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Anil charges Mukesh-led RIL of unfair practices
Monday, 07.23.2007, 12:19am (GMT-7)

MUMBAI: Anil Ambani-owned Reliance Natural Resources Ltd charged Mukesh Ambani's Reliance Industries of adopting unfair practices with regard to gas supply from the KG basin.During a hearing before the Bombay High Court on a petition filed by RNRL, Anil Ambani's counsel said RIL was not adhering to the agreement between the two brothers at the time of splitting the family empire.

The case, which came up for hearing before Justice Anoop Mohta, was adjourned for a week.Anil's counsel Mukul Rohatgi said if his client had been handed over the rights of RNRL before the Gas Supply Master Agreement (GSMA) with RIL, then the terms and conditions would have been set in accordance with both parties.Instead, Mukesh reached the agreement with RNRL, before Anil could assume charge of the company. He submitted that according to the GSMA, RIL was supposed to supply 28 million standard cubic meters per day (mmscmd) of gas to RNRL for power plants set up by the latter's subsidiaries and affiliated institutions at a rate not more than what NTPC was charged.Also, if NTPC failed to procure 12 mmscmd of gas from RIL, RNRL would be entitled to the same.
PTI

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