SC verdict vindicates govt's stand: Deora

Posted By: Samyuktha
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New Delhi, May 7: Welcoming the Supreme Court ruling in the gas dispute between Mukesh Ambani-led Reliance Industries and Anil Ambani-led Reliance Natural Resources Ltd (RNRL), Oil Minister Murli Deora said that the government stand that gas belongs to the nation has been vindicated.

"SC verdict upholds the fact that gas belongs to the government and the people of the country and that is what we have been saying," the minister told a news agency.

"I welcome the verdict. No matter what campaign one ran against the government, the nation is supreme," he added.

The minister had earlier drawn criticism for interfering in the dispute between the Ambani brothers. During the three and half year long legal battle, the government had also moved the Supreme Court to assert its power and sovereign right over gas pricing and utilisation.

Anil Ambani had also accused Deora and his ministry of favouring his elder brother in the dispute.

The Supreme Court on Friday, May 7 ruled that since the gas like any other natural resource comes under the government, the pricing will be based on what is approved by it. This ruling came in favour of Mukesh Ambani.

It was a huge set back for Anil Ambani as the apex court held that the family MoU signed in 2005 was not legally binding as the shareholders had no idea on its contents.

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