Family pact on but policy rules: RIL | business | Hindustan Times
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Family pact on but policy rules: RIL

business Updated: Nov 11, 2009 23:35 IST
HT Correspondent

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.”