Could the Petroleum Ministry then be intervening because the high court judgment affects the government’s interests adversely?
Not at all. The fact is that the Bombay high court has delivered not one but three judgments on the issue, each one of which, including the most recent one delivered on June 15, fully protects the government’s Interests and revenues. This is also completely consistent with our own legal position. What is being deliberately distorted is that, as per the PSC, there is a clear distinction between the sale price of gas, which is to be fixed by the Contractor (RIL), and the price to be adopted for determining the government’s royalty and share of production, normally referred to as valuation, which is approved by the Government. This is not our interpretation of some very complex legal clauses – this is the view of the government itself, consistently affirmed on the floor of Parliament!. On 30 August 2007, the Government told Parliament in a written answer and I quote: “As per the PSC signed by the government under the New Exploration Licensing Policy (NELP), the operators have the freedom
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