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K. G. BALAKRISHNAN, P. SATHASIVAM
Reliance Natural Resources Ltd. – Appellant
Versus
Reliance Industries Ltd. – Respondent
Question 1? Question 2? Question 3?
Key Points: - The natural resources belong to the people and are vested in the Union; government to determine price and utilization under PSC and policies. (!) (!) (!) - Whether the GSMA/GSPA can be read into the Scheme; authority of Company Court to modify/ensure "suitable arrangement" without altering basic fabric; MoU binding status. (!) (!) (!) - Government's overriding role in price, quantity, tenure under PSC and EGOM decisions; whether GoI approvals are necessary for gas supply arrangements and whether those arrangements can bind shareholders. (!) (!) (!) - Whether a private family MoU can bind the corporate entity or shareholders; Doctrine of Identification not applicable to large public companies; proper interpretation of "suitable arrangement." (!) (!) (!) - Court’s power under Sections 391-394 of the Companies Act to sanction/modify schemes and limit on changing basic fabric; directions to renegotiate within government policy. (!) (!) (!)
JUDGMENT
P. Sathasivam, J. —
1)I have had the benefit of reading the erudite judgment of my learned Brother, Hon. B. Sudershan Reddy, J. I am unable to share the view expressed by him on some points and must respectfully dissent.
2)Though the facts and provisions of the relevant law have been set out in the judgment prepared by B. Sudershan Reddy, J., keeping in view of the importance in the matter, I propose to refer all the details and deliver a separate judgment in the following terms:-
3)Leave granted.
4)“The people of the entire country have a stake in natural gas and its benefit has to be shared by the whole country.”
- Association of Natural Gas & Ors. vs. Union of India & Ors.1 (2004) 4 SCC 489 (CB).
5)Being aggrieved by the judgment and order of the Division Bench of the High Court of Bombay dated 15.06.2009 in Appeal No. 1 of 2008 in Company Application No. 1122 of 2006 and in Company Petition No. 731 of 2005, Reliance Natural Resources Ltd. (in short “RNRL”) has filed S.L.P.(C) Nos. 14997 & 15033 of 2009. Questioning the same common order of the Division Bench of the High Court, Reliance Industries Limited (in short “RIL”) has filed S.L.P. (C) Nos. 15063-15064 of 2009. Since t
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