Nearly 12 days before the Bombay High Court's timeline for an amicable settlement between the warring Ambani brothers expires, both brothers have decided to slug it out in the Supreme Court.
Anil Ambani promoted Reliance Natural Resources icked off the second round of the battle today by filing a special leave petition in the Supreme Court, which prompted Mukesh Ambani-led Reliance Industries to file a caveat in the apex court.
RNRL moved the Supreme Court seeking implementation of the Bombay High Court order (passed on June 15), asking RIL to supply gas to RNRL. RNRL had already filed a caveat in the Supreme Court on June 19.
"A special leave petition has been filed challenging the last part of the high court order asking RNRL to negotiate again after ruling in our favour in terms of price of gas, tenure and quantity," Mukul Rohatgi, senior counsel for RNRL told Business Standard.
"The high court should have directed immediate execution of the agreement. But after ruling the case in our favour, the court has left it open-ended. It cannot ask us again to sit down with RIL and negotiate. We waited for RIL for three weeks and they did not show any interest. This has happened in the past," Rohatgi added.
RNRL's move comes two days after RIL said it is taking the Bombay High Court to the Supreme Court.
On June 15, the Bombay High Court directed the two companies to come to an agreement for the sale of 28 million metric standard cubic metre a day (mscmd) of gas from the Krishna-Godavari basin's D6 block at $2.34 a million British thermal unit for 17 years.
The high court, however, also gave the two companies a month to work out firm gas volumes, price, timelines and other commercial details for sourcing fuel from the K-G basin on the basis of a memorandum of understanding signed before a family split in 2005.
Today's special leave petition will come up for hearing early next week.
On Tuesday, in reply to a letter from RNRL, RIL had stated it would not sign any agreement involving gas supply, price, quantity and tenure without government approval.
