RIL moves SC challenging Bombay HC order on gas pricing

New Delhi, Jul 4 (PTI) Mukesh Ambani-run Reliance
Industries Saturday moved the Indian apex court, Supreme Court
challenging the Bombay High Court judgement that asked it to
supply gas to Anil Ambani Group's firm RNRL at a price of USD
2.34 per mmbtu.

It alleged that the high court erred in deciding the three
terms as to quantity, tenure and price of gas supply to power
plants of RNRL affiliate.

"The high court as a company court exercising jurisdiction
under section 392 of the Company Act, 1956, had no power to
modify the scheme of reconstruction of a company by demerger
as approved almost unanimously by 99.9998 per cent
shareholders and creditors and sanctioned by the court..." RIL
said in appeal. PTI