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Scroll.in
3 days ago
- Politics
- Scroll.in
Why RSS outfit members are at centre of a Rs 14 crore scam at ICHR
Three years into the first term of the Narendra Modi government, several members of an outfit associated with the Rashtriya Swayamsevak Sangh were appointed in key positions at the Indian Council for Historical Research in Delhi. The appointment of members of the Akhil Bharatiya Itihas Sankalan Yojana, or ABISY, was part of the Sangh Parivar's stated objective of 'rewriting' Indian history. The ABISY itself is housed in the Delhi office of the RSS. While there is little doubt about the ideological transformation of ICHR led by handpicked members of the RSS outfit, what has gone hand in hand are allegations of corruption and financial misdemeanours. The grave charges have forced the Indian government to take notice. Earlier this month, the Central Vigilance Commission indicted four members of the Akhil Bharatiya Itihas Sankalan Yojana for dubious financial dealings at the ICHR. The CVC has advised the Ministry of Education to start penalty proceedings against the four, as well as 11 other current and former officials. The problems at the institution came to light after two complaints alleging irregularities in its finances, appointments and promotions were filed with the Lokpal of India in 2022 and 2023, show government documents seen by Scroll. This led to parallel investigations by the CVC and the Ministry of Education, including an internal audit of ICHR's books by the ministry in 2023. The audit found financial irregularities to the tune of Rs 14.03 crore, including Rs 7.4 crore in unrecovered grants to scholars who had not submitted their work to the body. The audit flagged a 'reckless spending spree' by senior officials – a striking example of which is the council's decision to splurge Rs 30 lakh on the publication of a book edited by senior ICHR officials. 'There is no transparency in decision making and there is large-scale violation of GFR [General Financial Rules] and other rules and regulations,' concluded the audit, seen by Scroll. The officials in the dock On May 2, the Central Vigilance Commission advised the Ministry of Education to start penalty proceedings against 15 current and former officials of the ICHR. One of them is Saurabh Kumar Mishra, a deputy director at ICHR, who is also the ' head of publicity' of ABISY. Notably, Mishra is the nephew of the chief of the RSS outfit, Balmukund Pandey. Another person indicted by the CVC is Om Jee Upadhyay, the director of research and administration, who also holds the most powerful position at ICHR – that of the member secretary. Upadhyay is a 'senior writer' at ABISY, according to its website. Upadhyay is often part of debates on TV news channels, usually defending the government's positions. The CVC also recommended penalty proceedings against Jagdish Singh, the deputy registrar of Jawaharlal Nehru University, and Narendra Shukla, the head of research and publication at the Nehru Memorial Museum and Library. Both Singh and Shukla were part of a key decision-making committee at ICHR. Shukla edited ABISY's journal, Itihas Darpan, till 2022, and organised events by the outfit. The CVC also advised the government to probe two former ICHR member secretaries over the irregularities during their tenure – Umesh Ashok Kadam and Kumar Ratnam. Kadam, who now teaches at JNU, is also an ABISY member. His JNU profile says he joined the outfit in 2022, the year he became ICHR member secretary. The CVC's advice to initiate penalty proceedings is recommendatory but not binding on the government. If the government accepts the advice, the disciplinary authorities at ICHR will issue chargesheets to the officials named by the CVC. Raghuvendra Tanwar, the ICHR chairman, told Scroll that the disciplinary authority at ICHR has issued the chargesheets, which shows that 'the matter is being handled with all seriousness'. Scroll contacted Kumar Ratnam, Jagdish Singh and Narendra Shukla for their response to the CVC's strictures. The story will be updated if they respond. The outfit Established in 1972, the Indian Council for Historical Research is a government-funded institution that funds and publishes historical research with the aim of fostering 'objective and scientific writing of history'. ICHR comes under the Ministry of Education. Since 2017, several members of the ABISY, which describes its function as 'recompiling the history from the Mahabharata period to the present time on the basis of Indian chronology', have been appointed to the council. In January 2022, this reporter had reported in Newslaundry on how ABISY functionaries with inadequate credentials were hired at ICHR in 2018, followed by the entry of their friends and relatives at the institution. In June 2022 and July 2023, the Lokpal of India received two anonymous complaints against ICHR officials. The 2022 complaint, seen by Scroll, levelled 