Following the decision of the Delhi High Court’s double judge bench, the Ministry of Petroleum and Natural Gas on Tuesday sought a compensation of $ 2.81 billion (24,522 crore) from Reliance Industries. After this demand notice received from the government, there was a huge decline in the stock of Reliance. Reliance Industries is now preparing to go to the Supreme Court in the entire case. Meanwhile, on the demand notice sent by the Petroleum Ministry to Reliance Industries, Supreme Court Senior Advocate RK Singh told the whole thing. RK Singh also told the background of this entire case.
Case of extracting gas from Krishna Godavari basin
He said that Reliance Industries has been in dispute related to gas and energy before the Government of India. In 2016, the Ministry of Petroleum raised a demand of $ 1.55 billion on Reliance Industries. Reliance challenged this demand. Demand was noticed on Reliance Industries for illegally migrating the gas from Krishna Godavari Basin (KG-D6).
Case reached Delhi High Court
Later, Reliance Industries Limited won the Arbitral Award in the Krishna Godavari Basin (KG-D6) in the Krishna Godavari Basin (KG-D6) in the alleged gas migration dispute in the Krishna Godavari Basin (KG-D6). After which the matter reached Delhi High Court. Where on May 9, 2023, the single judge bench rejected the government’s appeal against the Arbitral Award and upheld the original decision.
High court double bench overturns the decision of single bench
The Supreme Court further said, senior advocate RK Singh, “The government challenged the decision in the double bench of the Delhi High Court. The double bench overturned the decision of the single judge bench on 14 February and said that Reliance becomes a liability. Reliance will have to pay money.” RK Singh further said that in the meantime the Government of India made an additional demand of 1.36 billion. Now this case has become a demand notice of $ 2.81 billion about 25 thousand crore rupees.
RK Singh ahead for Realons: RK Singh
RK Singh further informed that now the path ahead is difficult for Reliance, because the demand we are talking about is Sobreign Wealth of India. Reliance stands as a default of that wealth. The Government of India will calculate one money each. We have also seen this in the telecom controversy. RK Singh further said that the Supreme Court usually does not interfere in such cases. You have also seen in the case of Vodafone.
Reliance is taking the opinion of challenging in a big court
It is known that Sobrin is a wealth related to the wisdom of the wealth nation. The first right on this is with the citizens of the nation and the government is its custodian. The Supreme Court further said Senior Advocate RK Singh said that if I tell me on the basis of my experience, it is difficult for Reliance. On the other hand, on this decision of the High Court, Reliance Industries has said that it is taking opinion from lawyers to challenge the High Court’s decision in a big court.
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