Bar&Bench News Network
While Justice Raveendran was withdrawing from the RIL-RNRL dispute, Justice Markandey Katju [pictured] was doing the same in the naphtha dispute between RIL and Bharath Petroleum Corporation Limited (BPCL). The Bench, comprising Justices Katju and Ganguly, had heard and reserved the matter for judgment on September 1. Justice Katju, however, yesterday recused himself saying his wife had made investments in Anil Ambani-controlled Reliance Mutual Funds.
Both RIL and BPCL had fielded a battery of senior counsels before the Supreme Court. Reliance was represented by Senior Counsels Uday Lalit, Shanti Bhushan and Rohinton Nariman, while Dr. Rajeev Dhavan and Sudhir Chandra appeared for BPCL.
The matter has been in the courts for over a decade, and in the Supreme Court for six years. Justice Katju's recusal has undone years of work, with all involved parties having to start once more at square one. Yet Shanti Bhushan, RIL's Counsel, seems surprisingly positive about the development. Speaking to Bar & Bench he said, "Rather than to have somebody bring up the matter after a few years, I think they [Justices Katju and Raveendran] have acted extremely wisely in recusing themselves. Each of them have set example for the rest of the Bench." He feels that the delay is not of consequence in this matter. "Why should one court controversy? It might be that they have recused themselves a little late. But it is better late than never," he added.
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- 1. "Why can't Judges stop buying shares? They are priviledged ones in the whole country. They are DIFFERENT. I humbly request them not to give such excuse. Please do not treat it as CONTEMPT. WE DO RESPECT YOU.". RAJIV PATIL, MUMBAI
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Feb 07, 2012 | Bar & Bench brings to you the eighth article in 'The Viewpoint' series with its knowledge partner Amarchand Mangaldas. Amarchand Mangaldas Capital Markets team in its article analyses buyback and redemption routes available with Indian companies to restructure or redeem their outstanding FCCBs. comments (1)