14 allegations against five officials. It alleged wrongful and illegal appointments at the institution, violation of rules in organising seminars, research and procurement of electronic gadgets without due diligence. The complaint also alleged 'nepotism', or the 'appointment of blood relatives' at the institution, especially members of the Akhil Bharatiya Itihas Sankalan Yojana, or ABISY. The 2023 complaint added that ABISY's 'special ideology' controls the ICHR 'with intent to loot government-funded money in a planned manner' with support from 'powerful persons'. The Lokpal complaints travelled to the Ministry of Education, via the CVC. In March 2023, the ministry conducted a special audit of ICHR's books to investigate some of the allegations. 'Serious irregularity' The special audit found irregularities to the tune of Rs 14.03 crore at ICHR between financial years 2021-22 and 2022-23. It flagged 18 instances: 16 pertained to financial dealings and two to appointments and promotions. It observed a 'reckless spending spree neglecting rules and regulations' during the tenure of Umesh Ashok Kadam, the member secretary between August 2022 and May 2023. The most prominent irregularity was the disbursement of Rs 6.26 crore to 397 scholars who had not submitted their final work to ICHR. According to the body's research funding rules, these scholars were liable to refund the grant to ICHR. 'No recovery of Rs 6,26,19,288 has been affected from 397 scholars as above provision of rules have not been followed by ICHR authorities,' said the audit. Similarly, an additional Rs 1.09 crore in project grants had not been recovered from 85 project directors whose work remains incomplete, in violation of ICHR rules. Kadam also ordered repair and renovation work worth Rs 2.55 crore at the ICHR building 'without the approval of competent authority' and without adhering to rules and regulations, the audit found, describing it as a 'serious irregularity'. Deputy director Saurabh Kumar Mishra also finds a mention in the audit. He, along with Kadam, awarded the work of creating an e-office application for ICHR to the Broadcast Engineering Consultants India Limited, or BECIL, a body under the Ministry of Information and Broadcasting. The decision to approach BECIL contradicted the ICHR general council's decision that the work should be awarded to the National Informatics Centre, or NIC, says the audit. According to the audit, Mishra claimed that NIC had sought time to develop the application, even though 'no documentary proof of discussions with NIC is available in file'. The audit found that the work was haphazardly awarded to BECIL with 100% advanced payment, which was against laid down financial rules. BECIL, in turn, roped in a firm called Iforaa Private Limited for Rs 12 lakh to provide 'accessibility consultancy services'. Firm documents filed with the Registrar of Companies shows that Iforaa's directors are business associates of Kiram DM, a businessman linked to the RSS. Kiran is the director of Sewa Bridge Foundation along with Keshav Govind Parande, the secretary of Sewa International, an overseas outfit of the Sangh. He has previously held top positions in Hindu Seva Pratishthana and Youth for Sewa, both affiliated with the RSS. That's not all. Iforaa's balance sheets show that the work awarded by ICHR is the firm's only business dealing since it was incorporated in January 2021. Between 2020-21 and 2023-24, the firm reported only Rs 12 lakh in operating revenue. An executive at Iforaa said that the firm did not get the ICHR-BECIL contract because of Kiran's links to the Sangh. 'He is not a shareholder or employee at the firm,' the executive said. 'We received the contract through an open tender process at BECIL.' Scroll sent queries to BECIL about the deal awarded to them. The story will be updated if they respond. Mishra directed Scroll's questions to the disciplinary authorities at ICHR. 'My comments would be against the rules,' he said. 'Mother of Democracy' The violation of financial rules and due process at ICHR is a running theme throughout the audit. One of them involves a book called India, the Mother of Democracy, edited by Kadam and ICHR chairman Raghuvendra Tanwar. The audit found that in July 2022, the Research Projects Committee at the institution had sanctioned Rs 20 lakh for the book and nominated four publishers. The then Research Projects Committee of ICHR had four members – chairman Tanwar and members C.I. Issac, Himanshu Chaturvedi and Shridhar Madhukar. Here, too, the influence of ABISY was evident. Isaac was at the time a member at ABISY and Chaturvedi is a former president of the ABISY's Gorakhpur chapter. 'The committee had given free hand to pick up any of the…[four] publishers to the member secretary without even giving a chance to other three to give competitive quotations,' says the audit. The audit found that Kadam chose a publisher called Kitabwale and spent Rs 30.1 lakh on the book's publication – exceeding the budget by Rs 10.1 lakh. A company profile of Kitabwale mostly contains photos of its managing director, Prashant Jain, with senior functionaries of the RSS. Jain told Scroll that he was not a member of the Sangh Parivar, but aligned with it ideologically. 