The most significant aspect of the recent Bombay High Court ruling on the sharing of gas from the KG basin between RIL and Reliance Natural
Resources Ltd (RNRL) is that the judges completely refrained from making any value judgement on the government’s formal claim before the court that the Appellant and Respondent cannot settle between themselves how gas, which is a national asset, to be utilised for the welfare of the nation, is to be distributed
The high court merely examined the legal validity of the memorandum of understanding (MoU) between Mukesh Ambani and Anil Ambani on how gas from the KG basin is to be shared between RIL and RNRL as per the family settlement. It could be argued that the court’s mandate was limited to examining the MoU arising from the family settlement after the group assets were allocated to the two brothers under their mother’s guidance.
However, common sense would tell anyone that the bigger question which perhaps the court deliberately did not go into was one of whether a national and sovereign resource can be a subject of a commercial agreement between two private parties.
More : economictimes.indiatimes.com
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