Reliance Case : Resolutions of Supreme Court

The Judgement Day of Supreme Court

Reliance has been demanded the increased rates from RNRL that has already been fixed by EGOM. Case filed at the honorable court. On 15th June, 2009 the resolutions came out from Mumbai High Court with the anticipation of RNRL. Mumbai High Court resolved this matter considering the prime importance of the agreement. On the basis of these resolutions Reliance filed a petition in Supreme Court. Supreme Court acts on the petition submitted by Reliance and determined that the previous conclusion of Mumbai High Court has been debarred.

Following are the important resolutions of Supreme Court are:

01. Agreement has not been legitimate support.

02. Private agreements made in families have not been bounded on company.

03. For Natural Gas distribution Supreme Court has been ordered to re-deal with Reliance and RNRL. This re-deal should be completed in next 14 weeks.

04. Agreed upon – application and to settle the rates of National Resources & Wealth are the final rights of Government.

Reliance commanded by Mukesh Ambani and RNRL by Anil Ambani. Even though they have a control on companies but could not have 100% shares that the ownership of which is evidenced. In that case, how it is possible to take a decision on a big family’s dining table that has been concerned with more than hundred thousand of investors and their economical life?

Members of Investing Organizations or the managerial committee who were situated on the bank of river; have they playing the role not to see, not to listen and not to hear like the three monkeys of Gandhiji? There is big gossip going on the corporate governance under the air-conditioned hall; but before one’s own eyes there is rule to evade the responsibilities and duties of such managerial committee. Just take an example of any company who is caught behind disputable things. Many times world has been seen that the managerial committee failed to protect the benefactors of investors.

Till such situations are permanent and the persons or who controls such companies and their business economy. It is not possible to fall down the deceiving risks of common investors. It is the most important reason that common people who are morally excellent and gracious never believe and trust on investing in Capital Market.

Supreme Court has been tried to give the new directions to the future. They agreed upon the respectable final rights of Government about to use and fixation of rates of natural resources. For that, Supreme Court ordered to enforce a law to make all sided policy is really respectable and well-coming. It is not our tradition to make a policy based on the long term vision for the purpose to use natural resources and wealth. But is our routine practice to make, implement and change policies with temporary plastering in such situations. It is the issue that we people break and rebuild the policies taken into consideration that how our relatives and one’s own people can get extreme profits and benefits. States like Orisa and Jharkhand who are having full of minerals; natural resources and wealth gets little amount as they have an ownership and rights of excavating. These states come in such a situation like a poor owner of rich treasure trove. On the contrary, digging owners who gets the license comes up with awful profit. It has been experienced and same is replicated in various natural resources and wealth like Coal, Minerals, Oil and Gas, Power, Water and Sand of River.