Supreme Court reserves verdict in Reliance gas dispute

December 18th, 2009 - 6:37 pm ICT by IANS  

New Delhi, Dec 18 (IANS) The Supreme Court Friday reserved its verdict on the gas supply dispute between Reliance Natural Resources Ltd (RNRL) and Reliance Industries Ltd (RIL).
The three-member bench of Chief Justice K.G. Balakrishnan, Justice B. Sudershan Reddy and Justice P. Sathasivam reserved the verdict after the conclusion of arguments that lasted 27 days spread over nine weeks.

The bench was hearing the dispute over the supply of 28 million units of gas for 17 years at $2.34 per unit to the Anil Ambani-headed RNRL from the gas fields of Krishna-Godavari basin, awarded to Mukesh Ambani’s RIL.

The price, tenure and quantity were based on a pact in the Ambani family entered in 2005 but RIL later said it will only sell gas for $4.20 per unit to RNRL, claiming this was the consideration fixed by the government.

The Bombay High Court had earlier ruled in RNRL’s favour.

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