It was a rare sight at the Supreme Court when a billionaire managing several companies chose to be a witness to the proceedings for laying claim on the specified quantity of gas at a price agreed upon by his petro-magnate brother four years ago.
Reliance Natural Resources Ltd chairman Anil Ambani entered the high dome chamber of the chief justice of India at the dot of 10.30 am, left for some snacks in the lunch break and returned to the hearing to listen to what his advocate Ram Jethmalani had to tell the court. He listened to whatever transpired in the court as visitors — mostly the court staff and unconcerned lawyers — kept peeping in the court hall that was packed to capacity.
Jethmalani refused to talk to the press outside the court, saying, “I don’t have any instructions from my client (Anil Ambani) to address the media. I wished him to be in the court to watch the proceedings.”
Ambani Jr said he represents the 11 million shareholders of the company he heads. “I have come here not just on my own behalf, but on behalf of nearly 11 million shareholders of the Reliance ADA Group, the largest shareholding family in the world, whose interests will be directly affected by the outcome of this case,” he said.
During his inconclusive arguments, Jethmalani asserted that the Ambani-family MoU, which RIL’s counsel had earlier termed as a piece of paper and later called as the guiding tool, is a “sacrosanct” document for resolving the gas row with RIL. He accused the rival concern of scuttling efforts to arrive at a bankable agreement for the supply of gas from KG Basin.
Besides the MoU, RNRL wants strict compliance with the NTPC document which envisages the supply of gas to the PSU at $2.34 per mmBtu by RIL. Underlining the obligation and binding nature of the MoU, the former Union law minister said it was
intended to convert the demerger scheme into statutory enforceable contract between the two groups.
However, things started going wrong for Anil Ambani since the RIL board meeting on July 17, 2004, when a resolution was passed giving all powers to his elder brother Mukesh Ambani, the counsel said.
“The resolution was humiliating for the younger brother. RIL board clipped
all powers of Anil Ambani,” he said. The game was to show that Mukesh Ambani was complying with the MoU, but at the same time he was preparing a document to “demolish his younger brother”, the court was told. Hearing will continue on Wednesday, but Anil Ambani may not be present.
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