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RIL Challenges Bombay HC Ruling on Gas Price in SC

July 4, 2009 Visionmp.com news service

Mukesh Ambani-run Reliance Industries has moved the Supreme Court challenging a Bombay High Court verdict which instructed it to avail Anil Ambani Group’s firm RNRL at a cost of $2.34 per mmbtu.

The petition alleged that the high court made a mistake in deciding the three terms as to quantity, tenure and price of gas supply to power plants of RNRL affiliate.

“The high court as a company court exercising jurisdiction under section 392 of the Company Act, 1956, had no power to modify the scheme of reconstruction of a company by demerger as approved almost unanimously by 99.9998% shareholders and creditors and sanctioned by the court…” RIL said in appeal.

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  1. Josh Maxwell on Sat, 4th Jul 2009 6:01 pm 

    Hi. I read a few of your other posts and wanted to know if you would be interested in exchanging blogroll links?




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