written by indianachu at Tuesday, October 20, 2009

RIL not part of Ambani family MoU; pact is between brothers

Reliance Industries on Tuesday told the Supreme Court that the 2005 family agreement to divide the Reliance group was a pact between the Ambani brothers and Anil should sue Mukesh if he feels aggrieved.
RIL board had not approved the family memorandum of understanding (MoU) that provides for supply of gas by the company to Anil-led RNRL, Mukesh Ambani-run RIL’s senior counsel Harish Salve said on the first day of hearing on the gas dispute in the apex court.
Hearing petitions by the group firms of both the Ambani brothers, challenging the Bombay high court order of 15 June that asked RIL to reach an agreement with RNRL for gas supply, a bench headed by Chief Justice KG Balakrishnan observed that it is not a fight between shareholders.
The bench said it’s like people of two countries don’t have any problems, but there is a fight between two persons who are heading these countries. “Thus, there is no fight between the two companies, but just between two individuals which has percolated down to the people.”
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http://www.livemint.com/2009/10/20183827/RIL-not-part-of-Ambani-family.html
indianachu : 01