RNRL-RIL HEARING

Highlights of the judgment .
KEY POINTS
* Justice Sathasivam says Production Sharing Contract to overwrite
all pacts ,Govt owns all gas assets till it reaches user.Ambani brothers' MoU not

binding
*Chief Justice signs Justice Sathasivam's verdict as delivered.
.
OTHER HIGHLIGHTS
Judges to separately deliver orders in RIL-RNRL gas case Justice Sathasivam says not feasible to restrain govt powers on gas can take only cognisance of Ambanis' MoU brothers' MoU not binding ,Nation's' assets, incl gas, belongs to people RIL, RNRL must renegotiate in 6 wks,RIL, RNRL must renegotiate or go to cos' court RIL-RNRL should renegotiate under govt rules ,govt regulation must dictate renegotiation plan Govt's power to decide gas price, valuation * Justice Reddy delivers
dissent to Justice Sathasivam verdict

Shares in Reliance Natural Resources tumbled more than a quarter on Friday afternoon after the Supreme Court delivered a verdict against the company in a gas dispute. The apex court on Friday ruled in favour of Mukesh Ambani, who controls Reliance Industries, in the dispute, closing a chapter on a five-year battle that now gives the government control over setting prices. At 12:04 p.m., Reliance Natural shares were down 25.7 percent at Rs 50.80, while the main stock index BSE was down 1.2 percent. The RNRL counter had clocked the best monthly gain in April in over a year on anticipation of the Supreme Court verdict. RIL shares, which dipped below the Rs 1,000-level in the morning trade, recovered after the SC started delivering verdict on the year-long gas dispute between the two brothers. The dispute between Reliance Industries and RNRL, the companies led by billionaire brothers Mukesh Ambani and Anil Ambani, is over supply of 28 million cubic meter of gas a day to RNRL by RIL.