticees in order to protect the interest of investors and reinstil their faith in the regulatory system,“ the order said.“The noticees may , however, square off or close out their existing open positions.“
| + | Prodigy Shubham Jaglan, the 10-year-old son of a milkman from hinterland Haryana, swung his way to the IJGA World Stars of Junior Golf crown in Las Vegas, winning by a handsome five-stroke margin. He had clinched the IMG Academy junior world title for the 9-10 age category in San Diego. |
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| − | The others are Gujarat Petcoke & Petro Product Supply , Aarthik Commercials, LPG Infrastructure India, Relpol Plastic Products, Fine Tech Commercials, Pipeline Infrastructure India, Motech Software, Darshan Securities, Relogistics (India), Relogistics (Rajasthan), Vinamara Universal Traders and Dharti Investment and Holdings. In an email response to TOI, an RIL spokesperson said the company was seeking legal opinion and would challenge what it dubbed “untenable findings“ in the Sebi order. “The trades in RPL shares which were examined by Sebi were genuine and bona fide transactions,“ he added.
| + | Coached since age seven by India's former top golfer Nonita Lall Qureshi, Shubham comes from Israna, a village in Panipat district. Supported by the Golf Foundation, which was formed by golfers such as Amit Luthra to help underprivileged players, Shubham now lives with his family in Ashram, south Delhi. |
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| − | He went on to add: “The se were carried out keeping the best interest of the company and its shareholders in view. Sebi appears to have misconstrued the true nature of the transactions and imposed unjustifiable sanctions.
| + | Before being spotted by Nonita, Shubham trained at an abandoned farmland and practised his bunker shots from a concrete mixer filled with sand. He learned most of his early golf watching pros on YouTube. |
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| − | We are in the process of consulting our legal advi sors. We propose to prefer an appeal and challenge the order in the Securities Appellate Tribunal. We remain confident of fully justifying the veracity of the transactions and vindicating our stand.
| + | In Shubham's village, where boys aspire to become wrestlers, wielding a golf club was unheard of before the prodigy's exploits became known. who was noticed in Aamir Khan's reality TV serial last year, has been winning tournaments with amaz ing consistency . |
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| − | We have full confidence in the judicial process and we propose to vigorously exercise all options available to us to challenge the untenable findings in the order.“
| + | In the same television interview, Shubham thanked his family , especially his father, his school and Delhi Golf Club for giving him all the facilities for playing. |
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| − | The RIL group had earlier sought to settle the case, but Sebi had refused. The proceedings in the longpending case were expedited in the last few months.
| + | “I am just working hard and being honest, there are no short-cuts for me,“ said Shubham, who now goes to Laxman Public School. The young golfer loves Tiger Woods although in an interview he also listed Seve Ballesteros and Gary Player among his idols. |
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| − | ==2021: fined for ‘manipulative trades’==
| + | The case of Shubham Jaglan is an excellent illustration of how much sporting talent there is in a country of India's size if only spotted and nurtured. Shubham's feats prove that given the right opportunities and access to sporting facilities, such talent can reach global levels.Unfortunately, access to sporting facilities is so constrained and a culture of sports so lacking that despite a population of over a billion, the country produces hardly any world-class sportspersons.Governments need to invest and create the infrastructure so that every child can participate in sports. Corporates too can do their bit to ensure Indian sports takes its rightful place on the global stage. |
| − | [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2021%2F01%2F02&entity=Ar00309&sk=A191FCFF&mode=text January 2, 2021: ''The Times of India'']
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| − | [[File: 2007-21- manipulative trading in the shares of Reliance Petroleum.jpg|2007-21: manipulative trading in the shares of Reliance Petroleum <br/> From: [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIDEL%2F2021%2F01%2F02&entity=Ar00309&sk=A191FCFF&mode=text January 2, 2021: ''The Times of India'']|frame|500px]]
| + | =YEAR-WISE DEVELOPMENTS= |
| | + | ==2011-16== |
| | + | ==As in 2019== |
| | + | [https://www.indiatimes.com/sports/shubham-jaglan-the-son-of-a-milkman-who-practiced-watching-youtube-to-win-junior-world-golf-championships-379273.html Somak Adhikari, November 5, 2019: ''The Times of India''] |
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| − | Markets regulator Sebi fined Reliance Industries, Mukesh Ambani and two other entities a total of Rs 70 crore for alleged manipulative trading in the shares of Reliance Petroleum — which was merged with RIL in 2009— in a case that dates back to 2007.