'The irregularities are the concern of those at ICHR who took decisions on the book's publication,' he said. 'We simply published the book as we were told to.' The audit notes that ICHR and Kitabwale set the price of the book at Rs 5,000. 'It is not mentioned anywhere in the agreement or in file how the sale price of the book was worked out,' it adds. The institution spent Rs 25 lakh to procure 1,000 copies of the book at 50% discount. It sold 26 copies, gave 94 copies to the Prime Minister's Office for free, and 880 copies remained unsold at the time of the audit. Another Rs 5.1 lakh was spent to pay authors and proofreaders. The audit concluded that the 'publication of the book without adhering to rules and transparency is a serious irregularity'. In May 2023, soon after the audit results were shared with ICHR, Kadam left the body without completing his three-year long tenure as member secretary. His tenure lasted nine months. An official at the institution, who spoke to Scroll on the condition of anonymity, said that Kadam quit on the orders of the Minister of Education, Dharmendra Pradhan. Kadam did not respond to multiple calls and messages for comment. Appointments and promotions In addition to financial irregularities, senior officials at ICHR were also under scrutiny for appointments and promotions. The ministry's audit zeroed in on two officials. One of them is deputy director Dharmendra Singh, who had been promoted from a section officer to 'assistant director' in 2017 – a position that did not exist. Moreover, Dharmendra was promoted to deputy director in 2022, for which he did not have the required experience, the audit says. The other official is section officer Sachin Kumar Jha. Jha was hired as an assistant in 2018 and promoted to a section officer in 2021. This was done despite him not meeting the age criteria or having the required experience, the audit adds. Both Dharmendra and Jha have been recommended for major penalty proceedings by the CVC, along with one Davinder Singh, an assistant at ICHR. A second official at ICHR told Scroll on the condition of anonymity that Dharmendra, Davinder and Jha were promoted to their positions because they made it easier for ICHR's senior management, especially the clique from ABISY, to spend the institution's money without any checks. 'Dharmendra and Davinder were in key administrative positions to sanction the money,' said the second official. 'They prioritised files that the ABISY people wanted to move quickly.' The first official, who is familiar with the CVC probe, told Scroll that director Upadhyay and former member secretary Kumar Ratnam came under scrutiny for approving Jha's appointment and promotion at ICHR. The CVC has recommended minor penalty proceedings against Upadhyay and suggested a probe into Ratnam's 'adverse role' in Jha's appointment and promotion. Scroll contacted Dharmendra Singh and Davinder Singh for their response to the CVC's decision. The story will be updated if they respond. The recruitment firm In late 2018, ICHR had hired a private firm to conduct recruitment exams. The Lokpal complaint from 2022 alleges that this firm was selected 'without following e-tender process and GFR [general financial rules]', adding that it had led to the appointment of blood relatives and 'nepotism'. ICHR documents from the time show the institution recruited 28 people after the exams, including Jha and Davinder. Jha is a close associate of ABISY chief Pandey, the second ICHR official alleged, pointing to several pictures of the two on Jha's social media profiles before his recruitment. Jha told Scroll that he knew Balmukund Pandey 'like I know many people', adding: 'You should not pose your questions to me but to those who hired me.' In April 2023, the CVC investigated how ICHR hired the private firm and partly confirmed the allegation in the Lokpal complaint. It found that the firm was contracted without the due process of bidding on the government's e-marketplace portal, called GeM, which ensures efficient, transparent and competitive bidding. The private firm was paid Rs 89.18 lakh by ICHR for the recruitment exams, according to a Right to Information reply. In May 2024, the vigilance body identified three officials responsible for roping in the firm: Dharmendra Singh, Om Jee Upadhyay, and then member secretary Rajaneesh Kumar Shukla, now the vice-president of ABISY. Upadhyay said that the CVC had closed the matter. In a written response seen by Scroll, Upadhyay told the body that the lapse had occurred because of 'lack of awareness' of the GeM portal by the ICHR senior management. Upadhyay, Shukla and Dharmendra were let off without a penalty in September 2024.
