The Bombay High Court today upheld the maintainability of the Reliance Natural Resources Limited (RNRL) plea in the long-standing dispute with Reliance Industries Ltd (RIL) involving supply of natural gas from the Krishna Godavari basin.
The court has directed RIL to supply 28 mmscmd of gas to RNRL for 17 years at a price of 2.34 dollars mmBtu by entering into a suitable agreement and has given a month’s time to both the parties to arrive at a suitable agreement.
The court said modification of the Scheme of Arrangement between the two Ambani brothers, Mukesh and Anil, was an option for the two parties to reach the suitable agreement. They could also go back to their mother Mrs Kokilaben Ambani as the MoU provides for it, the court added.
The third option before them was to approach the Company Law Board.
According to current indications, RIL is likely to approach the Supreme Court challenging the High Court’s order.
UNI
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