<p>A bench of Chief Justice K G Balakrishnan, Justices B Sudershan Reddy and P Sathasivam heard the case after Justice R V Raveendran withdrew himself from hearing saying that his daughter worked for a law firm at Bangalore which advised Mukesh Ambani’s RIL on global acquisitions.<br /><br />RIL Advocate Harish Salve submitted a 25-page synopsis of the case to the Judges before starting his arguments. <br /><br />Starting the arguments for RIL, Salve said ‘’Private arrangements can not be brought to shareholding companies. Private arrangements are to be kept out of share-holders schemes.’’ ‘’Whether the MOU between the members of the promoters family is binding upon the corporate entity RIL?’’ asked Salve to the bench.<br /><br />While challenging the ruling of the lower Court, Salve said the Bombay High Court erred in saying that contractor has a share in the gas which it can deal with at will. <br /><br />Government right<br /><br />RIL also raised that the Apex Court will also decide whether, ‘’The government has no right to fix the price of gas that comes to the contractor’s share?’’<br /><br />Salve said the gas utilization policy (GUP) and price sharing contract (PSC) are the basis on which the government has taken a decision to allocate gas to different priority consumers and price of natural gas.<br /><br />The arguments by RIL counsel remained inconclusive and will resume on Tuesday.<br />Based on a family agreement, the Anil Ambani Group wants 28 million units of gas per day for 17 years at $2.34 per unit. But Reliance Industries says it can only sell it for $4.20 per unit, claiming this was the price approved by the government, said Salve narrating the ruling of Bombay High Court which went in favour of RNRL.<br /><br />The Bombay High Court had upheld the claim by the younger brother Anil Ambani’s group in a verdict delivered in June, which was challenged by Reliance Industries in the apex court.</p>
<p>A bench of Chief Justice K G Balakrishnan, Justices B Sudershan Reddy and P Sathasivam heard the case after Justice R V Raveendran withdrew himself from hearing saying that his daughter worked for a law firm at Bangalore which advised Mukesh Ambani’s RIL on global acquisitions.<br /><br />RIL Advocate Harish Salve submitted a 25-page synopsis of the case to the Judges before starting his arguments. <br /><br />Starting the arguments for RIL, Salve said ‘’Private arrangements can not be brought to shareholding companies. Private arrangements are to be kept out of share-holders schemes.’’ ‘’Whether the MOU between the members of the promoters family is binding upon the corporate entity RIL?’’ asked Salve to the bench.<br /><br />While challenging the ruling of the lower Court, Salve said the Bombay High Court erred in saying that contractor has a share in the gas which it can deal with at will. <br /><br />Government right<br /><br />RIL also raised that the Apex Court will also decide whether, ‘’The government has no right to fix the price of gas that comes to the contractor’s share?’’<br /><br />Salve said the gas utilization policy (GUP) and price sharing contract (PSC) are the basis on which the government has taken a decision to allocate gas to different priority consumers and price of natural gas.<br /><br />The arguments by RIL counsel remained inconclusive and will resume on Tuesday.<br />Based on a family agreement, the Anil Ambani Group wants 28 million units of gas per day for 17 years at $2.34 per unit. But Reliance Industries says it can only sell it for $4.20 per unit, claiming this was the price approved by the government, said Salve narrating the ruling of Bombay High Court which went in favour of RNRL.<br /><br />The Bombay High Court had upheld the claim by the younger brother Anil Ambani’s group in a verdict delivered in June, which was challenged by Reliance Industries in the apex court.</p>
