Friday, May 7, 2010

RIL-RNRL Case, Mukesh Winner & Anil with no Comments, Read What Supreme Court Says over RIL-RNRL

RIL-RNRL Case, Mukesh Winner & Anil with no Comments, Read What Supreme Court Says over RIL-RNRL

Anil Ambani Mukesh Ambani
The main verdict decision in the RIL-RNRL gas conflict case was announced by K G Balakrishnan, Chief Justice & P Sathasivam, Justice reads out verdict.
Supreme Court comments over RIL-RNRL Gas-Dispute
* RIL does not have total marketing right over gas; cost concern to government authorization
* Family MoU not law-fully concerned
* Terms of making sharing deal will have over-riding impact
* Gas is an asset of government till it arrives to consumer

Supreme Court holds appeal registered by RNRL prior company court as manageable, as court had sanctioned the unique demerger system.
Ambani family MoU in terms is not concerning, as it’s between two brothers – Anil & Mukesh with the presence of their mother, and 3 million share-holders of RIL-RNRL did not know its contents. Ambani family MoU can be sources of reaching at right agreement but cannot be the single purposes for an appropriate deal. Since MoU not became public, it doesn’t drop its corporate sphere.
Appropriate arrangement must not be appropriate mere for RIL, but for shareholders too of RNRL & it’s RIL’s compulsion to look after it. Production Sharing Agreement signified for managing delivery of gas & under PSC it is for government to analyze price of fuel. On Govt. task, SC tells since gas is countrywide asset, so public interest has to be concerned first.
Justice B Sudershan Reddy, on the other hand, tells family MoU cannot be concerned into consideration at all. Anil Ambani leaves Supreme-Court without revealing any commitments on the decision. Hence, Supreme Court declares Mukesh Ambani appeal over RIL-RNRL Case.

Justice B Sudershan Reddy in his separate judgment also asked both RIL and RNRL to renegotiate to sort out their differences but set aside Bombay high court order.

The high court order had directed the RIL to supply 28 million standard cubic metres per day (mmscmd) of gas to RNRL at $2.34 per million British thermal unit (mmBtu) in accordance with the MoU signed between the estranged Ambani brothers

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