RNRL to ask SC for early final hearing

Anil Ambani’s Reliance Natural Resources (RNRL) will approach the Supreme Court on Thursday to seek an early final hearing of the ongoing gas dispute with Reliance Industries Ltd (RIL).

The apex court on July 20 had posted the matter for hearing on September 1, to be heard by three judges. Both RIL, run by Anil’s elder brother, Mukesh, and RNRL have filed cross-appeals on a Bombay High Court judgement. Also, a petition by the Union petroleum ministry to stay the HC order on gas supply at $2.34 per mBtu is scheduled for hearing the same day.

In a telephonic conference call in Mumbai today, Anil Ambani said his company has separately served notices on RIL and the ministry on his early hearing plea. “RNRL would like to have an early resolution of the matter expeditiously. Today, RNRL has served notice on the petroleum ministry and Reliance Industries that RNRL counsel will be mentioning the matter before the Supreme Court tomorrow. The Supreme Court will be requested to take up the matter for final hearing on September 1,” Anil Ambani said during the conference call.

“Since the petroleum ministry has reiterated on several occasions that the matter is of national importance, RNRL hopes they would also agree to our request for an expeditious final hearing of the matter, and will not be misguided by RIL - who we believe only want to delay the matter indefinitely to the detriment of public interest,” he added.

At RNRL’s annual general meeting held on Tuesday, Anil Ambani had accused the minisry of siding with RIL.

“I will be personally happy to be proven wrong if RIL also agrees to our request on Thursday if it genuinely wants to resolve the issue expeditiously,” Anil Ambani said.

The gas supply dispute between RIL and RNRL concerns power projects representing a capacity of 12,000 Mw of power, and an investment of over Rs 50,000 crore, and affects the interests of over 10 million shareholders.