Associated Press
07-05-2025
- Business
- Associated Press
Greenfire Resources Reports First Quarter 2025 Results and Provides an Operational Update
Readers are advised to review the 'Non-GAAP and Other Financial Measures' section of this press release for information regarding the presentation of financial measures that do not have standardized meaning under IFRS ® Accounting Standards. Readers are also advised to review the 'Forward-Looking Information' section in this press release for information regarding certain forward-looking information and forward-looking statements contained in this press release. All amounts in this press release are stated in Canadian dollars unless otherwise specified. The Company holds a 75% working interest in the Hangingstone Expansion Facility (the 'Expansion Asset') and a 100% working interest in the Hangingstone Demonstration Facility (the 'Demo Asset' and, together with the Expansion Asset, the 'Hangingstone Facilities'). Unless indicated otherwise, production volumes and per unit statistics are presented throughout this press release on a 'gross' basis as determined in accordance with National Instrument 51-101 - Standards for Disclosure for Oil and Gas Activities, which is the Company's gross working interest basis before deduction of royalties. Calgary, Alberta--(Newsfile Corp. - May 6, 2025) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ('Greenfire' or the 'Company'), today reported its operating and financial results for the quarter ended March 31, 2025 ('Q1 2025"). The unaudited condensed interim consolidated financial statements and notes for the three months ended March 31, 2025 and 2024, as well as the related Management's Discussion and Analysis ('MD&A'), will be available on SEDAR+ at , on EDGAR at and on Greenfire's website at . Q1 2025 Highlights Bitumen production of 17,495 bbls/d Cash provided by operating activities of $34.7 million and Adjusted funds flow (1) of $31.4 million of $31.4 million Capital expenditures (2) of $26.3 million of $26.3 million Adjusted free cash flow (1) of $5.1 million Financial & Operating Highlights [This table cannot be displayed. Please visit the source.] (1) Non-GAAP measures without a standardized meaning under IFRS Accounting Standards. Refer to the 'Non-GAAP and Other Financial Measures' section in this press release. (2) Supplementary financial measure. Refer to the 'Non-GAAP and Other Financial Measures' section of this press release. (3) The Company had $50.0 million available under the Senior Credit Facility, with no amounts drawn as at March 31, 2025, March 31, 2024, or December 31, 2024. Q1 2025 Review Greenfire's average production for Q1 2025 was 17,495 bbls/d, a 10% decrease from Q4 2024 and below 19,667 bbls/d reported in Q1 2024. Expansion Asset: Production in the first quarter of 2025 decreased by 21% compared to the previous quarter to 12,613 bbls/d, primarily due to steam generation downtime and production declines following the 2024 Refill program. Demo Asset: Production in the first quarter of 2025 increased by 46% compared to the previous quarter to 4,882 bbls/d, driven by the activation of additional redevelopment wells and the startup of the second disposal well in Q4 2024. Hangingstone Facilities: Bitumen Production Results [This table cannot be displayed. Please visit the source.] Capital expenditures for Q1 2025 totaled $26.3 million, compared to $34.4 million in the same period of the prior year. Adjusted free cash flow was $5.1 million for Q1 2025, an improvement from negative $6.9 million in Q1 2024, primarily driven by more favorable WCS Hardisty differentials and lower capital expenditures. Operational Update Production and Steam Generation Updates The Company's production for Q2 2025 to date is approximately 15,650 bbls/d due to steam generation downtime and base production declines at the Expansion Asset. At present, one of the four steam generation units is offline, with an associated production impact of approximately 1,500 to 2,250 bbls/d. The Company is targeting restoring the offline steam generator by year-end 2025 and is implementing mitigation strategies to reduce production impacts during this period. Emissions Reporting and Regulatory Engagement Greenfire continues to engage in discussions with the Alberta Energy Regulator ('AER') regarding previously reported sulphur dioxide emissions that exceed regulatory limits at the Expansion Asset. The Company takes its regulatory obligations very seriously and has ordered sulphur removal facilities at the Expansion Asset, at a total estimated cost of $15 million ($20 million on a 100% working interest basis), with installation and commissioning targeted for Q4 2025. Greenfire anticipates that this measure will restore compliance with the sulphur dioxide emissions requirements at the Expansion Asset in a safe and efficient manner. Progress Update on Future Development Plans The Company is advancing its evaluation of development plans, capital expenditures, and operational strategies for the Hangingstone Facilities. To address production declines at the Expansion Asset, the Company plans to construct new well pad locations and drill well pairs on the undeveloped reservoir northeast of the Central Processing Facility (the 'CPF'). Final investment decision remains subject to approval by Greenfire's board of directors (the 'Board of Directors') (see Exhibit 1). If the project is approved, drilling of these well pairs could begin as early as Q4 2025. The Company is evaluating additional development targets to the southeast of the CPF to support further production growth. At the Demo Asset, future developments are expected to focus on optimizing base production. Exhibit 1: Expansion Asset - Development Plan Locations Currently Under Evaluation - Undeveloped reservoir northeast and southeast of the CPF (orange) [ This image cannot be displayed. Please visit the source: ] Exhibit 1 To view an enhanced version of this graphic, please visit: Corporate Update The Company's strategic review process, overseen by a Special Committee of independent directors, has completed with Greenfire electing to continue as a public company. The Company remains dedicated to maximizing shareholder value through investment in growth at the Hangingstone Facilities and is focused on increasing net present value per share as well as optimizing return on equity for Greenfire shareholders. Mr. Derek Aylesworth is not standing for re-election to the Board of Directors at the annual meeting of Greenfire shareholders on May 6, 2025 (the 'Meeting'). Following the Meeting, Mr. Brian