Here is a verbatim transcript of Katya Naidu and Nayantara Rai’s comments on CNBC-TV18. Also watch the accompanying videos.

RNRL has filed a SPL in the Supreme Court today and RNRL said it is compelled to take this move because of RIL’s continuous obstructionist positions and defying the High Court’s order. RNRL is seeking direction from the Supreme Court to make RIL execute a bankable agreement in accordance to the High Court verdict.

They say, according to the verdict, all judgments in terms of price, quantity and tenure were at RNRL’s favour and RIL is not complying with them. The HC order, they say, fully professionalized the entitlement and economic interest of the Government of India. They also say that the gas supply obligation was a result of corporate restructuring of RIL and its not a private arrangement and protects the interest of over 25 lakh share holders. When we asked RNRL Counsel Rohtagi on when they intend to off-take this gas, he said they need this gas immediately. However, when we asked him, what they intended to do with it, because they do not have a gas-based power-plant ready and they are not allowed to trade in gas, he couldn’t give us any answer.

It was pretty clear from the very beginning that this case was going to make it to the Supreme Court and that is why even before sending those letters to RIL, RNRL had gone and filed a caveat in the SC. RIL will still go and approach the SC to file its appeal against the Bombay HC judgment. They made that very clear in the last correspondence to RNRL when they said we do not agree with your interpretation of the Bombay HC judgement. Today also Rohatgi brought up the whole point of the demerger that was there between two corporates and it must be honoured.

RIL’s take on will probably remain the same to what they have said before—yes there was a demerger, it might have been vetted by the High Court as well as the Ministry of Corporate Affairs but at that time the government had not come out with the gas utilisation policy.

So what happens to this gas utilisation policy?

When RIL had written to RNRL saying they cannot do anything without government approval that would mean for selling or allocating gas to companies as well as the price. Let us not forget that the government did reject when RIL had approached it for selling gas to RNRL at USD 2.34/mmbtu.

Jatin Prasada, Minister of State for Petroleum yesterday in the Parliament said that it has to be sold as per the government formula. Thus, the government’s role will be critical to the case and that is what RIL wants us to believe and has been projecting so far, which we saw in the last correspondence to RNRL as well.

The other point, of course, has been that RNRL has always said that we do not want anything from the government’s share of gas or the government’s share of profit. They will not lose any money which again Rohatgi reiterated today but RIL’s possible take could be it is not our gas, it belongs to the government and the government will tell us who to sell it and at what price.