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| − | Sebi, in its 95-page order, said in November 2007, RIL and several other entities closely associated with it, simultaneously traded in RPL in the cash and derivatives segments to profit from it.
| + | The thing about prodigies is that they hit their peak early. Shubham Jaglan was no different when it came to golf. He is only 15 now and already a bike future prospect for India in this particular sport. |
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| − | ''' Any manipulation erodes investor confidence: Sebi '''
| + | He started making waves pretty early in life. In 2012 he produced a world record in the Classic Junior Open. A year later he won the World Masters of Junior Golf and was on top of his game. But the journey was just getting started. |
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| − | Sebi imposed a fine of Rs 25 crore on RIL, Rs 15 crore on Ambani, the company’s chairman & managing director, Rs 20 crore on Navi Mumbai SEZ and Rs 10 crore on Mumbai SEZ.
| + | The icing on the cake came in 2015 when he won the Junior World Golf Championships. It was followed by the 2016 European Junior Championship. Shubham is clearly a star and has years ahead of him in the sport. But the journey has not been an easy one. |
| − | The order said that “any manipulation in the volume or price of securities always erodes investor confidence in the market when investors find themselves at the receiving end of market manipulators”.
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| − | Till late on Friday RIL had not commented on the Sebi order. The regulatory order of Friday said that between October and November 2007, ‘RIL admittedly appointed 12 agents’ to undertake transactions in RPL derivative contracts on its behalf. During November 2007, these 12 agents took short positions in the derivatives segment on behalf of RIL, while the company traded in RPL shares in cash segment.
| + | Things began to look up as the Delhi Golf Foundation spotted him and recognised his talent. He was given a scholarship of Rs 2 lakh per year and a Delhi Gold Club membership. As a result he relocated to the capital with his father and continued his training. |
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| − | “From November 15, 2007 onwards, RIL’s short position in the derivatives segment constantly exceeded the proposed sale of shares in the cash segment. On November 29, 2007, RIL sold a total of 2.25 crore RPL shares in the cash segment during the last 10 minutes of trading resulting in a fall in prices of RPL shares, which also lowered the settlement price of RPL November Futures. RIL’s entire outstanding position of 7.97 crore in the derivatives segment was cash settled at this depressed settlement price, resulting in profits on the said short positions. The said profits were transferred by the agents to RIL as per a prior agreement,” the order noted.
| + | Shubham has a long way to go, but he is on the right track. We must ensure that this child prodigy is not snuffed out when he touches 18. With proper backing, Shubham could go on to become the next big thing in golf. A future champion for sure. In fact in many ways, he is already a champion. |
| − | “A common person connected with RIL had placed orders in the cash segment on behalf of RIL and in the derivatives segment on behalf of the agents.” The funding for margin payments for the 12 agents was provided by Navi Mumbai SEZ and Mumbai SEZ, it added. Sebi order also said that being the CMD of RIL, Ambani was “responsible for the manipulative activities of RIL”.
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| − | Earlier, on March 24, 2017, Sebi had ordered RIL and some of its associated entities to disgorge nearly Rs 450 crore plus interest on it (which could work out to over Rs 1,000 crore) in same case.
| + | Born in Israna, Panipat district, Haryana, his father is a milkman. So how did he end up playing golf? Well there was a gold academy that a NRI started in his village and despite the family's objections, his grandfather enrolled him. The academy did shut down but that did not mean Shubham stopped his training. |
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| + | So how did he do it? Simple! He practiced in his backyard which his grandfather had converted into a gold course of sorts. He taught himself by watching YouTube videos and mastered the basics. |
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Milkman's son Shubham Jaglan lifts world junior golf title
Avijit Ghosh,TNN | Jul 19, 2015
He belongs to Israna, a village in Haryana's Panipat district. Shubham trained at an abandoned agriculture field. He practised his bunker shots from a cement mixer filled with sand. He rehearsed chips near his angaan from a tiny grass strip with holes. That he learnt much of his golf primarily watching experts on YouTube.
When Shubham claimed the IMG Academy junior world championship for the 9-10 age category in San Diego, it wasn't just another trophy on a burgeoning shelf -- he has already won over 100 tournaments -- it was a heart-warming moment of breath-taking young talent overcoming overwhelming odds with the right support.
It appears that an NRI set up a small golfing range in his home village of Israna. He bought the kids some equipment and hired a local caddie to teach them. But after a few months, most kids seem to lose interest. The caddie too quit, but not without leaving some equipment at Shubham's home and telling his father that his son had real talent. Despite the setback, Shubham kept practising on weekdays. On weekends, he took a bus to the Karnal golf course to hone his game.
"Shubham would spend hours watching video tutorials on the computer. A lot of what he had learnt at that stage was self-taught. For someone just seven years of age, his understanding of the mechanics of golf was phenomenal," says Nonita Lall Qureshi, a top golfer, who has been coaching Shubham since he was 7.
