The Bombay High Court on Monday asked Mukesh Ambani-led Reliance Industries [Get Quote] and Anil Ambani group firm Reliance Natural Resources Ltd [Get Quote] to renegotiate within four months, a Gas Supply Master Agreement (GSMA) between them saying it has to be a "bankable" pact.Reading out the operative part of the order, Justice A V Mohta said GSMA will have to be in-line with the family arrangement between Ambani brothers prior to demerger of Reliance group, and it has to be a "bankable agreement."
Either of the parties can come back to the court if they fail to rework the deal.
Mukesh Ambani-led Reliance Industries Limited (RIL) and Anil Ambani's Reliance Natural Resources Limited (RNRL) were locked in a legal battle over terms of GSMA, under which RIL is to supply gas from Krishna-Godavari fields to RNRL.
RNRL approached the High Court seeking amendment to GSMA, saying that present agreement did not ensure certainty regarding quantity of supply and its tenure.
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