Heald, if elected, will become the Chair of the audit committee of the Board of Directors (the 'Audit Committee'), and Mr. David Knight Legg, if elected, will join Mr. Tom Ebbern and Mr. Heald on the Audit Committee. Greenfire has hedges in place for 9,450 bbls/d of WTI at approximately $100.90 per barrel through 2025, providing a stable financial foundation for capital investments amidst market volatility. In April 2025, the Company hedged the WCS Hardisty differential, securing 12,600 bbl/d for Q3 2025 at US$10.90/bbl and 5,000 bbl/d for Q4 2025 at US$13.50/bbl. The Company will continue to assess market conditions to identify additional hedging opportunities. Conference Call Details Greenfire plans to host a conference call on Wednesday, May 7, 2025 at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time), during which members of the Company's executive team will discuss its Q1 2025 results as well as host a question-and-answer session with investors. Date: Wednesday, May 7, 2025 Time: 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time) Webcast Link: Dial In: 1-800-806-5484 or 1-416-340-2217 Participant passcode: 4906082# About Greenfire Greenfire is an oil sands producer actively developing its long-life and low-decline thermal oil assets in the Athabasca region of Alberta, Canada, with its registered offices in Calgary, Alberta. The Company plans to leverage its large resource base and significant infrastructure in place to drive meaningful, capital-efficient production growth. As part of the Company's commitment to operational excellence, safe and reliable operations remain a top priority for Greenfire. Greenfire common shares are listed on the New York Stock Exchange and Toronto Stock Exchange under the trading symbol 'GFR'. For more information, visit or find Greenfire on LinkedIn and X . Non-GAAP and Other Financial Measures Certain financial measures in this press release are non-GAAP financial measures or ratios. These measures do not have a standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures provided by other companies. These non-GAAP measures should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS Accounting Standards. This press release also contains supplementary financial measures. Non-GAAP financial measures and ratios include operating netback, adjusted funds flow, adjusted free cash flow, net debt and per barrel figures associated with such non-GAAP financial measures. Supplementary financial measures and ratios include gross profit, capital expenditures and depletion. Non-GAAP Financial Measures Operating Netback (including per barrel ($/bbl)) Gross profit (loss) is the most directly comparable GAAP measure to operating netback which is a non-GAAP measure. Operating netback is further adjusted for realized gain (loss) on risk management contracts, as appropriate. Operating netback per barrel ($/bbl) is calculated by dividing operating netback by the Company's total bitumen sales volume in a specified period. When Operating netback is expressed on a per barrel basis it is a non-GAAP ratio. Operating netback is a financial measure widely used in the oil and gas industry as a supplementary measure of a company's efficiency and ability to generate cash flow for debt repayments, capital expenditures or other uses. The following table is a reconciliation of gross profit (loss) to operating netback: [This table cannot be displayed. Please visit the source.] (1) Supplementary financial measure. Adjusted Funds Flow and Adjusted Free Cash Flow Cash provided by operating activities is the most directly comparable GAAP measure for adjusted funds flow, which is a non-GAAP measure. This measure is not intended to represent cash provided by operating activities calculated in accordance with IFRS Accounting Standards. The adjusted funds flow measure allows management and others to evaluate the Company's ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities. We compute adjusted funds flow as cash provided by operating activities, excluding the impact of changes in non-cash working capital, less transaction costs and transactions considered non-recurring in nature or outside of normal business operations. Cash provided by operating activities is the most directly comparable GAAP measure for adjusted free cash flow, which is a non-GAAP measure. Management uses adjusted free cash flow as an indicator of the efficiency and liquidity of its business, measuring its funds after capital investment that are available to manage debt levels and return capital to shareholders. By removing the impact of current period property, plant and equipment expenditures from adjusted free cash flow, management monitors its adjusted free cash flow to inform its capital allocation decisions. We compute adjusted free cash flow as cash provided by operating activities, excluding the impact of changes in non-cash working capital, less transaction costs, transactions considered non-recurring in nature or outside of normal business operations, property, plant and equipment expenditures and acquisition costs. The following table is a reconciliation of cash provided by operating activities to adjusted funds flow and adjusted free cashflow: [This table cannot be displayed. Please visit the source.] (1) Non-recurring transactions relate to a terminated shareholder rights plan and the evaluation of strategic alternatives. Net Debt The table below reconciles long-term debt to net debt. [This table cannot be displayed. Please visit the source.] Net debt is a non-GAAP measure. Long-term debt is a GAAP measure that is the most directly comparable financial statement measure to net debt. Net debt is comprised of long-term debt, adjusted for current assets and current liabilities on the Company's balance sheet, and excludes the current portions of risk management contracts and warranty liability. Management uses net debt to monitor the Company's current financial position and to evaluate existing sources of liquidity. Net debt is used to estimate future liquidity and whether additional sources of capital are required to fund planned operations. Supplementary Financial Measures Depletion The term 'depletion' or 'depletion expense' is the portion of depletion and depreciation expense reflecting the cost of development and extraction of the Company's bitumen reserves. Gross Profit (Loss) Gross profit (loss) is a supplementary financial measure prepared on a consistent basis with IFRS Accounting Standards. Greenfire uses gross profit (loss) to assess its core operating performance before considering other expenses