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Reliance owners fighting like persons heading two countries: SC | The Supreme Court, which is hearing a petition related
to the gas row between estranged industrialist brothers -- Mukesh and Anil Ambani, on Tuesday observed that there is a fight between the owners of companies, and
not between the shareholders. The apex court also observed that it is like persons
heading two countries are fighting, but the people are not fighting. The court
adjourned the matter for further hearing on Wednesday. The case between Reliance
Industries, headed by Mukesh, and the Reliance Natural Resources Ltd, led by Anil,
is over a deal to sell gas from the Krishna Basin Reserve to the Reliance Natural
Resource Limited (RNRL) at below-market rates as per a family settlement. Just
ten days ago, Anil made a surprise truce offer to resolve the dispute amicably.
But with Mukesh rejecting Anil's olive branch, the action has now moved to the
Supreme Court. In a statement on October 11, Anil said all disagreements could
be resolved within weeks, but RIL questioned the sincerity of the offer made "through
the public domain" and said Anil could have easily contacted his elder brother
directly. RIL also asked Anil to demonstrate the bonafide of his intentions behind
the latest overture, adding it welcomes this positive indicator and will not be
found wanting in responding to them constructively. The latest tussle between
the feuding brothers, which stems from the 2005 break-up of the Reliance empire
built by their father, has raised concerns it could discourage investment in the
sector as India scrambles to shore up its energy security. In July, the Supreme
Court had said that it would club all petitions and applications in the case together.
The Government had earlier made a petition to intervene in the case, arguing that
the gas is 'state property' and that the private agreement between the Ambanis
over the gas is not valid. |
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