In the last one week,shares of Mukesh Ambani’s Reliance Industries Limited (RIL) and his younger brother Anil Ambani’s Reliance Natural Resources Limited (RNRL) as well as Reliance Power have fluctuated heavily.
While nobody knows for certain the real cause of the upheaval,most experts believe that this could be linked to the fact that the much-awaited judgment of one of India’s biggest and dirtiest corporate battles over supply of gas and gas pricing,which was being staged inside courtroom Number 1 of the Supreme Court,would be announced in the next few days.
While no date has been set for pronouncing the judgment,it would be before May 11,the last working day of present Chief Justice of India K G Balakrishnan,who presided over the three-judge Bench,which reserved its judgment on December 18 last year.
The subject of the dispute is whether RIL is bound to honour a family pact to supply 28 million units of gas for 17 years at $2.34 per unit to RNRL from the Krishna-Godavari basin gas fields. Last year,the Bombay High Court had ruled in favour of RNRL.
However,a legal expert said in case the judgment was not pronounced before the retirement of Balakrishnan,the matter would have to be heard afresh by a new Bench.
The gas dispute is just one of the many cases wherein judgments have been reserved by the Benches headed by the outgoing CJI.
Another important case whose outcome could be known before May 12,the day the CJI retires,is the issue of constitutional validity of MP Local Area Development (MPLAD) funds.
A Constitutional Bench headed by the CJI had on January 21 last year reserved its judgment on the issue. Earlier,a Bench of the apex court had reserved its verdict in November 2009 on the same issue,but had to conduct some more hearings after the government requested permission to make some more submissions.
The SC is also expected to deliver its judgment in the next few days on whether law enforcement agencies were allowed under the Constitution to use modern scientific techniques such as polygraph test,brain mapping and narco-analysis tests during investigation in criminal cases.
On January 24,2008,a three-judge Bench headed by the CJI had reserved its verdict in the matter.
The petitioners,who include the so-called Godmother of Rajkot Santokben Jadeja,have questioned the validity of suspects being subjected to intrusive scientific investigative tools without their consent.
Another important issue on which the CJI-led Bench’s final word is likely before he demits office is the subject of removal of Governors with the change of government at the Centre.
In 2004,then BJP MP B P Singhal had filed a PIL,challenging the removal of Governors of Uttar Pradesh,Gujarat,Haryana and Orissa by the previous UPA government. The judgment in the case was reserved in September 2009.
On Tuesday,an apex court Bench headed by the CJI reserved its verdict in a case pertaining to alleged illegal mining by the Obulapuram Mining Company Ltd owned by Karnataka’s Reddy brothers in Bellary reserve forests in Andhra Pradesh.
Andhra Pradesh has challenged the decision of the High Court allowing mining activities by Obulapuram Mining Company,which was later stayed by the apex court in an interim order.