such as general and administrative costs, financing costs, and income taxes. Gross profit (loss) is calculated as oil sales, net of royalties, plus gains on risk management contracts, less losses on risk management contracts, diluent expense, operating expense, depletion expense on the Company's operating assets, transportation expenses and marketing expenses. Management believes that gross profit (loss) provides investors, analysts, and other stakeholders with useful insight into the Company's ability to generate profitability from its core operations before non-operating expenses. [This table cannot be displayed. Please visit the source.] Capital Expenditures Capital expenditures is a supplementary financial measure prepared on a consistent basis with IFRS Accounting Standards. Greenfire uses capital expenditures to monitor the cash flows it invests into property, plant and equipment. Capital expenditures is derived from the statement of cash flows and includes property, plant and equipment expenditures and acquisitions. Management believes that capital expenditures provides investors, analysts and other stakeholders with a useful insight into the Company's investments into property, plant and equipment. [This table cannot be displayed. Please visit the source.] Forward-Looking Information This press release contains forward-looking information and forward-looking statements (collectively, 'forward-looking information') within the meaning of applicable securities laws. The forward-looking information in this press release is based on Greenfire's current internal expectations, estimates, projections, assumptions and beliefs. Such forward-looking information is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable as of the time of such information, but no assurance can be given that these factors, expectations and assumptions will prove to be correct, and such forward-looking information included in this press release should not be unduly relied upon. The use of any of the words 'expect', 'target', 'anticipate', 'intend', 'estimate', 'objective', 'ongoing', 'may', 'will', 'project', 'believe', 'depends', 'could' and similar expressions are intended to identify forward-looking information. In particular, but without limiting the generality of the foregoing, this press release contains forward-looking information pertaining to the following: the Company's business strategy and future plans, including development and maintenance plans for the Expansion Asset and the Demo Asset and development and construction plans around the CPF and the anticipated timing thereof; the production impact from one of four steam generation units being offline and the expectation that it can be restored and operational by year-end 2025; successful execution of the company's strategy and operational goals; expected production and capital expenditures in 2025 and mitigation strategies to address production declines at the Expansion Asset; the potential impact of regulatory actions by the AER on the Company's business, operations, production, reserves estimates and financial condition and plans to restore compliance with sulphur dioxide emissions requirements, including through the purchase of sulphur removal facilities at the Expansion Asset; anticipated changes to the Board of Directors and Audit Committee after the Meeting; and statements relating to the business and future activities of the Company after the date of this press release. Forward-looking information in this press release relating to oil and gas exploration, development and production, and management's general expectations relating to the oil and gas industry are based on estimates prepared by management using data from publicly available industry sources as well as from market research and industry analysis and on assumptions based on data and knowledge of the industry which management believes to be reasonable. Although generally indicative of relative market positions, market shares and performance characteristics, this data is inherently imprecise. Management is not aware of any misstatements regarding any industry data presented in press release. All forward-looking information reflects Greenfire's beliefs and assumptions based on information available at the time the applicable forward-looking information is disclosed and in light of the Company's current expectations with respect to such matters as: the success of Greenfire's operations and growth and expansion projects; expectations regarding production growth, future well production rates and reserves volumes; expectations regarding Greenfire's capital program; the outlook for general economic trends, industry trends, prevailing and future commodity prices, foreign exchange rates and interest rates; prevailing and future royalty regimes and tax laws; expectations regarding differentials and realized prices; future well production rates and reserves volumes; fluctuations in energy prices based on worldwide demand and geopolitical events; the impact of inflation; the integrity and reliability of Greenfire's assets; decommissioning obligations; Greenfire's ability to comply with its financial covenants; Greenfire's ability to comply with applicable regulations, including those related to various emissions; and the governmental, regulatory and legal environment. Management believes that its assumptions and expectations reflected in the forward-looking information contained herein are reasonable based on the information available on the date such information is provided and the process used to prepare the information. However, Greenfire cannot assure readers that these expectations will prove to be correct. The forward-looking information included in this press release is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward- looking information, including, without limitation: changes in oil and gas prices and differentials; changes in the demand for or supply of Greenfire's products; the continued impact, or further deterioration, in global economic and market conditions, including from inflation and/or certain geopolitical conflicts, such as the ongoing war in Eastern Europe and the conflict in the Middle East, and other heightened geopolitical risks, including imposition of tariffs or other trade barriers, and the ability of the Company to carry on operations as contemplated in light of the foregoing; determinations by OPEC and other countries as to production levels; unanticipated operating results or production declines; changes in tax or environmental laws, climate change regulations, royalty rates or