The Hindu Business Line : Gas pricing issue: RIL moves apex court

Mukesh Ambani-led Reliance Industries Ltd (RIL) on Saturday moved the Supreme Court challenging the Bombay High Court judgment on the gas pricing issue. The Bombay High Court order had asked RIL to supply 28 MMSCMD gas to Anil Ambani-controlled Reliance Natural Resources Ltd (RNRL) at $2.34 per mbtu. RIL has contended in its petition that the High Court erred in deciding three terms – quantity, tenure and price – of gas supply to power plants of RNRL affiliate. “The High Court as a company court exercising jurisdiction under Section 392 of the Company Act, 1956, had no power to modify the scheme of reconstruction of a company by demerger as approved almost unanimously by 99.9998 per cent shareholders and creditors and sanctioned by the court...”, RIL said in the appeal. RIL has also made the Government a respondent in the case. According to the petition, the supply of gas as per the MoU was subject to all necessary approvals as required under the Production Sharing Contract and the Government policy.

— Our Bureau

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