RNRL says GSPA unbankable

RNRL says GSPA unbankable
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First Published: Tue, Dec 15 2009. 11 58 PM IST
Updated: Tue, Dec 15 2009. 11 58 PM IST
New Delhi: Anil Ambani led Reliance Natural Resources Ltd (RNRL )counsel Mukul Rohatgi alleged in the Supreme Court that price, tenure and quantity which are fundamental to any contract, have been kept completely uncertain in the Gas sale and purchase agreement(GSPA) which was signed unilaterally by Mukesh Ambani’s Reliance Industries Ltd (RIL) on January 2006.
This makes the contract absolutely unbankable and unsuitable therefore its in complete breach of the memorandum of Understanding signed on 18 June 2005, Rohtagi added.
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First Published: Tue, Dec 15 2009. 11 58 PM IST
More Topics: RNRL | RIL | GSPA | Gas Dispute | Gas Prices |