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Our Bureau

Mumbai, Sept. 1 The family memorandum of understanding between Anil Ambani and Mukesh Ambani based on which the Reliance empire was split continues to remain the main point of argument in the ongoing case between RIL and RNRL over sharing of natural gas from the KG basin.

On Monday, Mr Ram Jethmalani, Senior Counsel for RNRL, while arguing the case in the Bombay High Court, said that on June 18, 2005, the MoU came into existence, which was signed by two promoter-directors of RIL. Between June and December 2005, the RIL board did not refute the MoU and was moving towards a bankable agreement, he said.

Mr Jethmalani said that in June 2005, Mr Anil Ambani resigned from the joint-MD position of RIL and later Ms Kokilben Ambani announced the settlement between Anil and Mukesh Ambani through a press release, “How is is possible that RIL board is not aware about the MoU”, he questioned.

MoU is a written admission of the counsel under law, which is binding on the parties. The MoU is only produced in the court when the existence of the MoU is disputed or when the terms of reference of the MoU are disputed, Mr Jethmalani said.

More Stories on : Corporate Disputes | Courts/Legal Issues | Reliance Industries Ltd | Petroleum

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