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NEW DELHI: Mukesh Ambani-run Reliance Industries Ltd (RIL) on Saturday moved the Supreme Court challenging the Bombay High Court judgement that asked it to supply gas to Anil Ambani Group's firm RNRL at a price of $2.34 per mmbtu.

It alleged that the High Court erred 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 per cent shareholders and credit ors and sanctioned by the court...'' RIL said in appeal.

The high court on June 15 ordered that Reliance Industries honour a 2005 family agreement to supply 28 million cubic metres per day of gas from its Krishna-Godavari basin fields at $2.34 per mmBtu for 17 years to Reliance Natural Resources Ltd. - PTI

Related Stories:
Court directs Reliance to sell gas to RNRL at $2.34
HC order brings RIL gas pricing issue to the fore

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