When they met, it was evident that the family had a major decision to make: leave their home, dairy business and move to Delhi so that Shubham could play serious golf. The family needed pro-active intervention at this stage which was provided by The Golf Foundation, a charitable society formed in 2000 by golfers who wanted to give back to the game by helping a pool of talented, underprivileged golfers in India.
Former Asian Games gold medalist Amit Luthra of The Golf Foundation says that they found suitable accommodation for Shubham's family at Ashram after encouraging them to move from Israna to Delhi.
"We bought them a Hondo Brio because he had to travel with Shubham in NCR. We ensured his father and him got a US visa. And we take care of his expenses in India and abroad," says Luthra, also a recipient of Arjuna Award. Delhi Golf Club gave him free playing facilities.
After winning the world junior championship, Jaglan praised his father for working harder than him in a Facebook post. He also credited his coach Nonita for pushing his "game and mind to this level" and to Luthra sir for "giving all day the support that I needed" "Shubham has really adjusted well to the changed culture, language and all. He goes to Laxman Public School where his grades are in good. He has balanced his game, fitness, education and free time," says his coach.
Nonita also points out that Shubham has a clear concept of golf being "a target sport." "Once his drive was just five yards off target and I said, good shot. He said, maam, how can you call that a good shot. He is focused on accuracy and hugely demanding on himself." Nonita says he loves Tiger Woods although in other interviews he lists Seve Ballesteros and Gary Player among his idols. One day, lovers of Indian golf hope that Shubham Jaglan will join the elite club.
Prodigy Shubham Jaglan, the 10-year-old son of a milkman from hinterland Haryana, swung his way to the IJGA World Stars of Junior Golf crown in Las Vegas, winning by a handsome five-stroke margin. He had clinched the IMG Academy junior world title for the 9-10 age category in San Diego.
Coached since age seven by India's former top golfer Nonita Lall Qureshi, Shubham comes from Israna, a village in Panipat district. Supported by the Golf Foundation, which was formed by golfers such as Amit Luthra to help underprivileged players, Shubham now lives with his family in Ashram, south Delhi.
Before being spotted by Nonita, Shubham trained at an abandoned farmland and practised his bunker shots from a concrete mixer filled with sand. He learned most of his early golf watching pros on YouTube.
In Shubham's village, where boys aspire to become wrestlers, wielding a golf club was unheard of before the prodigy's exploits became known. who was noticed in Aamir Khan's reality TV serial last year, has been winning tournaments with amaz ing consistency .
In the same television interview, Shubham thanked his family , especially his father, his school and Delhi Golf Club for giving him all the facilities for playing.
“I am just working hard and being honest, there are no short-cuts for me,“ said Shubham, who now goes to Laxman Public School. The young golfer loves Tiger Woods although in an interview he also listed Seve Ballesteros and Gary Player among his idols.
The case of Shubham Jaglan is an excellent illustration of how much sporting talent there is in a country of India's size if only spotted and nurtured. Shubham's feats prove that given the right opportunities and access to sporting facilities, such talent can reach global levels.Unfortunately, access to sporting facilities is so constrained and a culture of sports so lacking that despite a population of over a billion, the country produces hardly any world-class sportspersons.Governments need to invest and create the infrastructure so that every child can participate in sports. Corporates too can do their bit to ensure Indian sports takes its rightful place on the global stage.
He started making waves pretty early in life. In 2012 he produced a world record in the Classic Junior Open. A year later he won the World Masters of Junior Golf and was on top of his game. But the journey was just getting started.
The icing on the cake came in 2015 when he won the Junior World Golf Championships. It was followed by the 2016 European Junior Championship. Shubham is clearly a star and has years ahead of him in the sport. But the journey has not been an easy one.
Things began to look up as the Delhi Golf Foundation spotted him and recognised his talent. He was given a scholarship of Rs 2 lakh per year and a Delhi Gold Club membership. As a result he relocated to the capital with his father and continued his training.
Shubham has a long way to go, but he is on the right track. We must ensure that this child prodigy is not snuffed out when he touches 18. With proper backing, Shubham could go on to become the next big thing in golf. A future champion for sure. In fact in many ways, he is already a champion.
Born in Israna, Panipat district, Haryana, his father is a milkman. So how did he end up playing golf? Well there was a gold academy that a NRI started in his village and despite the family's objections, his grandfather enrolled him. The academy did shut down but that did not mean Shubham stopped his training.
So how did he do it? Simple! He practiced in his backyard which his grandfather had converted into a gold course of sorts. He taught himself by watching YouTube videos and mastered the basics.
