Business Daily from THE HINDU group of publications
Saturday, Oct 18, 2008
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Business Daily from THE HINDU group of publications Saturday, Oct 18, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Corporate Disputes
Our Bureau Mumbai, Oct. 17 The division bench of the Bombay High Court on Friday asked the Union Government to file an affidavit explaining its stand on whether its approval was necessary for the price of gas to be produced by Reliance Industries Ltd in the Krishna Godavari basin. The affidavit has to be filed by a Government officer holding the rank of a Secretary by October 20. The bench gave the directions in the ongoing RIL vs RNRL over the sharing of the KG basin gas. The Union Government through the Ministry of Petroleum and Natural Gas wants to be a party to the case. Counsel for the Government, Mr T.S. Doabia, argued before the court that the Government’s approval was necessary for the rate at which RIL can sell the gas to other private parties. The court drew the attention to the fact that the Government in a statement to Parliament has said that it would not be fixing gas price, except for its own share. Mr Doabia replied that Parliament did not communicate anything contrary to what he was saying. The court said if the Government was worried about its own stake in the KG gas field production the court would ensure that it was not affected by the current litigation. It will protect the Government in the larger public interest. Gas issue: RIL rules out out-of-court settlement RIL-RNRL dispute: Prolonged uncertainty More Stories on : Corporate Disputes | Courts/Legal Issues | Petroleum | Reliance Industries Ltd
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