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Tuesday, November 10, 2009

No out of court settlement with RNRL: RIL counsel

Reliance Industries counsel Harish Salve on Tuesday said that there is no question of out of court settlement with Reliance Natural Resources Limited (RNRL) on the gas dispute. Presenting his arguments before the three judge Supreme Court bench Salve said that there was a need to improve gas output as there was shortage in the country.

Salve said, "RIL was ready to sell gas to RNRL subject to availability and price. We can't wait for Dadri unit to comeup for gas output hike."

A bench headed by Chief Justice K G Balakrishnan and having Justice B Sudarshan Reddy and Justice P Sathasivam began hearing the case afresh after judge, Justice R V Raveendran quit the hearing saying that his daughter worked for a law firm which advised Mukesh Ambani's Reliance Industries Limited on global acquisitions.

Reliance Natural will present its argument in the case after RIL is through. The government has said it is the owner of the gas.

The tussle relates to supply of gas to Anil Ambani Group’s RNRL from D6 block in the Krishna-Godavari eastern offshore fields of Mukesh-led RIL.

RNRL is seeking gas from RIL at rates 44 per cent lower than Government-approved price. RIL says it cannot honour the commitment made in the 2005 family agreement due to Government's pricing and gas policies

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