RIL Challenges Bombay HC Ruling on Gas Price in SC

Mukesh Ambani-run Reliance Industries has moved the Supreme Court challenging a Bombay High Court verdict which instructed it to avail Anil Ambani Group’s firm RNRL at a cost of $2.34 per mmbtu.

The petition alleged that the high court made a mistake in deciding the three terms as to quantity, tenure and price of gas supply to power plants of RNRL affiliate.

“The high court as a company court exercising jurisdiction under section 392 of the Company Act, 1956, had no power to modify the scheme of reconstruction of a company by demerger as approved almost unanimously by 99.9998% shareholders and creditors and sanctioned by the court…” RIL said in appeal.