Key Points
The government on Friday moved the Delhi High Court to recover $5 billion from Reliance Industries (RIL) and Shell-owned BG Exploration & Production India in a dispute over cost recovery provisions and reimbursement of royalties and taxes related to Panna-Mukta & Tapti (PMT) gas fields...
A division bench led by Justice Suresh Kait sought a response from RIL and BG Exploration on the government's appeal alleging that the two companies have been "withholding unlawfully significant amounts of public money (exceeding approximately $5 billion) which have already become due and payable" in terms of 2016 final partial award, one in a series of such awards passed by an arbitral tribunal..
"...the executable amount is to be computed on the basis of the audited accounts of RIL and BG only, for which the necessary formulae are provided in the production sharing contract," it said.. Justice Shankar's verdict "has given a premium to contractor that has amassed vast wealth by not paying to government of India which is long due", it added...
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