MUMBAI: The famous, but so far unseen, family agreement, which formalised the split between Mukesh and Anil Ambani, may soon become public."The MoU, if required, would be produced before the court by Smt Kokilaben, mother of the Ambani brothers," according to Ram Jethmalani, counsel for Reliance National resources (RNRL), an Anil Ambani group company, which is engaged in litigation with the Mukesh Ambani-controlled Reliance Industries over natural gas supply from the Krishna-Godavari (KG) basin. Mr Jethmalani spoke to ET on the sidelines of the legal proceedings in the Bombay High Court.
The family agreement assumes significance in view of the arguments advanced by RIL's lawyer Harish Salve that the MoU was a 'ghost agreement' as nobody has seen it yet and questioned the enforceability of such an MoU.
Thus, the 'family agreement' may take centre stage at the Bombay HC next week. "It's a private document between the Ambani brothers. Besides broad framework of the demerger, it also has the details of the division of the personal assets of Ambani family," said a person broadly familiar with the contents of the MoU.
A single-judge bench of the HC, in an earlier order, had directed the Ambani brothers to renegotiate the gas sales agreement as per the family agreement or the MoU. The MoU has not been submitted in the court as evidence. Mr Salve has argued that the RIL board was not party. "It's a piece of trash, as far as this case in concerned," said Mr Salve.
The case will come up before a two-judge bench of the Bombay HC on Tuesday, when RIL's counsel is likely to complete his submissions and Mr Jethmalani will begin his argument.
thanks to :- economictimes.indiatimes.com
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