HC seeks copy of Ambani family MoU on RIL-RNRL gas supply issue
02 September 2008
Mumbai: The Bombay High Court, which is hearing the case regarding the gas supply agreement between the Mukesh Ambani-led Reliance Industries and Anil Ambani's RNRL, has asked the Ambani brothers to produce at least the relevant portion of the MoU preceding the Reliance demerger.
The MoU is important in the RIL-RNRL KG Basin case as it relates to the Gas Supply Master Agreement (GSMA) which is the focus of the case, the court observed.
RNRL counsel Ram Jethmalani said the company was ready to produce part of the MoU that deals with the proposed gas supply master agreement.
However, the RIL lawyer said that RNRL must file a separate application if it wanted to produce the MoU - not part of the record until now - and only then will RIL take a stand on it.
RIL also disputed RNRL contention that the terms of the MoU are binding on both the parties and have a bearing on the scheme of demerger.
The MoU was signed by the two Ambani brothers and their mother Kokilaben prior to the split of the Reliance group into two.