other regulatory matters; changes in Greenfire's operating and development plans; reliability of Company owned and third party facilities, infrastructure and pipelines required for Greenfire's operations and production; competition for, among other things, capital, acquisitions of reserves and resources, undeveloped lands, access to services, third party processing capacity and skilled personnel; inability to retain drilling rigs and other services; severe weather conditions, including wildfires, impacting Greenfire's operations and third party infrastructure; availability of diluent, natural gas and power to operate Greenfire's facilities; failure to realize the anticipated benefits of the Company's acquisitions; incorrect assessment of the value of acquisitions; delays resulting from or inability to obtain required regulatory approvals; increased debt levels or debt service requirements; inflation; changes in foreign exchange rates; inaccurate estimation of Greenfire's bitumen reserves volumes; limited, unfavourable or a lack of access to capital markets or other sources of capital; increased costs; failure to comply with applicable regulations, including relating to the Company's air emissions, and potentially significant penalties and orders associated therewith and associated significant effect on the Company's business, operations, production, reserves estimates and financial condition; a lack of adequate insurance coverage; and other factors discussed under the 'Risk Factors' section in Greenfire's Management's Discussion & Analysis for the interim period ended March 31, 2025 and Annual Information Form dated March 17, 2025, and from time to time in Greenfire's public disclosure documents, which are available on the Company's SEDAR+ profile at , and in the Company's annual report on Form 40-F filed with the SEC, which is available on the Company's EDGAR profile at . The foregoing risks should not be construed as exhaustive. The forward-looking information contained in this press release speaks only as of the date of this press release and Greenfire does not assume any obligation to publicly update or revise such forward-looking information to reflect new events or circumstances, except as may be required pursuant to applicable laws. Any forward-looking information contained herein is expressly qualified by this cautionary statement. Contact Information Greenfire Resources Ltd. 205 5th Avenue SW Suite 1900 Calgary, AB T2P 2V7 [email protected] To view the source version of this press release, please visit
Indian Express
04-05-2025
- Health
- Indian Express
Cold chain equipment tender: Centre seeks report from state govt on allegations of irregularities
The Union government has asked Maharashtra's Public Health Department to conduct a probe and submit a report on the allegations of irregularities in the Rs 62-crore tender process of cold chain equipment for storage of vaccines. While the process for the same was completed days before the announcement of Assembly polls last year, it has been alleged that the tender guidelines were violated and the equipment were purchased at four to five times above the market rate. Last month on April 18, the complainant, requesting anonymity, had complained about the alleged irregularities through the Centralised Public Grievance Redress and Monitoring System (CPGRAMS). Following the complaint, the Ministry of Health & Family Welfare (immunisation section) on April 25, wrote to the complainant that the state purchases cold chain equipment by using state funds and not Central government funds. The ministry had also sent the letter to the Maharashtra government. 'However, a copy of your grievance is being transferred to Mission Director (NHM) and SEPIO, Government of Maharashtra with the request to take appropriate action in the matter. Action taken may be communicated to petitioner directly, under intimation to this ministry,' the letter sent to the complainant and the state government read. The complaint alleged that the officials and contractors collectively cheated the government of Rs 40 to 50 crore. It stated that not only the equipment were purchased at four to five times the open market price, but also alleged that the terms of the tender were framed to benefit two specific contractors to ensure cartelisation. It further said that despite bringing this matter to the notice of the senior officials, the contractor's bill of Rs 22 crore was paid by the end of March 31. Deputy Director, Health Services (Transport), Maharashtra, Pune, had issued tenders for the purchase of Ice-Lined Refrigerators (ILRs) and Deep Freezers on July 4 and 5, 2024, just before Assembly polls. 'The process was found to have flagrantly violated the eligibility criteria and mandatory conditions of the tender. The Central Vigilance Commission (CVC) guidelines, General Financial Rules (GFR) 2017 and Maharashtra State Procurement Policy were flouted,' the complaint said, adding irregularities such as incomplete and fake documents were provided and it was found in the technical evaluation process. Both the tenders were awarded at unrealistic prices compared to the market and Government e-Marketplace (GeM) rates. The national policy objective was also compromised by removing the 'Make in India' clause. The irregularities include: original equipment manufacturer (OEM) and its reseller participating in the same tender; import license date of the contractor was post-tender deadline; the mandatory Make in India condition under the General Financial Rules (GFR) 2017 was removed by the technical committee after the pre-bid meeting; despite Maharashtra State Procurement Policy giving preference to local supplier if he/she matched L1 (lowest) price by giving 50 per cent order was kept aside; service network issue was sidelined and no legal service agreement for Comprehensive Maintenance Contract; Annual Maintenance Contract and availability of spare parts for 10 years was presented and state's legal opinions had gone against the contractors twice. The complaint mentioned that the contract worth Rs 33 crore was awarded to the contractor company 'Ashoka Sthapatya Pvt Ltd' for the supply of Ice-Lined Refrigerators (ILRs) and a contract worth Rs 29 crore was awarded to the company 'Rahul Distributors Pvt Ltd' for the supply of Deep Freezers. 'The purchase order prices of Rs 3,04,995 for ILRS (90,110 litres) and Rs 2,45,440 for Deep Freezers (200 litres) are much higher than the market rate and GeM portal price (approximately Rs 80,000). This indicates financial mismanagement and collusion,' the complaint added.
