Supreme Court of India decided in favor of Mukesh Ambani of RIL

New Delhi: May 07, 2010

The Supreme Court of India decided in favor of Mukesh Ambani of Reliance Industries limited (RIL) today.

The Supreme Court of India decided the issue between Mukesh Ambani of Reliance Industries limited (RIL) and Anil AmbaniAnil Ambani of Reliance Natural Resources Limited (RNRL) regarding gas price of KG basin. The Supreme cort revert the judgement of Bombay High Court by 2-1.

The apex court also uphold the side of Indian government and told that RIL is only the contractor and gas is a national property. Supreme Court uphold the right of Indian government to determine price of gas. MuraliMurali Deora, petroleum minister, expressed his joy on the judgement of Supreme Court.

The apex court also told that family MoU is not binding upon companies. It has instructed both the companies to re- negotiate the MoU with in six weeks. Failing to resolve the issue within eight weeks, company board will determine and fix it.

Mukesh Ambani, RIL is happy with the decission. Anil Ambani of RNRL had no comments on the verdict but told he would honor the Supreme court decission and would not go for review petition.

RNRL and other associated shares fallen sharply in Indian stock market on Friday after the judgement came in. RIl shares have risen, of course.