Mukesh Ambani-controlled company Reliance Industries (RIL) today faced some searching questions from the Supreme Court for its demand to raise the gas supply price to Anil Ambani's RNRL asking how will it serve the public interest.
"Was it not in the public interest that all should be supplied gas at the rate of $2.34 per mBtu (million British thermal unit). If the government says the price of gas for all will be $2.34 per mBtu, will it not be in a public interest ?", the court asked RIL.
"For making it from $2.34 to $4.20 per mBtu, you (RIL) are the only benificiary and not the public. RIL is gaining and not the public. Is it in the public interest," a bench comprising Chief Justice K G Balakrishnan and Justices R V Raveendran and P Sathasivam observed when RIL made submissions on the marketing rights of the gas from KG Basin.
The remarks of the bench came on the sixth day of the hearing the dispute between RIL and RNRL relating to supply of gas from KG basin for which the two brothers Mukesh Ambani and Anil Ambani are engaged in a bitter fight.
RNRL is seeking gas from RIL at rates 44 per cent lower than the government-approved price. RIL says it cannot honour the commitment made in the 2005 family agreement due to the government's pricing and gas policies.