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Our Bureau

New Delhi, Oct. 27 The arguments in the legal battle between the Ambani brothers on KG basin gas supply became more scathing when RNRL’s senior counsel, Mr Ram Jethmalani, accused RIL of committing a fraud worth thousands of crores of rupees on the nation by selling gas at much higher price when its production cost was just 89 cents.

Reacting to the contention of RIL’s senior counsel, Mr Harish Salve, that RIL will not be making much profit even if it sells gas at $4.2/mBtu, as fixed by the Government, Mr Jethmalani shot back saying even if RIL sells gas at $2.34, it would make a profit of several thousand crores of rupees.

Mr Jethmalani said Mr Salve was “taxing his patience” by going on and on with the same arguments. Mr Salve retorted saying, “I am going to tax your patience for three more days. So I suggest that you (Mr Jethmalani) better relax till then.”

“We (RIL) will be net out of profit from this (KG basin) project. We are facing a clear loss in recovery of our costs. These allegations of fraud are media driven and false. It is not even there in the pleadings,” he added.

Both the lawyers got into another heated squabble when Mr Salve submitted a copy of the company petition and a certain affidavit that RIL had produced before the Bombay High Court.

Mr Jethmalani immediately objected to this document, saying when RNRL asked RIL to produce the original company petition before the Bombay High Court, it was neither available with RIL nor with the Court.

Mr Jethmalani said the accuracy of the document cannot be ascertained.

The Court then intervened saying it would like to examine the existence of the original company petition. To this, Mr Salve said RIL will get certified copies and submit the same before the court. Then, Mr Justice R V Raveendran quipped “Now that both of you have given sufficient material for the media to report, can you move on with the arguments?”

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