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Ambani dispute: RIL may make submission over MoU
Kalpana Pathak in Mumbai
 
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September 26, 2008 11:36 IST

Mukesh Ambani-promoted Reliance Industries [Get Quote] is expected to make a submission in the Bombay High Court on September 30 with regard to presenting the June 2005 memorandum of understanding in the court. 

"After the RNRL counsel finishes arguing on Tuesday, we will make our submissions in the court if the MoU should be produced or not," said Milind Sathe, senior counsel for RIL. 

The case was last heard on September 2, when RNRL senior counsel Mukul Rohatgi requested the court to call for the June 2005 MoU -- signed between the warring Ambani brothers that formed the basis for separation of the undivided Reliance Industries between them. 

"We would like to know what the MoU contains as far as the GSMA (Gas Supply Master Agreement) is concerned. We would not want to see the entire MoU," the court had observed on September 2. 

RIL counsel Milind Sathe had asked RNRL to file an application in the court regarding production of the MoU, adding, "The MoU is not binding on the companies. It is unknown to the law," Sathe had added. However, while presenting his case in July 2008, Harish Salve, senior counsel for RIL, had dubbed the agreement between the brothers as a 'ghost MoU' (as no one has seen it). 

"The MoU between the brothers is in the private domain and has never been produced in the court. Agreements between the brothers were entered into on the basis of negotiation and decision on the case cannot be taken on this basis," Salve had told a division bench in July this year.

The June 2005 agreement between the Ambani brothers was the basis for the split in the Reliance Group. While Mukesh Ambani got RIL, younger brother Anil Ambani got Reliance Capital [Get Quote], Reliance Communications [Get Quote] and Reliance Energy [Get Quote].

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