Mukesh Ambani-run Reliance Industries on Saturday moved the Supreme Court challenging the Bombay high court judgement that asked it to supply gas to Anil Ambani Group's firm RNRL at a price of $2.34 per mmbtu.
It alleged that the high court erred in deciding the three terms as to quantity, tenure and price of gas supply to power plants of RNRL affiliate.
Ambanis move SC on K-G gas case
"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 per cent shareholders and creditors and sanctioned by the court," RIL said in appeal.
The high court on June 15 ordered that Reliance Industries honour a 2005 family agreement to supply 28 million cubic meters per day of gas from its Krishna-Godavari basin fields at $2.34 per mmBtu for 17 years to Reliance Natural Resources Ltd.
