Supreme Court orders CERC to remain under suspension for one more month


The on Friday suspended the Central Electricity Regulatory Commission (CERC) for at least a month as it failed to appoint a member (law).

The apex court said the earlier judgment of August 28, 2020, would continue to remain in force till October 26 or till the time a member (law) is appointed. Case hearing at had already halted since August 28. The matter pertains to a order in April 2018 when it directed all state electricity commissions to appoint a member from the field of law with qualifications of a high court or district judge.

However, the ministry of power, which appoints members in the CERC, failed to do so. The ministry advertised for vacancy of member (law) for in April 2019 and October 2019. But the selection committee did not finalise any candidate and cancelled the process. Meanwhile, two other non-law members – I S Jha, former chairman and managing director, Power Grid Corporation, and Arun Goyal, retired secretary, Government of India, were appointed.

A contempt petition was filed by K K Agarwal and argued by advocate Ravi Sharma in August against the

Nalco inks pact with Numaligarh Refinery for calcined petroleum coke supply


National Aluminium Company Ltd (Nalco) on Friday said it has entered into a pact with Ltd for long-term supply of calcined petroleum coke to ensure raw material security.

The memorandum of understanding (MoU) was signed on Thursday, said in a BSE filing.

The pact “was signed…between National Aluminium Company Limited and Ltd (NRL) for long-term supply of CP Coke to ensure raw material security,” the filing said.

is an integrated primary producer of aluminium.

Ltd is a public sector oil company in Assam.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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WHO Warns Two Million Virus Deaths Possible As Europe Clamps Down


The World Health Organization warned Friday that coronavirus deaths could more than double to two million if infection-fighting measures are not kept up, as European countries tightened the screws faced with mounting cases.

Global deaths had reached 985,707 according to an AFP tally around 1800 GMT Friday, from more than 32.3 million cases.

“One million is a terrible number and we need to reflect on that before we start considering a second million,” the WHO’s emergencies director Michael Ryan told reporters when asked how much higher deaths could mount.

But he added: “Are we prepared collectively to do what it takes to avoid that number?

British pubs and bars were to start closing early after the government imposed new virus curbs
 AFP / Tolga AKMEN

“If we don’t take those actions… yes, we will be looking at that number and sadly much higher.”

The WHO warning came as Spanish officials expanded a lockdown in and around Madrid on Friday to cover one million people.

Madrid’s health authority said new rules largely banning tens of thousands from leaving their districts — in addition to the 850,000 already living under similar restrictions — would be enforced from Monday.

Graphic highlighting the countries with the largest number of Covid-19 cases and deaths September 18-24.

Graphic highlighting the countries

RBI scraps Rs 10,000-crore OMO, plans to conduct Operation Twist


The (RBI) on Thursday refused to go ahead with its planned bond purchase from the secondary market, even as it received more than six times the bid for its Rs 10,000-crore open market operation (OMO).

Instead, the central bank announced a special OMO of Rs 10,000 crore, to be conducted on October 1, where it would simultaneously buy and sell bonds to keep system liquidity intact. In such special OMOs, the RBI buys long-term papers and sells short-term securities, an exercise also called ‘Operation Twist’ in market parlance.

Thursday’s exercise was, however, an outright purchase OMO, where the central bank received bids of Rs 66,473 crore. This was the first outright OMO purchase planned in this financial year. The last outright OMO purchase was done on March 26 when the central bank bought Rs 15,000 crore.

Since then, the favoured mode of yield management has been special OMOs where more often than not the central bank bought more than it sold.

Bond market participants were disappointed because the central bank in the past has refused to sell 10-year bonds at rates the market

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