The Supreme Court quashed SEBI and SAT orders against Reliance Industries in the Reliance Petroleum trading case, setting aside allegations of fraudulent market practices, directing refund of Rs 250 crore deposited during proceedings and ending the prolonged legal battle arising from 2007 stock market transactions.
The Supreme Court agreed to consider Reliance Industries Limited’s fresh request for conciliation in the Krishna-Godavari Basin gas migration dispute with the Central government, observing that an amicable settlement would be welcomed and the appeal could be disposed of if both sides successfully resolve the matter.
The Delhi High Court Today (Feb 14) canceled an arbitration ruling that had earlier favored Mukesh Ambani’s Reliance Industries Limited (RIL) in the Krishna-Godavari (KG) basin gas migration dispute. This decision revives the Indian government’s $1.5 billion claim against RIL, alleging unfair extraction of gas from ONGC’s fields. The court ruled that the previous award was against settled legal principles, marking a major legal blow for RIL.
Yesterday, 4th April,The Delhi HC supported Reliance Industries’ involvement in the BPCL-HPCL pipeline case, dismissing BPCL’s appeal. The dispute revolves around the pipeline being designated as a common carrier, contested by PSU oil companies. Reliance’s participation, based on its initiation of the process, approved despite objections from the oil companies.
