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RIL-RNRL row: Anil Ambani attends SC

Published on Tue, Nov 24, 2009 at 15:48   |  Updated at Tue, Nov 24, 2009 at 15:52  |  Source : Moneycontrol.com
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The battle between Mukesh Ambani’s Reliance Industries (RIL) and younger brother Anil Ambani’s Reliance Natural Resources (RNRL), over the issue of procurement of gas from the government’s KG basin gas fields of which RIL is the contractor, continues.
On Tuesday, RNRL chief Anil Ambani made an appearance at the Supreme Court where the bitter legal tussle is playing out. "My presence in the Honourable Supreme Court today reflects my deepest regard and respect for our judiciary,” Ambani said. “I have come here today not just on my own behalf but on behalf of the nearly 11 milllion shareholders of the Reliance ADA Group — the largest shareholding family in the world — whose interests will be directly affected by the outcome of this case."
The battle then resumed when RNRL counsel Ram Jethmalani questioned RIL’s argument that the Memorandum of Understanding (MoU) signed between the two brothers in which RIL committed to supply gas at a cheaper rate to RNRL was not binding anymore.
RIL says it is going by the government’s production sharing contract (PSC), which requires it to sell gas at USD 4.2 per unit as opposed to USD 2.34 per unit, as agreed in the family MoU.

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