SC suggests arbitration in Ambani row

To this,Mukesh Ambani-run RIL,which continued its arguments for the second day today,told the court that it considered the government8217;s gas utilisation and pricing policy as the 8220;suitable arrangement.8221;

Senior counsel Harish Salve also opposed RNRL8217;s plea for dismissing RIL8217;s petition,saying only his client8217;s creditors or members of the Board can challenge maintainability of the petition.

Salve said RNRL was a third party and hence,cannot seek dismissal of RIL8217;s plea. RNRL has also separately challenged the government8217;s petition in the dispute.

The Ambani gas dispute pertains to RNRL8217;s demand that it be supplied 28 mmscmd of gas from RIL8217;s KG-D6 gas fields at a price of USD 2.34 per mmBtu agreed in a 2005 family MoU.

RIL,however,contends that it cannot do so in view of the government policy,which in 2007 approved USD 4.20 per mmBtu as price for gas from the KG-D6 fields.

In its arguments yesterday,Reliance Industries told the Supreme Court that the 2005 family agreement to divide the Reliance empire was a pact between the Ambani brothers and Anil should sue Mukesh if he feels aggrieved.