The Bombay High Court on Monday asked Mukesh Ambani-led Reliance Industries and Anil Ambani group firm Reliance Natural Resources Ltd to renegotiate within four months, a Gas Supply Master Agreement (GSMA) between them saying it has to be a "bankable" pact.
The release also points out that the prevailing domestic gas prices command a significantly higher price than the proposal of RIL.
RIL filed an appeal on Monday before a division bench headed by Chief Justice Swantra Kumar seeking a stay on an interim order by a single bench restraining it from selling gas to companies other than RNRL and NTPC.
On April 29, the Bombay High Court will start hearing the case between the warring companies, Reliance Industries Ltd (RIL) and Reliance Natural Resources Ltd (RNRL), to reach a quick decision on who will get access to the huge volumes of gas to be produced from RIL's block in the Krishna-Godavari basin. The court will also decide if the central government will be admitted as a party to the case. RNRL would oppose the central government's move to become a party to the case.
Total income decreased to Rs 66.16 crore (Rs 661.6 million) during the July-September quarter of the current fiscal, from Rs 80.91 crore (Rs 809.1 million) in the corresponding period a year-ago.
Anil Ambani on Wednesday took over as the Chairman of Reliance Communication Ventures Ltd, a day after the Mukesh Ambani Group handed over management control of the demerged companies to the younger sibling.
Petroleum ministry has rejected Reliance Industries Limited's plan to sell natural gas to Anil Ambani Group firm Reliance Natural Resources Ltd at less than half the market price.
Reliance Industries Ltd, whose gas pricing formula has been questioned by Anil Dhirubhai Ambani Group company Reliance Natural Resources Ltd, has said that the company has not breached a Bombay high court order.
Shares of Reliance Natural Resources Ltd on Friday surged over nine per cent on the Bombay Stock Exchange after the Bombay High Court issued an interim order restraining Reliance Industries from selling natural gas from KG gas field to a third party.
The total income of the company rose 32 per cent to Rs 80.91 crore for the quarter under review, from Rs 61.31 crore in the year-ago period. For the six months ended September 30, RNRL reported a net profit of Rs 36.17 crore, a 5.72 per cent growth over the corresponding year-ago period. The firm had a net profit of Rs 34.21 crore in the same period last fiscal.
Reliance Natural Resources Ltd chairman Anil Ambani is understood to have sought a review of the government's decision, rejecting the sale of natural gas by RIL to it.
Reliance Natural Resources Ltd has questioned oil ministry's right to approve the price at which a producer sells gas to customers, saying its nod was needed only for the formula or basis of pricing of gas for computing government's share.
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