Latest news with #OSDs
India Today
4 days ago
- Business
- India Today
Ajit Pawar orders audit of Eknath Shinde-led body as Mahayuti tussle simmers
The Maharashtra Planning Department, headed by Deputy Chief Minister Ajit Pawar, has sought an independent audit of the Maharashtra State Road Development Corporation (MSRDC), led by Eknath Shinde, bringing to focus the simmering power tussle within the the centre of the move is the Rs 86,358 crore Shaktipeeth Expressway - the 802-km Nagpur-Goa corridor billed to be among India's costliest road projects. Earlier this week, the Maharashtra Cabinet approved a Rs 20,787 crore loan guarantee for the project's land the Finance Department, also under Pawar, has deemed the 8.85% interest rate on the Housing and Urban Development Corporation (HUDCO) loan for the Shaktipeeth Expressway financially unviable. It has argued that the state's own bonds fetch interest at a significantly lower 6.75%.SHAKTIPEETH EXPRESSWAY PROJECT The Finance Department has said the loan would burden the cash-strapped state. In a Cabinet note before the approval, the department had warned that off-budget borrowing would impact Maharashtra's loan-seeking capacity in the state is already reeling under a debt burden. As per estimates, Maharashtra's outstanding loans are projected to touch Rs 9.32 lakh crore by March 2026, with Rs 1.54 lakh crore earmarked solely for decision to borrow from HUDCO for the Shaktipeeth Expressway, a pet project of Chief Minister Devendra Fadnavis, is expected to further push the fiscal deficit to 4.08% and increase the debt-to-GSDP ratio to 25%. It has led to concerns about possible cuts to revenue expenditure and public welfare this juncture, the Planning Department seeking a review of MSRDC's finances has added to the tensions. The agency is overseeing major projects, including the Shaktipeeth Expressway, Pune Ring Road, and the Nanded-Jalna Planning Department has flagged MSRDC's existing loan guarantees of Rs 24,190 crore backed by the state, with budgetary provisions for the Comptroller and Auditor General (CAG) of India has also pointed out issues in MSRDC's financial and operational practices. Earlier, former MSRDC managing director Radhesham Mopalwar was accused of amassing disproportionate assets worth fresh tussle between Pawar and Shinde comes after Fadnavis's move to curb the unauthorised retention of personal secretaries (PS) and Officers on Special Duty (OSDs) by several ministers from the Shiv Sena and the NCP has added another layer to the tensions within Mahayuti.- Ends
India Today
4 days ago
- Politics
- India Today
Mahayuti rift widens as Devendra Fadnavis issues orders against ministers' staff
Tensions within Maharashtra's ruling Mahayuti alliance have intensified as Chief Minister Devendra Fadnavis moves to curb the unauthorised retention of Personal Secretaries (PS) and Officers on Special Duty (OSDs) by several ministers from the Shiv Sena and the Nationalist Congress Party (NCP).Despite repeated directives, some PSs and OSDs have continued to serve their preferred ministers, prompting Fadnavis to issue disciplinary notices to six non-compliant controversy involves Shiv Sena ministers Sanjay Rathod, Shambhuraj Desai, Bharat Gogawale, and Gulabrao Patil, as well as NCP leaders Dattatray Bharne and Chhagan Bhujbal. The appointments of their PSs were earlier stalled following allegations of irregularities. Sources say several of these aides - some of whom have held their positions for years - are under scrutiny for alleged corruption and amassing disproportionate an earlier move to bring transparency, Fadnavis had appointed two officials from the Chief Minister's Office (CMO) to screen and interview all PS and OSD candidates for the cabinet. This vetting process led to the stalling of multiple appointments, especially those of long-serving aides. However, continued defiance by certain staffers has now triggered tougher action.'These notices are a serious step to ensure accountability. The government is committed to rooting out corruption and maintaining discipline,' said a senior bureaucrat, requesting opposition has seized upon the development as a sign of growing discord within the Mahayuti coalition.'This isn't just about personal secretaries; it exposes the lack of coordination and trust among alliance partners. The Chief Minister's orders are being openly defied, which shows how weak his control is,' said Congress leader Vijay Danve, Leader of the Opposition in the Legislative Council, echoed this sentiment, saying complaints had been received about corrupt PSs and OSDs. He added that the issue would be raised during the upcoming monsoon session and that the notices were a necessary cabinet minister Ashish Shelar stated that only Chief Minister Devendra Fadnavis could offer complete clarity on the matter.- EndsMust Watch advertisement
New Indian Express
17-06-2025
- Politics
- New Indian Express
Row over appointment of personal assistants in Maharashtra
MUMBAI: The post of Personal Assistant (PA) may appear minor, but in the corridors of power in Maharashtra, it has become a significant point of contention between Chief Minister Devendra Fadnavis and Deputy Chief Minister Eknath Shinde. DCM Eknath Shinde has decided to approach CM Devendra Fadnavis after the General Administration Department (GAD), which falls under Fadnavis's control, rejected the files recommending several candidates for PA posts, citing their questionable administrative track records. Fadnavis had earlier made it clear that his government would not appoint PAs or Officers on Special Duty (OSDs) who were known to have acted as 'fixers' in previous administrations. Despite the GAD's objections, seven ministers including three from Shiv Sena (Gulabrao Patil, Shambhuraj Desai, Sanjay Rathod), one from BJP (Ganesh Naik), and two from NCP (Chhagan Bhujbal and Duttamama Bhurane) remain adamant about appointing their preferred candidates.
