Reliance Industries Ltd (RIL) on Wednesday said it was bound by a clause in the memorandum of understanding (MoU) reached between the Ambani brothers — Mukesh and Anil — that talked of a suitable arrangement for supply of gas to Anil-owned Reliance Natural Resources Limited (RNRL).
On the tenth day of arguments, RIL counsel Harish Salve told the court that the family MoU was of valuable guidance to reach a suitable arrangement. He, however, said the MoU itself couldn’t be the suitable arrangement to the extent that it would override even the government policy. Also, he added, the final arrangement was subject to government approval.
When the court was about to rise, RNRL counsel Ram Jethmalani said: “RIL has made a lot of progress from saying MoU was trash to submitting that MoU is a valuable guidance tool.”
But Salve said: “MoU is binding upon the mother and the two brothers, but not upon RIL
"" IF the family MOU is acceptable then Mugesh has to supply GAS to Anil at the agreed cost and if the Govt fixes the rate, the difference of cost has to be bourn by NOT BY RIL,but my Mugesh from his share of the property that devolved by M O U THis will be the natural JUSTICE""
the govt. orders/rules canot nullify the MOU,and so anil will definately get the agreed quantity at agreed rate,irrespective of profit or loss to ril or mukesh.there is a law of estopal applicable here.
so as per ril`s own version rnrl will make profit of rs 21000 crores p.year.
pl watch the developments and see that there is a great value in rnrl shares at curent price.
also pl note that RIL has also great value on its 80mmcd gas at the rate of 4.25 $ after leaving 21mmcd of gaspplied to rnrl .also future rises in gas prices are very sure depending on price of crude oil after 5yrs.
| NIFTY 
