The $ 15 billion deal between Saudi Aramco and Reliance Industries remains in dispute. The Central Government has filed a petition against this deal in Delhi High Court. In this petition, an appeal has been made to stop the deal between the two companies. Meanwhile, Reliance Industries shares fell more than 2% on the first trading day of the week i.e. Monday. At 11.30 am, Reliance Industries shares were trading 2.15% down at Rs 1565 per share.
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The Central Government said in a petition to the Delhi High Court that Reliance Industries Limited (RIL) and its partner British Gas (BG) have not paid them $ 3.5 billion. This amount was to be given as per the arbitration court's decision in favor of the central government in the production-participation contract case of Panna-Mukta and Tapti (PMT). Not only this, the Central Government has given all the arguments, including debt to the company, and demanded a stay on the deal. On this petition of the Central Government, Delhi High Court has asked Reliance Industries to give information about its properties.
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RIL had said that Reliance Industries has opposed the petition of the Central Government. The company said that the arbitration court has not spoken of any decision in arrears, hence the Central Government's petition is a violation of the valid procedure. Reliance said in the affidavit, "It is not correct to say that the arbitration court has asked him and his partner company to pay the dues of $ 3.5 billion to the government." The next hearing of the case is going to be held on 6 February.
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