Indian Express
16-06-2025
- Politics
- Indian Express
Maharashtra: No personal secretaries for over six ministers, CM says ‘nothing to worry'
More than six months after the Mahayuti government assumed power in Maharashtra, over half a dozen Cabinet ministers continue to operate without officially appointed Personal Secretaries (PSs) and Officers on Special Duty (OSDs), as Chief Minister Devendra Fadnavis remains firm on withholding approvals for staff he deems 'corrupt' or 'fixers.' In February, Fadnavis had cleared 109 out of 125 names proposed by ministers for PS and OSD roles. As many as 16 names were withheld, with the Chief Minister citing 'serious concerns' — including pending inquiries and links to lobbying networks operating within Mantralaya. According to sources, the delay has affected several senior ministers, including Ganesh Naik, Shambhuraj Desai, Chhagan Bhujbal, Uday Samant, Gulabrao Patil, and Datta Bharne, who continue to function without full-time staff. While some of the proposed appointees have returned to their parent departments, others are assisting ministers unofficially. When the CM was asked about the delays in appointment of PSs and OSDs to over half a dozen ministers, he told mediapersons: 'There is nothing to worry about it'. According to service rules, each Cabinet minister is entitled to a personal staff of 16 and ministers of state to 14. However, the CM's Office has insisted on close vetting, particularly objecting to staff who had served in earlier governments and developed proximity to political intermediaries. A senior bureaucrat said, 'There were staffers who had been in the system for years and were seen as power centres. The CM wants a Mantralaya free of dalals (middlemen).' The CMO also held a two-day training session for approved PSs and OSDs in Pune, earlier this year, underlining expectations for professionalism and integrity. Tensions had surfaced publicly recently in February when Agriculture Minister Manikrao Kokate of the NCP had openly expressed dissatisfaction, stating that ministers had no say in appointing even their personal secretaries and PAs. Ministers have privately complained that the vetting process is being selectively applied with most rejected staffers said to be nominees of alliance partners and not the BJP. Despite criticism, Fadnavis in February had said that his priority is clean governance. 'Fixers will not be allowed to operate through ministerial staff,' he had said.
