Ambani's remarks won't go as contempt of court: SC Advocate

Excerpts from Closing Bell on CNBC-TV18 Watch the full show » Nifty BSE | NSE 25/05/12 Are Mutual Funds betting on Nifty?

HP Ranina, Advocate, Supreme Court, said that the allegations made by Anil Ambani at the company's annual general meeting will not amount to contempt of court because the issue is not about how the Supreme Court is going to decide this matter. "The only issue is about allegations being made. These allegations can never be substantiated, and I am sure Anil Ambani himself realises that he cannot substantiate these allegations of saying that they have taken a partisan view," he said. He added that Ambani's comments will not be adversely prejudicial to Anil Ambani in the RIL-RNRL case.

Here is a verbatim transcript of the exclusive interview with HP Ranina on CNBC-TV18. Also watch the accompanying video.

Q: Were you surprised by the scathing attack that Anil Ambani launched into at the RNRL AGM today?

A: Yes, I am surprised, because in my opinion, Anil Ambani should just reiterate the facts. This is the first time that he has got an opportunity to speak to his shareholders and he should not have given any comments, or his point of view, because the matter is sub-judice. It would prejudice his case if he tries to do that.

So, my view is that he must contain himself and not allow himself to be overtaken by emotions. He must settle down and allow things to take their own course. I am very sure that the Supreme Court will take a fair and objective view in this matter as and when the matter is decided.

Q: As you said, Anil Ambani should have stuck to the facts of the case, but clearly he went beyond that. There were allegations levelled not just against Reliance Industries and Mukesh Ambani but also against the Oil Ministry and the Government of India. There are murmurs now on how this will be actually looked at. In your assessment, will this amount to contempt of court?

A: I don't think it may amount to contempt of court because the issue is not about how the Supreme Court is going to decide this matter. The only issue is about allegations being made. These allegations can never be substantiated, and I am sure Anil Ambani himself realises that he cannot substantiate these allegations of saying that they have taken a partisan view.

So, personally, I feel he should not have made these allegations at all. He got carried away emotionally and he should have contained himself. But I don't think it would amount to contempt of court because he has not made any comment on the issues before the Supreme Court.

Q: Will the Court take cognisance of what has been said by Anil Ambani in a public forum this afternoon, when it meets on September 1--the next date for hearing of this matter?

A: At the time of the last hearing, the counsel for ADAG has also made a similar point before the Supreme Court itself saying that the government is taking a partisan view and that the government should not take such a view. So, this point has always been agitated before the Supreme Court. In fact, Anil Ambani's group company has made a grievance out of it and they have also written to the Prime Minister.

So, personally, I think this matter will be sorted out. I don't think it will be adversely prejudicial to Anil Ambani in the case.