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Reliance Industries Files Gas Case to Supreme Court

Bloomberg -- Billionaire Mukesh Ambani’s Reliance Industries Ltd. said it filed a petition to the Supreme Court challenging a lower court order to supply natural gas to Reliance Natural Resources Ltd. at a discount to the government-fixed rate.

Reliance Industries said in its petition that it can’t sell the gas from its Krishna Godavari field at a price lower than the $4.2 per million British thermal units set by the government. Company spokesman Tushar Pania confirmed that the petition had been filed today and declined to comment further.

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Submitted Jul 05, 2009 By: ziyulu

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jeromehasbargen Champion Author Minnesota Posts:3,198 Points:626,670 Joined:Jan 2009	Message Posted: Jul 6, 2009 2:10:41 AM Ignore jeromehasbargen Report Abuse It is too bad that they can't sell gas lower than the allowed price. I guess they will just have to be forced to have higher profits.
LetemEatCake Champion Author Oklahoma City Posts:2,987 Points:766,760 Joined:Mar 2008	Message Posted: Jul 5, 2009 7:48:46 PM Ignore LetemEatCake Report Abuse pliskin from Syracuse... You do realize that this article is about NG prices in India...Right? And, if you do...how does this have anything to do with the US politicians and Supreme Court?
pliskin Champion Author Syracuse Posts:4,363 Points:1,347,095 Joined:Apr 2005	Message Posted: Jul 5, 2009 5:06:43 PM Ignore pliskin Report Abuse Naturally, at prices set by the government! If they sell lower the prices the government gets less taxes among other things, from them and us. It's time to change the Washington politicians who think they have life time appointments like the Supreme Court. This is partially due to our own complacency though. We need to nominate stronger people to run against this current Washington crap and vote them out of office. Most have been in office 20 + years and do very little in the way of helping the American people!
OTISFL Champion Author Pensacola Posts:2,296 Points:423,690 Joined:Apr 2009	Message Posted: Jul 5, 2009 5:06:36 PM Ignore OTISFL Report Abuse HOORAH INDIA!!! And, they said it would never be part of the major 5.
jwalkerh Champion Author Louisiana Posts:4,307 Points:1,009,680 Joined:Oct 2008	Message Posted: Jul 5, 2009 5:04:26 PM Ignore jwalkerh Report Abuse India? OK.
CISA Champion Author Orange County Posts:4,440 Points:1,101,175 Joined:Dec 2006	Message Posted: Jul 5, 2009 4:58:41 PM Ignore CISA Report Abuse Let's see, if companies charge MORE than competitors or the market price they're gouging LESS than competitors or the market price they're monopolistic THE SAME as competitors or the market price and they're colluding. How does enterprise win?
CoffeeTrader Champion Author Victoria Posts:2,412 Points:443,680 Joined:Sep 2008	Message Posted: Jul 5, 2009 4:57:05 PM Ignore CoffeeTrader Report Abuse When it comes to fossil fuels they are all over priced.
stugha Champion Author Massachusetts Posts:2,174 Points:267,465 Joined:Sep 2006	Message Posted: Jul 5, 2009 4:52:36 PM Ignore stugha Report Abuse Problem is if they can charge less they can also charge more. Controls don't always work in perfection.
miamimusic Champion Author Miami Posts:1,848 Points:879,660 Joined:Oct 2008	Message Posted: Jul 5, 2009 4:49:49 PM Ignore miamimusic Report Abuse Enough subsidies. Let the market determine price.
star_deceiver Champion Author British Columbia Posts:3,376 Points:944,125 Joined:Jun 2008	Message Posted: Jul 5, 2009 4:44:49 PM Ignore star_deceiver Report Abuse let them charge what they want, if they're overpriced then people won't buy!
Amtrgas Champion Author Oakland Posts:2,551 Points:1,229,530 Joined:Dec 2007	Message Posted: Jul 5, 2009 4:43:47 PM Ignore Amtrgas Report Abuse I like when Billionaires fight over money. It is like watching two dogs fight over a bone.
ChEPhD Champion Author Pittsburgh Posts:1,055 Points:223,345 Joined:Feb 2009	Message Posted: Jul 5, 2009 4:42:38 PM Ignore ChEPhD Report Abuse that is totally ridiculous
caddilac Champion Author Ontario Posts:13,781 Points:1,672,480 Joined:Apr 2007	Message Posted: Jul 5, 2009 4:39:13 PM Ignore caddilac Report Abuse If it doesn't impact us here, in North America, then why bother to post the story here? Somebody must have thought it had relevance here. [Edited by: caddilac at 7/5/2009 5:41:49 PM EST]
tomok Champion Author Portland Posts:24,632 Points:1,877,535 Joined:Aug 2006	Message Posted: Jul 5, 2009 4:33:30 PM Ignore tomok Report Abuse India?