Yahoo
23-02-2025
- Business
- Yahoo
Deepwater Drilling's Delayed Rebound and the Future of Offshore Energy
A couple of years ago the offshore drilling-OSD, industry appeared to be on the cusp of a significant rebound. Shares of the big drilling contractors reached post-Covid highs as day rates for high spec, 7th Generation drill ships crested $450K. Positive cash flow began to accrue, and EPS forecasts rose, pushing share prices for these companies higher. It was as if the industry had turned a corner, and the prospect of a long-delayed offshore investment cycle was just ahead. The radius of the corner turned out to be a bit more obtuse than initially anticipated, and shares of the OSDs have cratered as the investment cycle has been deferred. I discussed the thesis behind the need to replace reserves that faced the big, International Oil Companies, or IOCs, that would propel this cycle in an OilPrice article in July of last year. It focused on Noble's (NYSE:NE) acquisition of Diamond Offshore, (old symbol DO), but laid out in detail a rationale for capex returning to deep water drilling. You might give that a read for a deeper treatment of this scenario. In this article, we are going to discuss the factors that have pushed the onslaught of anticipated capital outlay for deep water development to the right. According to most industry players, this move to the right could take us into 2026 or later, before we finally round the corner. Anton Dibowitz, CEO of Valaris Corp, (NYSE:VAL) commented bullishly in their Q-3, 2024 call on their view toward the industry's much-anticipated increase in activity- 'We maintain our conviction in the strength and duration of this upcycle, and we believe Valaris is well positioned to drive long-term value creation. While we have seen some customer demand deferred, the pipeline of future opportunities in 2026 and beyond remains robust.' It would probably help to understand that deepwater projects are done in stages. The subsea infrastructure that usually follows project sanctioning to support production is all long-lead-time hardware with sophisticated manufacturing specifications and attendant supply chain implications. There are only a few providers of this equipment and choke-points can result as the order books fill up. One of the big impediments to a big drilling ramp up is the lead time for new FPSO's-the principal method of offtake for subsea wells. A flurry of new orders has led to the shipyards that built them being backlogged for several years. FPSOs usually enter the field when enough of the wells are completed to start production efficiently. That being the case the drillships that are used to build the wells are timed to achieve cost optimization. This last point was discussed in Valaris Ltd's third-quarter call. Anton Dibowitz, CEO commented in response to an analyst's question- 'This year, we have seen a year-over-year decline in the pace of contracting and a meaningful amount of customer demand being deferred into 2026. The primary drivers of these deferrals are availability of production equipment, delayed FPSOs, protracted regulatory approvals and customers' capital discipline.' The case for a rebound in deep water activity commencing in the near future rests not only on the timing of developmental project start-ups but a return to exploration. The graph below from a forecast by Wood MacKenzie, a leading energy consulting firm highlights the companies and countries where capital is likely to be deployed in a search for new reserves of oil and gas in the coming years. Wood Mac noted in their report that some previously held geological concepts about the 'heat kitchens' for the conversion of oil precursor, kerogen to useful oil and gas, being lacking in far-offshore, deep waters had been revised following recent discoveries in Guyana and West Africa. We think as a final point in support of a rebound in drilling activity in deep water basins the lack of reserve replacement over the last decade by the surviving Super Major IOC's will show up in that time frame as well. Rystad noted in a blog post that in 2024 the total recoverable global reserves of 1.5 trillion barrels declined by 52 bn barrels from 2023. Drilling onshore and offshore has been challenged over the past decade. With shale activity technology improvements that have been discussed previously, the drilling rigs required to sustain production have been reduced by about 30% over the last several years. It is arguable if a substantial recovery in the sector is likely to happen in a foreseeable time frame. Offshore, and in particular, deep water projects were deferred for a number of reasons. Among the reasons, are the capital cost required to bring them online, and the fear of reserves being stranded in the event of a true energy transition that would render them unneeded. Rystad noted this in their blog post- 'Our estimates of total recoverable oil resources have fallen by 700 billion barrels since 2019 due to reduced exploration activities. Exploration has fallen as investors fear new discoveries will remain stranded due to the ongoing electrification of vehicles and the expected slump in both oil demand and crude prices.' What we are learning now is the energy transition was a narrative that was adopted as a fact, and is now beginning to completely unravel. Oil companies are recommitting to increased exploration to replace diminishing reserves that are now viewed as being absolutely critical to global energy security. But the question of timing still remains for the drillers. Your takeaway I think now we understand that choke points have caused part of the delay in the pickup in deep water drilling that was anticipated for 2024/5. Capital restraint in an uncertain investing environment also played a role and could continue into 2025. With the trends we are seeing now, and recent commentary in Noble Corporations, NYSE:NE) fourth-quarter report, that the rebound thesis for 2026 may be stretched further out and investors should probably take note of this when considering entry points into the OSDs for the eventual rebound. Robert Eifler, CEO of Noble commented in their Q-4 report on their medium-term outlook for the industry- 'Fundamental drivers for our business are durable in nature, and therefore this recent contracting lull that has pushed things out to the right by a year or two is very likely to be self-correcting before long. And just to state it, nothing has changed in our medium and long-term view about that demand for our services.' Hopefully the case we have made for a recovery in deep water drilling plays out sooner than later. In that scenario, we think the entry points that now present themselves will stand the test of time. In particular we like the present case for Noble Corp, the leading provider of 7th Generation Drillships to the industry. Day rates for these rigs are over $500K per day, contributing to positive cash flow that sustains an attractive 7.2% yielding quarterly dividend and an ongoing stock buyback program that will increase the intrinsic value of Noble shares. By David Messler for More Top Reads From this article on
