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Jan 16, 2012, 10.14 PM IST
Today the Bombay HC provided a temporary reprieve to RIL by dismissing a PIL that alleged insufficient co-operation in the special CAG audit of operations in the KG basin, reports CNBC-TV18's Ashmit Kumar.
Today the Bombay High Court provided a temporary reprieve to Reliance Industries by dismissing a Public Interest Litigation (PIL) that alleged insufficient co-operation in the special CAG audit of operations in the KG basin.
However, with respect to larger questions about the CAG report and its findings, the Bombay High Court provided a roadmap, reports CNBC-TV18’s Ashmit Kumar. The PIL essentially alleged lack of cooperation by Reliance Industries in light of a special audit that was conducted by the CAG. Sighting the CAG report, the government has filed a notice to RIL which was on November 30, 2011. Now the court recognized the fact that RIL has 120 days to reply setting a deadline of March 31. Meanwhile the court also maintained that the government will have to make its position clear after getting a reply from RIL. The court observed that the government set a deadline of December 31, 2012 saying that it will have to appointment a sole expert.
The role of the sole expert will be to look at allegations or violations of the production sharing contract and that is one development coming from the Bombay High Court.
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