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Posted by :
NAUGHTY007i think share will come down back to 65 in 2 days...
Govt as party & Gist of details
Posted by : rvk41
Reliance Natural Resources Ltd (RNRL) on Thursday gave its consent in the Supreme Court to the oil ministry becoming a party in the dispute over supply of gas from Reliance Industries Ltd (RIL) but without giving up the right to cross-examine its officials.
RNRL counsel Ram Jethmalani gave the consent when Solicitor General Gopal Subramanium, appearing for the ministry, sought to remove the perception that "the government was jettisoning" state-run power utility NTPC`s interest in another lawsuit with RIL.
"After hearing their brilliant argument, I have decided to allow the government (the oil ministry) to be represented as party, but without giving up our right to cross examine them," Jethmalani said.
"I am consenting not because they have a right to (but) because I want to avoid further litigation by the government," the RNRL counsel told the three-member bench of Chief Justice K.G. Balakrishnan, Justice B. Sudershan Reddy and Justice P. Sathasivam.
Jethmalani also consented to letting the ministry`s affidavit to be on the record. RNRL had earlier opposed the ministry bringing in new evidence in the form of affidavits at the hearing in the apex court.
"To cut the matter short, let this affidavit be on the record," said Jethmalani, adding: "We have a compulsory right to cross-examine." The RNRL counsel`s nod came amid serious arguments on whether the ministry was making its argument as a party or an intervener.
The court is hearing the dispute over the supply of 28 million units of gas for 17 years at $2.34 per unit to Anil Ambani-led RNRL from the gas fields off the Andhra Pradesh coast, awarded to Mukesh Ambani`s RIL.
The price, tenure and quantity were based on a family re-organisation pact of 2005, but RIL subsequently said it could only sell the gas for $4.20 per unit, as this was the price, the company claimed, fixed by the government.
The Bombay High Court had earlier allowed the ministry to become an intervener to assist in interpreting various provisions of the government`s production-sharing contract with RIL and on other legal issues. But it had ruled against making the ministry a party.
Minutes before Additional Solicitor General Vivek Tankha was to wind up his argument on behalf of the ministry, Solicitor General Subramanium rose to contradict the perception that the government has jettisoned NTPC`s interest in its legal battle with RIL.
"The government in its application has clarified that it has not jettisoned the interest of NTPC. The NTPC suit in the Bombay High Court, seeking supply of gas at $2.34 per unit, should not be prejudiced in any manner," said Subramanium.
Responding to the solicitor general`s statement, RIL counsel Harish Salve said that if NTPC proved it has a concluded contract for the gas supply "I am bound to supply the gas at whatever price".
Responding to this, RNRL counsel Mukul Rohatgi said: "I know the solicitor general is a fair person. Till he made the statement, it was the perception that the government believes the price of $2.34 is suspect."
With the government concluding its arguments, Jethmalani opened his on behalf of RNRL.
For information,with regards
rvk41...
RIL IS NOT GOVT
Posted by : GuestDear Nitin Kapoor RNRL counsel claimed that it is RIL who is selling the gas and not the government, so the profit or loss will be on RIL and not the government....
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Posted by : NAUGHTY007thanks for the views-...
80 may possible by the expiry date
Posted by : ramu.gurazalaBy the time of expiry RNRL may touch 80 if it sustains above 80 then will cross 90 immediately and has good resistance at around 94...
wait, it will cross 80 soon within next week...
I suggest you to book profit as it seems from the hearing of the hon`ble supreme court that it will be difficult for RNRL to get gas at same price fixed in MoU with RIL. Once the verdict will be out i.e. against RNRL, your profit will be lost.
Government is somewhere supporting RIL. When the deals are made, analysts take the ballpark figure of the external factors like price rise in coming future.
RIL must have taken into account that in future whether they would be able to provide gas as per MoU or not. But now they are refusing to do so. Now RIL is saying that it could not provide gas at same agreed price. Govt has also jumped in to support RIL saying that gas would be sold as per the Government guidelines. So rare are the chances for RNRL to win the case....
i am holding since 45 levels of last yr and want to exit after 1yr is now over-capital gain exempt-should i sell or wait till 80 that is my ques...
Todays development
Posted by :
Diku_kunalComment gov gives statement in favour of ril. Looks like rnrl out of case...
Is it true that after demerger Mr Anil Ambani gave shares of his companies to share holder of Reliance? If so then these 7 directors of Ril must hv recd. Is it also without their knowledge????...
naughty bhai...mein to isliye kaha ki u were very sad on friday that u cud not purchase as the news came very late. Anyway, any major fluctuation on either side on this stock depends only upon the news and the developments in the ongoing case at HSC. Considering the speed of the case and also the fact that it will be heard only on Tuesdays, Wed & Thursdays every week...i feel it will take a long time.Yes, a premature end to the case may happen if the ambani bandhus decide otherwise.
Hence I would suggest to keep away from this for the time being.
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will the share be able to cross 80 this month?...
thanks dear naughty007... more so for taking the message in lighter vein....
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Posted by : NAUGHTY007
i will not sell any property to buy it kothari bhai-neither should u
good sher-o-shayari mr batra-keep it up-some cheer on the site
thanks...
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Posted by : lookingyounot this week but i think next week will be...
