Anil Ambani’s hopes for an early resolution of his two-year-old dispute with elder brother Mukesh Ambani’s Reliance Industries Ltd (RIL) over the price of gas from the Krishna Godavari (K-G) basin faded today, with the Supreme Court turning down his Reliance Natural Resource Ltd’s appeal to take up the case for final hearing on September 1.
The date was originally set for the court to decide when to start the final hearing on cross-appeals submitted by RIL and RNRL last month. On July 20, the Supreme Court referred both cross-appeals, along with one from the petroleum ministry, to a three-judge bench which is yet to be constituted by the Chief Justice.
All the parties, including the gas-consuming industries, have moved the Supreme Court against a Bombay High Court order in June that asked RIL to supply gas to RNRL at $2.34 per unit, a price set in a 2005 family agreement when the family’s assets were split between the brothers, against the officially prescribed $4.2 per unit.
Meanwhile, RIL counsel Harish Salve pointed out that since the dispute was a “heavy matter”, the arguments could go on for at least 20 working days. This means nearly two months in terms of the Supreme Court calendar, because regular hearings are scheduled for only three days a week. Mondays and Fridays are devoted to fresh matters.
Salve stated that 20 working days would imply that the hearing would go beyond the Diwali recess and there would be a break in the flow of the arguments. Therefore, he suggested some date after the Diwali vacation and before the Christmas vacation for a final hearing.
HE ALSO asked the court to impose “silence on all sides”, hinting at the heavy media coverage of Anil Ambani’s emotional speech on Tuesday, accusing his brother and the petroleum ministry of collusion plus interviews with him in some dailies on Thursday.
RNRL counsel Mukul Rohtagi told Chief Justice K G Balakrishnan that “in view of what is happening”, the matter should be heard finally on September 1. If that day is devoted to arguments on interim orders, the decision will be prolonged, he added. Rohtagi also pointed out that all parties are ready with their papers and final arguments could start the same day.
Additional Solicitor General Mohan Parasaran also supported the plea for an early final hearing.
Also read: July 30: Settle gas dispute on Sept 1, Anil to tell SC
