NEW DELHI: The government has ordered Reliance Industries (RIL), Shell and ONGC to pay a combined $3 billion in penalty following an arbitration award in the Panna Mukta Tapti (PMT) oil field dispute that went in favour of the government, according to people familiar with the matter. RIL and Shell have appealed the arbitration award in a UK court.

The oil ministry sent out a demand notice last month to Reliance and Shell, which own 30% each in the PMT fields off the Mumbai coast, as well as to ONGC that owns the balance 40% participating interest. The three companies have to pay the penalty proportionate to their stake in the fields.

Hindustan Motors, which used to manufacture iconic car Ambassador, is the latest case for insolvency.

Hindustan Petroleum Corporation Limited (HPCL) has taken the company to National Company Law Tribunal (NCLT).

First unveiled at the 2016 Auto Expo, Tata Motors' new compact SUV, Nexon, is all set to be launched this festive season. The company has recently added two new powertrains to its product portfolio. The first is the 1.2-litre turbocharged petrol from the Revetron series. This is likely to be the same engine that powers Tiago but with an added benefit of a turbocharger that would enhance car performance under the hood of the Nexon series. The second model is the 1.5-litre diesel engine from the Revotorq family.

SBI Life Insurance, a joint venture (JV) between the State Bank of India (SBI) and BNP Paribas Cardif, filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi), the capital markets regulator, for an initial public offering (IPO) of equity shares, on Monday.

The two JV partners are planning to sell up to 120 million shares of a face value Rs 10 each through an offer for sale, which will help them garner well over $1 billion (about Rs 7,000 crore).

Axis Bank on Monday claimed that it stood at second position in the card acceptance industry, with a point of sale (POS) installation base of over 4,33,000 in the country.

The bank, in 2016-17, acquired more merchants (2,18,000) than in the previous four fiscal years, underscoring its commitment to electronic payments, Sangram Singh, Head-Cards and Payment business, Axis Bank, said today.

The Gujarat High Court on Monday dismissed Essar Steel India Ltd's appeal against a Reserve Bank of India (RBI) order that asked creditor banks to start insolvency proceedings against the steelmaker, lawyers on the case said.

The ruling is a boost to the government, which in May tweaked Indian banking laws to empower the RBI to tackle the country's bad debt issue, allowing the RBI for the first time to direct lenders to force defaulters into insolvency courts.

Auto major Tata Motors today rolled out the country's first bio-CNG (bio-methane) bus.

The company said the bio-methane engines (5.7 SGI & 3.8 SGI) will be available on light and medium buses.

The company displayed three models, including the lead model Tata LPO 1613 with 5.7 SGI NA BS-IV IOBD-II compliant bus.

Presidential Election 2017: NDA nominee Ram Nath Kovind looks all set to become the next President of India. Polling for the Presidential election started in the Parliament and legislative assemblies of state at around 10 am. Prime Minister Narendra Modi was one of the first voters. With around 70% of required votes in favour of Kovind, the BJP exuded with confidence even as the opposition called the poll a clash of ideologies.

Union minister M Venkaiah Naidu said, “Kovind ji will win (the election) with a respectable and comfortable margin.” Another Union Minister Ravi Shankar Prasad said Kovind will secure a “decisive victory” and would turn out as an “honest” president, who, he said, will work hard according to the Constitution. “It would have been better if there was consensus (among all parties over Kovind’s nomination). But no issues,” PTI quoted him as saying.

As the Monsoon Session of the Parliament began on Monday, West Bengal Chief Minister Mamata Banerjee said that her party will play an aggressive role.

Speaking to media, Mamata Banerjee said, "We will play an aggressive role in Parliament. We are ready to go to jail but will not bow our heads."

Less than a week after Bengaluru's Deputy Inspector General (Prisons) Roopa D Moudgil alleged special treatment in jail to AIADMK (Amma) leader VK Sasikala, she has been been transferred to Traffic department.

DIG Roopa had alleged that the AIADMK chief was getting special facilities, including an exclusive kitchen to cook food for her, in complete violation of jail rules.

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