The Securities and Exchange Board of India (SEBI) has ordered a forensic audit into the financial statements of Future Retail for FY20, FY21, and FY22 over concerns that the "disclosure of financial information and the business transactions in the matter of Future Retail Limited have been dealt with in a manner which may be detrimental to the interest of the investors or the securities markets...".

Explaining the reason for initiating the forensic audit, SEBI wrote in a letter: “SEBI has reasonable grounds to believe that the disclosure of financial information and the business transactions in the matter of Future Retail Limited have been dealt with in a manner which may be detrimental to the interest of the investors or the securities markets and/or an intermediary or a person associated with the securities market may have violated the provisions of the Securities and Exchange Board of India Act, 1992, Securities Contracts (Regulation) Act, 1956, SEBI (PFUTP) Regulations, 2003, and the provisions as specified in Section 24 of the Companies Act, 2013 or any other rules or the regulations made or directions issued by SEBI there under.”

Cash-strapped SpiceJet promoter Ajay Singh is in talks with multiple players — including a Middle Eastern carrier and a big Indian conglomerate — for stake sale to raise funds for the struggling-to-survive budget airline which urgently requires recapitalisation to keep flying.

The airline management had been telling government officials concerned about its poor financial health about these talks and has now confirmed the same.

A SpiceJet spokesperson said: "The company continues to be in discussions with various investors to secure sustainable financing and will make appropriate disclosures in accordance with applicable regulations.” Singh has about 60% stake in the budget carrier.

Shares of GAIL India were under pressure in the morning trade on August 2 after media reports said that Russia’s Gazprom had invoked force majeure on its long-term liquefied natural gas (LNG) contracts with the company.

The force majeure was invoked after Gazprom failed to meet delivery of certain LNG cargoes to GAIL from Singapore instead of diverting those cargoes for delivery in Europe, where the Russian company is getting higher prices for its gas in the spot market, various media reports said.

The lack of natural gas supply from Gazprom has put GAIL in a quandary as it will now have to secure alternative supplies from the international spot market, where prices are nearly three times the long-term contract rates.

Petrol-Diesel Price Today 1 August 2022: Oil Marketing companies (OMCs) have released new rates of petrol and diesel today (August 1), which remains unchanged even after three months. The price of petrol and diesel was reduced last time on July 21.

The central government on May 21 announced a tax reduction on petrol by Rs 8 per litre and on diesel by Rs 6 per litre.

Petrol-Diesel Price today August 1

Flying between India and North America — that anyway costs a fortune these days due to sky-high airfares and a weak rupee — could now get even more expensive for those who don’t exactly travel light.

German mega carrier Lufthansa will permit only one check-in bag of upto 23 kg without extra charge to economy passengers booking tickets starting Monday (Aug 1) to fly between India and North America, halving from the earlier allowance of two bags. Passengers who have booked tickets before till July 31 will not be charged extra on this count.