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Reliance Natural Resources Q2 net rises 5 pct
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Three months ended Sept. 30 (versus the same period a year earlier, in million rupees unless stated) Net profit 211.6 vs 201.0
NOTE: Reliance Natural Resources, part of India’s Anil Dhirubhai Ambani Group, is engaged in the sourcing, supply and transportation of gas, coal and liquid fuels.
Source: forbes
Gas row: Ambani brothers MoU not binding on RIL board
It was day three of the legal case between Mukesh Ambani’s Reliance Industries (RIL) and Anil Ambani’s Reliance Natural Resources (RNRL) in the row over price of gas. CNBC-TV18’s Nayantara Rai gives you a ringside view of developments.
The Supreme Court bench asked RIL to prove whether or not the family Memorandum of Understanding (DoT) signed between the two promoters was binding on the company.
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3-judge bench ready to take up Ambani dispute case
A three-judge bench of the Supreme Court is ready to take up the dispute between the Ambani brothers over supply of gas from the Krishna-Godavari basin.
According to the advance cause list of the apex court, which deals with the list of items for hearing, the petitions related to the KG gas slugfest will be taken up by a three-judge bench on October 20.
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Family MoU is not binding on corporate entity: RIL
Reliance Industries has filed an affidavit against Reliance Natural Resources’ (RNRL) special leave petition (SLP) in the Supreme Court, reports CNBC-TV18’s Nayantara Rai. The affidavit is well over a thousand pages. We are reading it and comprehending everything slowly. It has gone back before the memorandum of understanding was signed and brought to life and what exactly happened and transpired between the two brothers.
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RNRL now moves Supreme Court against oil regulator
In the latest twist to the gas dispute between the two Reliance group scions, the Anil Ambani group firm Reliance Natural Resources Ltd moved the Supreme Court on Tuesday, alleging that the petroleum sector regulator V K Sibal was acting at the behest of Mukesh Ambani’s Reliance Industries Ltd (RIL) in exchange for undue favours.
RNRL’s move came a day after it was reported that the Central Vigilance Commission (CVC) has initiated an inquiry by the Central Bureau of Investigation (CBI) into the alleged nexus of Sibal with RIL.
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RNRL drags DGH into ongoing gas issue with Reliance Industries
Reliance Natural Resources Ld (RNRL) moved an application before the Supreme Court on Tuesday alleging nexus between the Directorate-General of Hydrocarbon (DGH) and Reliance Industries.
Quoting media reports to that effect, RNRL has alleged that the DGH, Mr V.K. Sibal, has been recipient of undue favours from RIL and appears to be acting at the behest of the Mukesh Ambani company.
The application also states that Mr Sibal has approved the phenomenal increase in capex of RIL-operated Krishna Godavari Basin D6 block between September-December 2006.
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Reliance Industries Says RNRL Can’t Trade Natural Gas
Reliance Industries Ltd., the operator of India’s biggest natural gas field, said Reliance Natural Resources Ltd. doesn’t have contractual rights to trade in the fuel following the split of the Ambani family business.
Gas can only be sold to priority end-users identified by the government, Reliance Industries said in an affidavit filed today in the Supreme Court.
Reliance Industries, controlled by billionaire Mukesh Ambani, asked the top court to dismiss a plea by Reliance Natural, owned by estranged brother Anil Ambani, for immediate supply of the gas in accordance with an agreement signed by the two companies.
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RNRL seeks to make NTPC party to its gas case against RIL
Anil Ambani group firm Reliance Natural Resources Ltd (RNRL) asked the Supreme Court on Wednesday to make state-run NTPC Ltd a party to its ongoing case against Mukesh Ambani-led Reliance Industries Ltd (RIL) .
Alleging that RIL was trying to wriggle out of gas supply contracts with NTPC and itself, RNRL said, RIL had adopted the same mala fide design of inserting unsuitable terms in the respective gas supply agreements with RNRL and NTPC to renege from its binding obligations. This was as a result of pure commercial greed in as much as the gas prices had started rising.
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Mukesh and Anil Ambani meet top government officials
Brothers Mukesh and Anil Ambani, who are locked in a bitter row over supply of natural gas, today separately met top government officials.
Mukesh Ambani called on officials, including Petroleum Secretary R S Pandey while younger brother Anil met Power Secretary H S Brahma.
Spokespersons for both Anil and Mukesh declined to comment and the exact agenda of the meeting is not known.
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RNRL Seeks To Join Reliance Industries, NTPC Legal Row
Reliance Natural Resources Ltd. (532709.BY) Monday filed an application in India’s apex court seeking to join the legal battle between Reliance Industries Ltd. (500325.BY) and NTPC Ltd. (532555.BY), the CNBC-TV18 television channel reported Monday.
According to the report, RNRL - which is fighting a separate legal battle with RIL over the pricing and supply of natural gas - said in the application that its interests were identical to that of NTPC and the court’s decision will impact RNRL’s dispute with RIL.
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