Mumbai, Aug 21 (UNI) The Bombay High Court today suggested the rival Ambani brothers--Anil and Mukesh, to approach their mother Kokilaben to resolve the dispute over the agreement for supply of gas from the Krishna-Godavari basin.
The division bench of Justice J N Patel and Justice K K Tatde made this suggestion during the hearing of the petition regarding Anil-led Reliance Natural Resources Limited (RNRL) persuant to a gas-sharing deal between RNRL and Mukesh-led Reliance Industries Ltd (RIL).
The bench also observed that the dispute in the family may cause loss to the country. During the hearing, senior Advocate Harish Salve, appearing on behalf of RIL, told the court that the Memorandum of Understanding (MoU) among the Ambani family matriarch Kokilaben, her sons Mukesh and Anil, prior to the split in the Reliance Group, was not binding on RIL.
Adv Salve contested the lower court's observation that the gas purchase master agreement (GSMA) between the two should be in line with MoU signed by the brothers and their mother in 2005.
Anil's RNRL is locked in a legal dispute over the terms of GSMA with RIL, controlled by his elder brother Mukesh. In this dispute, GSMA and RIL had agreed to supply gas to RNRL for latter's power-generation projects.
The court, after making suggestions and observations, adjourned the hearing till September one.
However, when contacted, the spokesperson of Anil said he was ready and keen to sit with mother Kokilaben and brother Mukesh to resolve the issue as per their convenience.
Sources in the Mukesh Group declined to comment, saying the matter is sub judice.
UNI AAA/PP SSS SKB RL N D2006