Anil Ambani-controlled Reliance Natural Resources (RNRL) today submitted a copy of the relevant parts of the memorandum of understanding (MoU) signed between the two brothers.
Reliance Industries’ counsel Harish Salve opposed the court taking the MoU on record and stated that he was reserving his right to cross examine. Ram Jethmalani, counsel for RNRL, read out the contents of the affidavit and said that the portions of the MoU submitted were only to enable the court to effectively deal with the frivolous grievances argued by RIL on non-production of MoU.
Still, the two counsels united in saying that the contents of the documents should not be made public. The MoU records the arrangement between the two brothers as part of the demerger scheme and also notes what needs to be done in future. The court has adjourned the hearing of the case till October 15. According to ADAG, RIL had contracted to supply 12 mmscmd of gas per day to state-run NTPC at $2.34 per unit , and it was agreed that if the gas was not supplied, it would be sold to RNRL.
Jethmalani will continue his submissions in the next hearing on 15 October. Justice JN Patel, who is hearing the case, announced that the court would sit on Saturday (October 18), as it would like to complete the hearing before the Diwali vacation and use the Diwali vacation for drafting the judgement.
