Wednesday, July 29, 2009

RIL-RNRL gas row: Is govt at disadvantage by fixing price?

Anil Ambani made some dramatic comments at the Reliance Natural Resources Ltd (RNRL) annual general meeting (AGM) of shareholders on Tuesday calling the Petroleum Ministry’s stance partisan towards Reliance Industries (RIL) and RIL dishonourable.
“RIL’s dishonourable conduct in persistently refusing to honour the gas supply contract," Ambani said. "Secondly, the exorbitant profits RIL is seeking to make at the cost of the power and fertiliser sector in the country. Thirdly, the apparently-biased and partisan role of the Petroleum Ministry. RIL has tried every trick in the book and apparently several outside the book to back out of its solemn, legal and contractual obligations.”

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