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RNRL seeks questioning of RIL directors

RNRL seeks questioning of RIL directors
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First Published: Fri, Nov 13 2009. 01 15 AM IST
Updated: Thu, May 06 2010. 07 27 PM IST
New Delhi: The Anil Ambani-led Reliance Natural Resources Limited (RNRL) has sought the cross examination of the directors of Reliance Industries Limited (RIL) who had filed affidavits in the Supreme Court on 5 October stating that they had no knowledge of the memorandum of understanding.
RNRL counsel, Ram Jethmalani argued that if these affidavits were a part of the evidence on behalf of RIL, then these directors should be present in the court for cross examination.
In another development Reliance Industries Limited (RIL) filed an affidavit in the Supreme Court stating that that the family memorandum of understanding (MoU) initiated by Mrs. Kokilaben cannot override the any decision which the board of directors of reliance might take. Two promoters (Mukesh and Anil Ambani ) cannot enter into a contract that an outsider (Kokilaben) decisions would be final and binding on the company, the affidavit stated.
RIL counsel will conclude his arguments tomorrow in the morning session and the apex court would hear the government’s arguments in the afternoon session. Both RIL and RNRL are slugging it out in the Supreme Court over the supply of gas from RIL’s D6 block in the Krishna-Godavari (KG) basin. While RNRL has sought the apex court’s intervention in a special leave petition for immediate supply of 28 mscmd of gas from KG D6 at $2.34 per mmBtu for a period of 17 years, RIL has opposed this saying the price is 44% lower than that mandated by the government and that it cannot supply gas at a price not approved by the government and to a user not listed in its gas utilization.
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First Published: Fri, Nov 13 2009. 01 15 AM IST
More Topics: RNRL | RIL | Gas | Reliance | KG Basin |