Reliance Industries Ltd.'s legal counsel Wednesday said he will on Thursday present India's highest court with a copy of a gas-supply contract between billionaire brothers Mukesh Ambani and Anil Ambani, which is a central point in a long battle between two of India's largest conglomerates.
Reliance Industries told the Supreme Court that the 2005 family agreement to divide the Reliance empire was a pact between the Ambani brothers and not with RIL. RIL Board had not approved the family MoU that provides for supply of gas by the company to Anil-led RNRL, Mukesh Ambani-run RIL's senior counsel Harish Salve said to the apex court.
"It is RIL's case that the MOU was not placed before the board and that the members of the board had no knowledge of the terms of the MoU," the counsel said, adding that the division bench had relied upon the media reports and the board resolution to come to a positive finding that the MoU was placed before the Board.
Source: http://online.wsj.com/article/SB10001424052748703816204574487251341920492.html?mod=WSJ_topics_obamaLabels: Mukesh Ambani, Reliance, Reliance Industries