hoosierdaddyno1 Champion Author Indiana Posts:1,244 Points:882,530 Joined:Oct 2008	Message Posted: Jul 5, 2009 4:31:42 PM Ignore hoosierdaddyno1 Report Abuse What goes to India stays in India!
ramboTX Champion Author Dallas Posts:7,517 Points:1,339,760 Joined:Aug 2007	Message Posted: Jul 5, 2009 4:28:00 PM Ignore ramboTX Report Abuse Money and greed will fix it for them.
subnuke Champion Author Atlanta Posts:5,203 Points:1,047,390 Joined:Sep 2008	Message Posted: Jul 5, 2009 4:27:30 PM Ignore subnuke Report Abuse Big deal - this is India. Why do we care?
billsandi Champion Author Lexington Posts:7,572 Points:1,408,225 Joined:Aug 2005	Message Posted: Jul 5, 2009 4:27:17 PM Ignore billsandi Report Abuse No wonder Tushar Pania declined comment. What's to be said?
GOLDWING2003 Champion Author California Posts:1,713 Points:422,610 Joined:Jun 2008	Message Posted: Jul 5, 2009 4:21:38 PM Ignore GOLDWING2003 Report Abuse They should be made to abide by the price they contracted at!
nozzle46 Champion Author Little Rock Posts:4,862 Points:1,095,525 Joined:Jul 2006	Message Posted: Jul 5, 2009 4:18:37 PM Ignore nozzle46 Report Abuse You have to read the whole article to find it's the India Supreme Court. And yes, why is this of interest to us?
netman044 Champion Author Texas Posts:5,291 Points:893,660 Joined:Sep 2005	Message Posted: Jul 5, 2009 4:05:51 PM Ignore netman044 Report Abuse Why are we reporting what is internal Indian problem. We can't dictate to their courts or companies. It falls into the none of your business category.
rgjoslin Champion Author Colorado Springs Posts:3,500 Points:662,355 Joined:Sep 2008	Message Posted: Jul 5, 2009 4:03:46 PM Ignore rgjoslin Report Abuse Why are the courts meddling in this?
TopGunn Champion Author Baltimore Posts:6,816 Points:2,149,280 Joined:Aug 2004	Message Posted: Jul 5, 2009 4:01:26 PM Ignore TopGunn Report Abuse What has to be, will be.
saveongasNC Champion Author North Carolina Posts:4,407 Points:1,094,015 Joined:Aug 2008	Message Posted: Jul 5, 2009 4:00:38 PM Ignore saveongasNC Report Abuse Well said AF1992.
MikLamb Champion Author Texas Posts:5,638 Points:1,711,045 Joined:Jun 2006	Message Posted: Jul 5, 2009 3:46:42 PM Ignore MikLamb Report Abuse Whatever. What happens in India stays in India.
LeeFree Champion Author Pittsburgh Posts:6,819 Points:1,781,925 Joined:Jun 2005	Message Posted: Jul 5, 2009 3:46:15 PM Ignore LeeFree Report Abuse Price controls don't work in India, either.
TBONE3 Champion Author Pennsylvania Posts:6,383 Points:1,509,670 Joined:Mar 2005	Message Posted: Jul 5, 2009 3:41:58 PM Ignore TBONE3 Report Abuse Isn't price fixing illegal here in the US?
AF1992 Rookie Author San Antonio Posts:80 Points:81,950 Joined:Jan 2008	Message Posted: Jul 5, 2009 3:40:28 PM Ignore AF1992 Report Abuse This is NOT the US Supreme Court - it is the India Spupreme Court. This article is not pertinent to US.
ach All-Star Author Illinois Posts:654 Points:331,275 Joined:Jun 2008	Message Posted: Jul 5, 2009 3:40:11 PM Ignore ach Report Abuse This is India's problem, not ours. We have enough of our own.
DrCashFlow Champion Author Massachusetts Posts:4,775 Points:1,168,555 Joined:Jun 2008	Message Posted: Jul 5, 2009 3:36:15 PM Ignore DrCashFlow Report Abuse looking for favors. get your bloated costs down.
