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Our Bureau

Mumbai, Oct. 7 Reliance Natural Resources Ltd (RNRL) will place before the Bombay High Court on Wednesday portions of the Ambani family’s Memorandum of Understanding, relating to the sharing of natural gas.

Reliance Industries Ltd (RIL) led by Mr Mukesh Ambani and RNRL led by Mr Anil Ambani are fighting over sharing natural gas from the RIL-controlled KG basin gas fields.

The Ambani brothers with the mediation of their mother Mrs Kokilaben Ambani arrived at the MoU on June 18, 2005. The MoU is the main document based on which the Reliance empire was split.

Till date the MoU document has not been place before court in the ongoing case by both parties.

Senior counsel for RNRL, Mr Ram Jethmalani, in the course of argument before the division bench said both parties in the case can produce the document with ease.

The court should have an authentic copy so that justice can prevail. The MoU is not the ‘origin of rights’, it only indicates that a prior arrangement exists between the family members, he said.

Mr Jethmalani said RNRL can place a copy of the document without any exhibit number.

Counsel for RIL Mr Harish Salve, arguing against placing of the MoU, said the document cannot be placed before the court at the current stage of argument. It can only be taken by the court at the end of the argument.

The court should not pass any order in the case relating to the MoU in favour of either party. It will affect the case, he said.

Replying to arguments of the RIL counsel, Mr Jethmalani said that in order to enforce the scheme of demerger the MoU document is necessary.

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

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