After letters, it's petition wars for RIL-RNRL

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.

However, the period of 30 days within which this contract or a suitable agreement has to be arrived at between RIL and RNRL is not yet over.