WCCurtis Champion Author San Bernardino Posts:3,304 Points:1,359,945 Joined:Oct 2005	Message Posted: Jul 5, 2009 3:34:51 PM Ignore WCCurtis Report Abuse Bad news. Government or the Courts should never set the price for products to be sold. Consumers should be the one to set the price by buying or not.
trojanskip All-Star Author Orange County Posts:636 Points:349,105 Joined:Mar 2008	Message Posted: Jul 5, 2009 3:34:09 PM Ignore trojanskip Report Abuse ok
DarthDadJr Champion Author Virginia Posts:5,529 Points:1,119,435 Joined:Jul 2008	Message Posted: Jul 5, 2009 3:26:46 PM Ignore DarthDadJr Report Abuse The economics of supply and demand should be allowed to work...setting quotas and using price controls does nothing but hurt production.
e3p0 Champion Author Columbus Posts:2,249 Points:820,905 Joined:Mar 2006	Message Posted: Jul 5, 2009 3:26:09 PM Ignore e3p0 Report Abuse Boo hoo. Poor baby.
mandoid Champion Author Colorado Springs Posts:5,037 Points:1,083,080 Joined:May 2008	Message Posted: Jul 5, 2009 3:23:34 PM Ignore mandoid Report Abuse not bad day49
Tutootin Champion Author Toronto Posts:7,756 Points:2,611,405 Joined:Jun 2004	Message Posted: Jul 5, 2009 3:22:24 PM Ignore Tutootin Report Abuse Can you spell Recession, boys and girls?!
georgeo Champion Author California Posts:4,172 Points:178,915 Joined:May 2009	Message Posted: Jul 5, 2009 3:20:44 PM Ignore georgeo Report Abuse He may lose a billion dollars! May have to sell one of his yachts.
sdslim Champion Author Florida Posts:1,217 Points:1,328,780 Joined:Feb 2007	Message Posted: Jul 5, 2009 3:20:03 PM Ignore sdslim Report Abuse One purpose of all of this is to put more lawyers to work.
BillHeatherL Champion Author Alberta Posts:5,324 Points:1,477,330 Joined:Apr 2007	Message Posted: Jul 5, 2009 3:18:56 PM Ignore BillHeatherL Report Abuse and the rich get richer
BigBobOH Sophomore Author Cleveland Posts:237 Points:107,335 Joined:Mar 2009	Message Posted: Jul 5, 2009 3:17:06 PM Ignore BigBobOH Report Abuse Hey, I feel I'm being wronged by the oil industry all together, can I get their lawyers??????
aarrrt Champion Author San Diego Posts:5,422 Points:1,211,190 Joined:May 2008	Message Posted: Jul 5, 2009 3:13:50 PM Ignore aarrrt Report Abuse The guy didn't become a billionaire without good lawyers.
PDQBlues Champion Author San Diego Posts:4,702 Points:979,420 Joined:Jan 2009	Message Posted: Jul 5, 2009 3:07:58 PM Ignore PDQBlues Report Abuse Let the foreign courts and foreign businesses work things out.
Brewernut All-Star Author Milwaukee Posts:854 Points:320,330 Joined:Oct 2008	Message Posted: Jul 5, 2009 3:07:03 PM Ignore Brewernut Report Abuse why waste more of the courts time
hockeydadOH Veteran Author Cincinnati Posts:307 Points:253,155 Joined:Jun 2009	Message Posted: Jul 5, 2009 3:04:29 PM Ignore hockeydadOH Report Abuse Tolal "F*#KING" Confusion...........
Bud122CA Champion Author California Posts:5,213 Points:1,145,860 Joined:Jul 2008	Message Posted: Jul 5, 2009 3:01:11 PM Ignore Bud122CA Report Abuse Another waste of court time. Free enterprise and the Gov't should be regulating itself (it's just not working).
day49 All-Star Author Washington Posts:984 Points:1,086,205 Joined:Apr 2007	Message Posted: Jul 5, 2009 2:56:09 PM Ignore day49 Report Abuse Somewhat related in that it illustrates one issue when a country sets prices. When a government sets artificially low prices, it can sometimes result in a loss when selling. Also will lead to illegal selling at higher prices, when supply is short due to a company unable to sell at a low set price.
Sneakers55 Champion Author Houston Posts:43,319 Points:1,711,030 Joined:Nov 2005	Message Posted: Jul 5, 2009 2:53:31 PM Ignore Sneakers55 Report Abuse dks458 wrote: >this doesn't sound like a US Supreme Court case Especially after you read the full article and find out it's the Indian Supreme Court.
dhnbBUG Champion Author Pennsylvania Posts:2,625 Points:1,096,260 Joined:Apr 2008	Message Posted: Jul 5, 2009 2:52:49 PM Ignore dhnbBUG Report Abuse I read this article twice and still not sure what it is trying to convey.
lgwhitlock Champion Author Chico Posts:5,125 Points:1,222,395 Joined:Jun 2008	Message Posted: Jul 5, 2009 2:51:34 PM Ignore lgwhitlock Report Abuse Not sure how this relates to us in the USA, but it sure seems India has it's issues...
Hugo40 Champion Author Kentucky Posts:5,275 Points:1,151,450 Joined:Aug 2008	Message Posted: Jul 5, 2009 2:49:43 PM Ignore Hugo40 Report Abuse What?