Government’s demand of USD 1.55 billion as compensation from Reliance Industries (RIL) for unfairly producing ONGC’s gas, is being administered by a three-member arbitration panel, which has started hearing validity of the allegations.
A Singapore-based arbitrator, Prof. Lawrence Boo, heads the panel, which held its first hearing on March 3. Followed by a statement of defence by the government, RIL will first file its statement of claim.
Then the rejoinders, counter-rejoinders and oral hearing will take place, wherein the panel is planning to close the hearing over this year.
Former Supreme Court Judge, G S Singhvi, has been named as the nominee by the central government on the three-member arbitration panel. Whereas, UK High Court Judge, Bernard Edger, has been appointed by RIL and its partners Canada’s Niko Resources and UK’s BP Plc.
The arbitration notice had been slapped on the partners on November 11 last year.