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Haryana Finance Corporation told to refund money
The Supreme Court (SC) last week asked the Haryana Financial Corporation to refund the amount received from a buyer of a defaulting unit as it had not disclosed certain vital facts to the buyer. The corporation had forfeited the amount when the buyer withdrew from the contract of sale. The SC stated in the case, Haryana Financial Corporation vs Rajesh Gupta, that a “mere perusal of the provisions of the Transfer of Property Act will show that it was incumbent upon the corporation to disclose to the buyer about the non-existence of an independent passage to the unit. It was also the duty of the corporation to inform the buyer that the passage mentioned in the revenue record was not fit for movement of vehicles. The corporation also failed to show the buyer the entire documentation as required by law.”

Asian stocks fall on stimulus concern, UBS loss
Asian stocks fell, led by banks and developers, as UBS reported a wider-than-estimated loss amid investor concern that the withdrawal of stimulus measures will cause the global recovery to falter.

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Small Business

IOC to decide on revival of Ennore LNG terminal

State-run Indian Oil Corporation will in next 2-3 months decide on the fate of its $750- million liquefied natural gas (LNG) import terminal at Ennore on the outskirts of Chennai, IOC Director (Business Development) B M Bansal said today. - IOC to take 26-49% in nuclear power plant with NPCIL - Petro Min seeks Rs 20,871 cr oil bonds for fuel retailers - OVL in talks for setting up refinery in Nigeria - Step on the gas - India-Africa oil summit opens today - Chevron inks $82-bn deal with Tokyo Electric "In next 2-3 months, we will take a decision if Ennore LNG terminal project is to be revived," he told reporters here. IOC had in 2007 put on hold the 2.5 million tonnes a year LNG import-cum-regassification terminal after huge gas finds off the east coast made the project economically unviable. Gas from discoveries made by Reliance Industries, Oil and Natural Gas Corp (ONGC) and Gujarat State Petroleum Corp (GSPC) as also Petronet LNG’s Kochi LNG terminal may feed much of the demand in the region, leaving little scope for Ennore. "Once we decide internally, it will take one year to prepare a detailed feasibility report," he said. When the project was put on hold, state-run gas utility GAIL India too wanted to be part of the project. The Petroleum Ministry had then decided that IOC and its subsidiary Chennai Petroleum Corp (CPCL) would be the lead promoters.


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