Bombay HC asks Ambani brothers to renegotiate gas deal
The Bombay HC in its order stated that either of the parties could come back to the court if they failed to rework the deal in 4 months. Reliance recipe of creating wealth
By PTI |
MUMBAI: The Bombay High Court on Monday asked Mukesh Ambani-led Reliance Industries and Anil Ambani group firm Reliance Natural Resources Ltd to renegotiate within four months, a Gas Supply Master Agreement (GSMA) between them saying it has to be a "bankable" pact.
Reading out the operative part of the order, Justice A V Mohta said GSMA will have to be in-line with the family arrangement between Ambani brothers prior to demerger of Reliance group, and it has to be a "bankable agreement."
Either of the parties can come back to the court if they fail to rework the deal.
Mukesh Amabni-led Reliance Industries Limited (RIL) and Anil Ambani's Reliance Natural Resources Limited (RNRL) were locked in a legal battle over terms of GSMA, under which RIL is to supply gas from Krishna-Godavari fields to RNRL.
RNRL approached the High Court seeking amendment to GSMA, saying that present agreement did not ensure certainty regarding quantity of supply and its tenure.
Reading out the operative part of the order, Justice A V Mohta said GSMA will have to be in-line with the family arrangement between Ambani brothers prior to demerger of Reliance group, and it has to be a "bankable agreement."
Either of the parties can come back to the court if they fail to rework the deal.
Mukesh Amabni-led Reliance Industries Limited (RIL) and Anil Ambani's Reliance Natural Resources Limited (RNRL) were locked in a legal battle over terms of GSMA, under which RIL is to supply gas from Krishna-Godavari fields to RNRL.
RNRL approached the High Court seeking amendment to GSMA, saying that present agreement did not ensure certainty regarding quantity of supply and its tenure.
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