The government has moved the Supreme Court with respect to Panna-Mukta and Tapti (PMT) arbitration and sought to remove Reliance Industries' arbitrator, reports CNBC-TV18's Ashmit Kumar.
The government has moved the Supreme Court with respect to Panna-Mukta and Tapti (PMT) arbitration and sought to remove Reliance Industries' arbitrator, reports CNBC-TV18's Ashmit Kumar.
The government on one hand and Reliance Industries and BG (British Gas) on the other hand are currently locked in a dispute and are currently engaging in arbitration in London over the gas pricing from the PMT fields.
It is here that the government has raised a contention that there are essentially three members in the arbitration panel, one appointed by Reliance-BG, the other one appointed by the government and a neutral chairman.
What the government is alleging by way of this petition is that the nominee appointed by Reliance Industries is biased, is in fact favourably disposed in favour of Reliance and BG. The government has expressed worries over the effect that this bias will have as far as the final award of the arbitration proceedings is concerned.
Towards that end, it has invoked legal provision to seeking the removal of Peter Leaver who is the appointed nominee of Reliance and BG.
It appears the Supreme Court for now has agreed to hear the petition. It has also issued notices to Reliance and BG to seek their explanations to the government's application which at this point is alleging bias.
There will be more clarity on April 15, which is when this petition will be heard in depth by the apex court.
(Disclosure: Network18, which publishes Moneycontrol.com, is part of the Reliance Group.)
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