Anil Ambani‘s Reliance Power Ltd (RPL) has moved to the Supreme Court challenging the Allahabad High Court’s verdict that had in effect cancelled the acquisition of 2,500 acres of agricultural land for the group’s Rs 25,000-crore gas-based Dadri power plant. The matter is coming up for hearing this week.
RPL (formerly known as Reliance Energy Generation Ltd) in its SLP said that the high court had erred in exercising its discretionary jurisdiction in the petitions filed by the farmers after a delay of four years and the same had put an industrial project of national importance in jeopardy.
Continue reading Reliance Power moves SC over Dadri land project
Pulling it out of the realm of speculation, the Centre on Thursday was categoric before the Supreme Court that it had repeatedly advised warring Ambani brothers — Mukesh and Anil — to bury the hatchet and arrive at an amicable settlement over supply of gas.
It is a battle between them and we have told them time and again to resolve the issues. After all, they are captains of industry, said solicitor general Gopal Subramaniam after clarifying that notwithstanding the outcome of NTPC’s suit in Bombay High Court for supply of gas from RIL at cheap rates, the Centre would do everything to protect the PSU’s interests.
Continue reading SC advised Ambanis to settle gas dispute
Implementing the Ambani family agreement on gas supply by RIL to RNRL could cost the country Rs 1 lakh crore, said the Centre on Wednesday ducking the SC’s uncomfortable questions about its docile role before the Bombay HC and braving RNRL’s cross-examination threat.
Additional solicitor general Vivek Tankha reeled out statistics to show that giving effect to the private agreement overriding the production sharing contract (PSC) outlining the government’s public policy would cause a loss of Rs 25,000 crore to the government apart from rendering idle industrial infrastructure worth Rs 75,000 crore.
Continue reading RIL-RNRL gas deal could cost India Rs 1 lakh cr: Centre
The memorandum of understanding arrived at in the Ambani family in 2005 to divide the industrial assets between brothers Mukesh and Anil was only a ‘guiding tool’ and could not be treated as binding on the demerged companies, Reliance Industries’ counsel Harish Salve told the Supreme Court today.
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He was resuming RIL’s arguments in the five appeals against the Bombay high court judgment of July 15 in the dispute with Anil Ambani’s Reliance Natural Resources Ltd (RNRL) over Krishna-Godavari basin gas. His arguments are likely to conclude on Thursday, when the central government, the new entrant in the legal fray, will present its contentions.
Continue reading Ambanis 2005 family deal not binding: RIL counsel
Reliance Industries said on Tuesday reports of a meeting between the billionaire Ambani brothers to settle a gas-pricing dispute were baseless.
Reliance Industries, controlled by billionaire Mukesh Ambani, is embroiled in a high-profile legal battle over a deal to sell gas to Reliance Natural Resources, led by Ambani’s estranged younger brother Anil, at below the price set by the government.
Continue reading RIL: gas pricing dispute settlement reports baseless
The Supreme Court Thursday began hearing afresh the high profile legal dispute between the Ambani brothers, Mukesh and Anil, over the supply and pricing of natural gas.
A bench headed by Chief Justice K G Balakrishnan and having Justice B Sudarshan Reddy and Justice P Sathasivam began hearing the case afresh after another judge, Justice R V Raveendran quit the hearing saying that his daughter worked for a law firm which advised Mukesh Ambani‘s Reliance Industries Limited on global acquisitions.
Continue reading Fresh hearing on Reliance gas dispute case
Locked in a bitter legal battle over supply and pricing of natural gas, Mukesh Ambani‘s RIL and Anil’s RNRL buried the hatchet to jointly oppose a petition in Supreme Court seeking disclosure of the family agreement for division of assets and demerger of Reliance companies.
The petition was filed by a person who held shares in both RIL and RNRL. He questioned the basis for the demerger and division of companies based on a “secret” family agreement without it being put before the Board of Directors or being disclosed to shareholders.
Continue reading Ambani brothers oppose MoU disclosure
It began as a family squabble between two brothers who couldn’t agree how to divide their father’s inheritance. Seven years later, Ambani v Ambani is the world’s richest court battle – and one so entrenched it has defied the peace efforts of the Indian government, the brothers’ own mother and even a Hindu god.
This week it was the turn of India’s highest court to try to end the warring between Mukesh and his younger brother Anil, who between them own the country’s gas industry and are commonly referred to as the richest brothers in the world.
Continue reading Can Mrs Ambani sort out her sons feud?
The Supreme Court Thursday observed that the country will stand to gain if natural gas from the Krishna-Godavari basin is sold at a lower price, while Reliance Industries alone will benefit if the consideration is higher.
‘If the price is less, the country gains. If it’s more only you gain, observed a three-member bench of Chief Justice K.G. Balakrishnan, Justice R.V. Raveendran and Justice P. Sathasivam, while hearing the dispute over Krishna-Godavari gas for the sixth day.
Continue reading High natural gas price only profits RIL: Court
Generation utility NTPC Ltd will not lose money if it were to buy gas at prices higher than what Mukesh Ambani‘s Reliance Industries Ltd had committed to it five years ago, the power ministry has told the Committee on Public Undertakings (COPU), the parliamentary panel overseeing state-run units.
In the event that gas is not supplied to NTPC at the rate of $2.34 per mBtu, the burden of extra price of gas would be passed on to consumer as the fuel cost is pass-through as per regulations for fixing tariff under Electricity Act, 2003, the latest report by COPU quotes the ministry as saying.
Continue reading Higher Reliance gas price won’t hit NTPC