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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Ambani gas dispute like war between two nations: SC

The dispute over natural gas from Krishna-Godavari basin is not a fight between two companies, but one between two brothers, Mukesh and Anil Ambani, the Supreme Court observed on Tuesday, as it commenced hearing the high-profile legal battle.

It’s like two countries, where there is no fight between their people, observed the three-member bench of Chief Justice K.G. Balakrishnan, Justice R.V. Raveendran and Justice P. Sathasivam.

The fight is between the two persons, who are heading the country. But the fight has percolated down to the people, the bench added, while hearing the arguments by senior counsel Harish Salve, appearing for Mukesh Ambani-led Reliance Industries.
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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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Reliance Industries asks govt to re-allocate gas NTPC refusing to take

Turning the heat on NTPC, Reliance Industries has asked the government to re-allocate the gas the state-run power utility is refusing to take, to other customers so that it is not forced to cap output from its eastern offshore fields.

NTPC, which has been allocated 2.67 million standard cubic meters per day of gas from RIL’s KG-D6 fields, has after months of deterring signed contracts to take only one-fifth of its quota.
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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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Supreme Court Dismisses NTPC Plea in Reliance Gas Case

India’s Supreme Court today dismissed a petition by state-run utility NTPC Ltd. challenging a Bombay High Court ruling that allowed Reliance Industries Ltd. to alter its stand on gas prices.

Chief Justice K.G. Balakrishnan directed the lower court to resolve the gas dispute expeditiously and told NTPC to file its arguments at the trial in Mumbai. NTPC Chairman and Managing Director R.S. Sharma didn’t answer a call to his mobile phone.

Reliance Industries and NTPC are locked in a battle over the price at which India’s most valuable company would supply gas to the utility’s power plants in western India. Reliance controlled by India’s richest man Mukesh Ambani is also in dispute with a company controlled by estranged younger brother Anil Ambani over supply of gas from the nation’s largest field at a price similar to that being asked for by NTPC.
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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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