High Court asks Ambanis to frame new gas pact

The Bombay High Court on Monday ordered Mukesh Ambani-owned Reliance Industries Ltd, India’s largest company, to sell natural gas to brother Anil Ambani’s Reliance Natural Resources Ltd at a price that is 44% lower than the price proposed by the government earlier.

The order could significantly impact the contours of the natural gas economy in the country. RIL has been asked to supply natural gas to RNRL for 17 years at $2.34 per million British thermal units. RNRL, however, cannot trade the gas but can use it as raw material in its power projects. Natural gas accounts for about 18% of the total energy-mix of the Indian economy.

An RIL spokesperson said: “The full text of the judgment of the honourable High Court has been received by us and is being reviewed by us.

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Court binds BCCI until final order: NDTV emerges rights frontrunner

Even as the Bombay High Court on Tuesday reserved its order on a petition filed by Sony Entertainment challenging the termination of its contract to broadcast IPL matches by the Board of Control for Cricket in India (BCCI), the home ministry has said it had sent a revised tournament schedule to states for their comments. New Delhi, Jaipur and Visakhapatnam have been dropped as venues in the revised schedule submitted to the ministry on Tuesday.

In court, Sony lawyer Iqbal Chhagla stated that legal rights were yet to be established, as the notice given to Sony was not a termination letter. “The notice of termination, given on Saturday, a non-working day, would have come into effect only on March 16 (Monday),” he said. BCCI lawyer V Tulzapurkar countered this, saying that a termination letter had indeed been served. He also added that the contract with Sony was terminated because the “quality of broadcasting” was “bad”.

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