In his first communication with Anil Dhirubhai Ambani Group (ADAG) employees after the judgement, Chairman Anil Ambani said that the Supreme court verdict has safeguarded the interests of shareholders of Reliance Natural Resources Ltd (RNRL).
“We respect the judgement and the Supreme Court has safeguarded the interests of over 25 lakh RNRL shareholders by laying down guidelines for an expeditious finalisation of the gas-supply deal between RIL and RNRL,” Ambani said in an email to employees.
Though the judgement was a disappointment, he said the apex court has maintained the core position of ADAG. “The petition filed by RNRL is maintainable and the court has wide powers to modify the scheme, and to make it workable.”
The memorandum of understanding (MOU) signed on June 18, 2005, formed the backdrop of the scheme, and is the guiding force and the basis of the scheme of arrangement for business reorganisation of the Reliance group, including RIL’s obligation to supply gas to RNRL. “The gas-supply arrangements need to be suitable not only to RIL, but also to the shareholders of RNRL.”
He went to the court as a last resort as it became absolutely necessary to safeguard the interest of shareholders, particularly of RNRL, Ambani said.
“We now look forward to an expeditious and successful negotiation with RIL, within the stipulated six weeks, to secure gas supply for the group’s power plants in line with the SC order.”