- 09:33 AM Weak session ahead, sell DLF for intraday: Astropr...
- 09:30 AM Avoid carrying longs for next 3-4 days: astrostock...
- 09:27 AM Steel sector looks weak: Astromoneyguru
- 09:04 AM Dubai meltdown jitters negative for mkts: Taib Ind...
- 09:01 AM Rupee opens at Rs 46.79 per dollar
- 09:01 AM Dubai struggles to assuage debt fear
- 08:58 AM Lot of nervousness about Chinese tightening measur...
- 08:48 AM Nifty Dec 5100 Call adds 21.5 lakh shares in Open ...
- 08:42 AM Bond market likely to remain rangebound: Dhawal Da...
- 08:41 AM Rupee likely to be negative on weak global cues: B...


RNRL has moved first in the Ambani race to the Supreme Court. RNRL wants RIL to arrive at a bankable agreement based on the June 15 Bombay High Court judgement. But RIL, on the other hand, is all set to file a counter special leave petition (SLP) and challenge the very same judgement in the apex court.
Also read: RIL gas dispute: RNRL files special leave petition in SC
Here is a verbatim transcript of Ashwin Mohan’s comments on CNBC-TV18. Also watch the accompanying video.
The saga of letters is over. It is over to some legal action at the Supreme Court some time next week. What we understand from sources is that RIL is in the process of putting final touches to their counter SLP, which they will file in response to RNRL's SLP that was filed in the Supreme Court. We understand from sources that this SLP of RIL will primarily challenge the findings of the Mumbai High Court judgement.
There are a few grounds on which these findings will be challenged. First, it will challenge the maintainability of the RNRL petition on the demerger scheme. Second, the petition is expected to question how an MoU between promoters can bind a company. Third, it will also challenge the Bombay High Court’s interpretation of the all-important production sharing contract.
Also, according to sources this petition is expected to challenge how an MoU has made RNRL a special class of alottee as far as the government policy is concerned.
We also understand from sources that RIL’s lead counsel Harish Salve is expected to have a look at this SLP before it is finally filed. We understand from sources that RIL is likely to file this counter SLP on July 9.
RNRL moves first
RNRL too filed an SLP at the Supreme Court today. He pointed out three specific reasons behind this move. He said that this move was compelled by RILs continued obstructionist position and the fact that they have been defying the High Court verdict. The second reason was that RNRL is seeking directions from the Supreme Court to RIL to execute a bankable agreement in accordance with the High Court findings on June 15. The third reason, according to Mukul Rohatgi, behind this SLP was that RIL wants to preserve and protect the interest of over 25 lakh shareholders.
Corporate Action Today
Important Events in Business Today
Business
Business News | Economy | Earnings | BSE NSE Notices
General News
Current Affairs | Politics | World News | Sports | Entertainment
Corporate Strategy
Management | Advertising | Marketing | Legal
Personal Finance
Tax | Insurance | Credit Cards | Loans | Property | Retirement | Investment Help | Financial Planning | Fixed Income
Markets
Local Market | Global Market | Market Cues | Analysis | Expert & FII outlook | Brokerage Recomendation
Stocks
Stocks in News | Expert Advice | ADRs & GDRs | IPO
Mutual Funds
News | Advice | MF Analysis | Fund Managers Views
Lifestyle
Travel | Wellness | Technology | Auto| Books
-
Most Read
-
Most Viewed
- 10 Companies that FIIs love
- 10 companies that MF managers love
- Sensex ends 344 pts down; mkts see highest turnover ever
- Indian mkt to reach new highs in 2010: Roubini firm

- Ashwani Gujral's top five picks for today's trade

- Nov series ends with a whimper, experts see a quiet Dec

- BMW unveils new 5 Series sedan
- Ranbaxy launches new drug in the US: PharmAsiaNews
- Offer for Areva T&D unit 'competitive', says Alstom

- Mahindra Satyam hit by new charges; outlook uncertain
- Lanco Infra tying up funds for three power projects
Source: Business Line
- RIL units to get 20% of gas needs from D-6
Source: Business Line
- No need to ban cotton export, says Maran
Source: Business Line
- Karnataka hikes power tariff by 34.16 paise/unit
Source: Business Line