Hans India
01-05-2025
- Politics
- Hans India
FIR lodged against Sisodia, Jain in classroom ‘scam' case
New Delhi: The Anti-Corruption Branch (ACB) has registered a case against former Delhi Deputy Chief Minister and Education Minister Manish Sisodia, and former Public Works Department (PWD) Minister Satyendar Jain, in connection with an alleged scam in the construction of classrooms at exorbitant costs during the Aam Aadmi Party (AAP) government's tenure. According to the ACB, a massive scam worth approximately Rs 2,000 crore has been unearthed in the construction of 12,748 classrooms and school buildings. It has been alleged that semi-permanent structure (SPS) classrooms -- with a lifespan of around 30 years -- were constructed at costs comparable to reinforced cement concrete (RCC) structures, which have a 75-year lifespan. This, despite no evident financial advantage in opting for SPS. The project was reportedly awarded to 34 contractors, many of whom are allegedly associated with the AAP. Investigators claim that significant cost escalations and deviations were observed, and none of the projects were completed within the stipulated time. Consultants and architects were appointed without following due procedure, and escalated costs were facilitated through them. The Chief Technical Examiner (CTE) of the Central Vigilance Commission (CVC) had flagged numerous irregularities in a report dated February 17, 2020. However, this report remained suppressed for nearly three years. The report noted violations of several clauses of the CPWD Works Manual 2014, General Financial Rules (GFR) 2017, and CVC guidelines, particularly in post-tender decision-making, which led to inflated project costs and financial loss. Complaints from BJP leaders Harish Khurana, MLA Kapil Mishra, and Neelkanth Bakshi had alleged corruption in the construction of 12,748 classrooms at a cost of Rs 2,892 crore. The average cost of construction came to Rs 24.86 lakh per room, compared to an estimated Rs 5 lakh per room under normal conditions in Delhi. The CVC report found that the actual cost of SPS classrooms – Rs 2,292 per sq ft -- was nearly equivalent to the cost of permanent pucca structures, which ranged from Rs 2,044 to Rs 2,416 per sq ft. Richer specifications were adopted without financial justification, defeating the cost-saving purpose of SPS construction. During the financial year 2015-16, the Expenditure Finance Committee had approved the project with instructions to complete it by June 2016, without allowing any scope for cost escalation. Despite this, contract values were later increased by 17 per cent to 90 per cent, leading to an escalation of Rs 326.25 crore -- including Rs 205.45 crore attributed solely to the upgraded specifications. No fresh tenders were issued to accommodate these changes, violating CVC norms. In at least five schools, work worth Rs 42.5 crore was executed without proper tenders, using existing contracts.
Time of India
30-04-2025
- Health
- Time of India
‘Pay for it': MC snubs UT on Manimajra land swap
1 2 Chandigarh: In a direct confrontation with the Chandigarh administration, the BJP-led general house of the municipal corporation on Wednesday rejected the UT's proposal to swap the Manimajra land with another piece of land for the purpose of constructing a critical care centre. The house resolved that instead of swapping the land, the MC would first ask for the money against the land, and if the UT failed to do so, then the land would be auctioned, either in a single chunk or by splitting it. According to records, the land, which is situated just adjacent to the Manimajra hospital , is suitable for the UT's health department for the critical care centre. The Chandigarh administration completed the process and identified a separate piece of land for the MC in exchange, with the same collector rate and related financial value. However, while discussing the matter on Wednesday, the BJP's councillors stated that they were not in favour of swapping at all. If the UT's health department needed the land, then the Chandigarh administration would have to pay the land cost to the MC. While discussing the agenda, the officials concerned of the MC explained to the BJP's councillors that, as per the general financial rules (GFR), the exchange of land is allowed. Also, the engineering department of the MC verified the land offered in exchange and found the collector value to be the same. Despite this, the BJP's councillors denied the proposal of land swapping for this health project. Now, it will be interesting to see how the Chandigarh administration takes this decision of the MC and proceeds with it. The administration has planned a 50-bedded critical care block in Manimajra. The project is planned on around 2.77 acres of land, which is currently with the MC. Since the area is located just adjacent to the 100-bedded hospital of Manimajra, the UT found it the most feasible site for the project. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 10 Mysterious Photos That Cannot Be Explained True Edition Undo The project will be constructed under the Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PMABHIM). Since Manimajra is a densely populated area, the project aims to facilitate a large number of people, mainly from Manimajra, Maulijagran, and adjoining areas.
