SC rejects Reliance Info’s plea on bank guarantee

On Monday, a bench comprising Justice N. Santosh Hegde and Justice S.B. Sinha, directed the company to pay the balance by way of cheque or bank draft in a week.

Harish Salve, appearing for Reliance, contended that the company had calculated the default to be Rs 29 crore. Since it had already paid Rs 98 crore, it should be allowed to give a bank guarantee in this regard, he argued.

Appearing for BSNL, former Attorney General Soli Sorabji and Maninder Singh opposed the application for a bank guarantee and also the extension sought for payment. They contended that as directed by the bench, the Delhi High Court would hear the case on January 13 and the outer limit for pronouncing judgment was January 31.

Justice Hegde, however, remarked: ‘‘We are not inclined to modify our order. However, we will extend the deadline for payment by one week.’’

RIL corporate governance panel to meet this week

Mumbai: Reliance Industries Ltd’s (RIL) newly appointed committee on corporate governance will have its maiden meeting during this week. The committee comprises RIL independent directors Y.P. Trivedi, D.V. Kapur and M.P. Modi. “The committee will have its first meeting during this week. The agenda is being worked out for the same. The committee can take up issues other than the agenda during the proposed meeting,” an independent director of the company said. —ENS