CorporateGas row: RIL, RNRL oppose shareholder plea in SC
Mukesh Ambani Group firm Reliance Industries (RIL) and Anil Ambani"s Reliance Natural Resources (RNRL) today joined hands to oppose the plea of a shareholder in both the companies to be made party in their ongoing dispute in the Supreme Court over the gas price to be supplied from the KG basin.
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"For a change we are on the same side," RIL and RNRL"s counsel Harish Salve and Mukul Rohatgi, who have been attacking each other over the dispute, told a Bench headed by Chief Justice K G Balakrishnan which refused the plea of the shareholder to be impleaded as the party in the high-voltage legal battle, the hearing of which will resume tomorrow for the seventh day.
Vishweshwar Madhavrao Raste, claiming himself to be the shareholder of RIL and RNRL, had also sought tabling of the family MoU of 2005.
"We are not allowing anybody to intervene. In this way this court will have to hear three million shareholders," the Bench, also comprising Justices V S Sirpurkar and P Sathasiva, said.
The apex court said it will not issue notice and simply post the application along with the main matters.
It is hearing the dispute between RIL and RNRL relating to pricing of gas from KG basin for which the two brothers Mukesh Ambani and Anil Ambani are engaged in a bitter fight.
RNRL is seeking gas from his brother"s group RIL at rates 44 per cent lower than government-approved price.
RIL says it cannot honour the commitment made in the 2005 family agreement due to Government"s pricing and gas policies.