Reliance Saga – 2 months and counting

It has been over two months since the Reliance matter was finally heard, and a judgement is yet to be passed. The dispute between RIL and RNRL saw several high profile Senior Counsels arguing..It has been over two months since the Reliance matter was finally heard. The dispute between Reliance Industries Limited (RIL) and Reliance Natural Resources Limited (RNRL) regarding the Krishna-Godavari basin saw several high profile lawyers and senior counsels arguing..The Anil Ambani-controlled RNRL is seeking a supply of gas from the D6 block in the Krishna-Godavari eastern offshore fields of the Mukesh Ambani-controlled RIL at $2.34 (Rs. 112) per MMBTU (Million Metric British Thermal Units). RIL rejected the demand on the ground that the Government approved rate is $4.2 (Rs. 201) per MMBTU..The Supreme Court Bench, comprising Chief Justice K.G. Balakrishnan, Justice R.V. Raveendran and Justice P. Sathasivam and had to be reconstituted since Justice Raveendran recused himself from hearing the matter as his daughter was working with AZB & Partners’ Bangalore office. The Supreme Court Bench started hearing the matter on October 20 and was reconstituted with Justice Sudershan Reddy on November 5..AZB had advised Mukesh Ambani during his split from his younger brother and was instrumental in finalizing the family MoU disputed before the Supreme Court. News reports indicate that the value of the dispute is between $17 Billion (Rs. 81,600 crore) to $75 Billion (Rs. 3,60,000 crore)..Harish Salve, representing RIL, Additional Solicitor General Mohan Parasaran representing the Government and Ram Jethmalani and Mukul Rohatgi representing RNRL, were locked in heated arguments till the conclusion of the hearing. Solicitor General, Gopal Subramaniam filed an affidavit on behalf of the Government. In the middle, there were reports that Parasaran might quit if the Government brought on board Senior Counsel P.P. Rao, which were later clarified as false..The Bench had reserved the matter for judgment in December just before the winter vacations commenced. The matter has not been listed any further, while the country awaits with bated breath for a final conclusion on this matter.

Reliance Saga – 2 months and counting

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