Business Daily from THE HINDU group of publications
Thursday, Nov 09, 2006
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Business Daily from THE HINDU group of publications Thursday, Nov 09, 2006 ePaper |
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Petroleum Corporate - Corporate Disputes
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Mumbai , Nov 8 An Anil Ambani group company has moved court against Reliance Industries Ltd, owned by Mukesh Ambani. "Reliance Natural Resources Ltd (of the ADAG group) has confirmed that it has filed an application in the Companies' court of Mumbai High Court seeking suitable direction to RIL to implement the court's order of December 2005 relating to gas supply," said a spokesperson for the Reliance ADAG group. The court's order of December 2005 sanctions the scheme for demerger of the ADAG group from RIL. The scheme contains an in-principle agreement between the two parties on supply and pricing of gas. According to oil industry sources, the ADAG group wants RIL to enter into contracts committing gas supply from the Krishna-Godavari basin where RIL has announced several discoveries. The ADAG group plans a pipeline from the K-G basin to Dadri (Uttar Pradesh), where its mega power project is slated to come up. Unless RIL commits supply contracts, the ADAG group will not be able to show `proof of future supply' for government permission to go ahead with the pipeline, said industry sources. An RIL spokesman said: "questions relating to supply of gas to Dadri project have been in public domain for some time. Since the issue has now become sub-judice, we have been advised not to comment on the merits of the matter."
Related Stories: More Stories on : Petroleum | Corporate Disputes | Courts/Legal Issues | Reliance Industries Ltd
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