"There must be parameters to arrive at suitable arrangements for supply of gas," the apex court's three member bench of Chief Justice KG Balakrishnan, Justice RV Raveendran and Justice P Sathasivam noted.
"Either you negotiate or we can direct you to go for arbitration," the SC said during the hearing of dispute between the Ambani brothers over the pricing of gas from the KG basin.
In the fourth session of hearing, counsel for Reliance Industries Harish Salve resumed his arguments, He maintained that the Ambani family reorganisation pact had no bearing on his client, which was a company.
"The Reliance Industries board had no knowledge of the private agreement," he said.
As he continued his argument, Ram Jethmalani intervened on behalf of Anil Ambnai-led RNRL asserting that his client was not against the Government's gas utilisation policy, but it should be implemented prospectively and not retrospectively.
Saying that RIL will make a huge profit even if it sells gas at $2.34 per unit, as demanded by his client, Jethmalani said, "It's fraud on the nation. You (Reliance Industries) are making thousands of crores."