The Bad PlaceTimes of India | KG Basin: RIL wants to sort it out with Centre
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The Supreme Court in New Delhi rejected Reliance Industries Ltd’s repeated pleas to postpone the hearing on the alleged pilferage of gas from an ONGC block in the KG Basin, insisting the case be concluded while allowing time for the parties to explore conciliation. Reliance, which has challenged the government’s demand for $2.8 billion in alleged losses, argued that any gas extracted was a natural flow, that it fully accounted for it, and that the benefits—$1.2 billion in royalties and profit taxes plus a $13.7 billion subsidy saving for the government—far outweigh any loss. It highlighted its $7.4 billion investment and a profit of $644 million, noting that the government’s claim is four times that amount and, even if the pilferage claim were accepted, the Centre would be entitled to only about $105 million. The bench, led by Chief Justice Surya Kant, said it would finish the hearing but give “breathing time” for a settlement, with further arguments scheduled for Thursday.
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KG Basin: RIL wants to sort it out with Centre
NEW DELHI: The Centre on Wednesday opposed repeated requests by Reliance Industries Ltd to adjourn hearing on alleged pilferage of gas from ONGC block in KG Basin to explore conciliation between the two sides, reports Dhananjay Mahapatra. RIL has challenged Union govt’s demand of $2.8bn for the alleged pilferage.