Case adjourned to September 30
MUMBAI: The Bombay High Court on Tuesday asked the Ambani brothers if they were willing to produce in court the memorandum of understanding (MoU) signed by them and their mother, Kokilaben, prior to the Reliance demerger.
The HC is hearing the case related to the dispute over the gas supply agreement between the Mukesh Ambani-led Reliance Industries Ltd (RIL) and Anil Ambani’s Reliance Natural Resources Ltd (RNRL).
Ram Jethmalani, RNRL’s lawyer, said in court that his client is ready to produce the part of the MoU that deals with the proposed gas supply master agreement. He maintained that the MoU has a bearing on the group’s demerger. However, RIL’s lawyer said that RNRL must file a separate application if it wants to produce the MoU, which is not a part of court records.
Asking both parties to make submissions on whether new evidence can be submitted in court at this stage, Justice J N Patel and Justice K K Tated said, “If in the course of the arguments, we find the MoU necessary, we will direct you to produce it.” The case was adjourned to September 30.
Meanwhile, Jethmalani said, “RIL is raping the Indian economy by colluding with corrupt (government) officials.” When RIL lawyer Milind Sathe objected to the allegation, Jethmalani said he could prove the charge.
He said that it remained unexplained how RIL had got approvals to raise its capital expenditure for gas production from Rs 20,000 crore to Rs 40,000 crore, thereby reducing the government’s share, which is worked out after deducting capital expenditure from total revenues.
m_anshika@dnaindia.net
