The Supreme Court today appointed Michael Hudson McHugh, former judge of the High Court of Australia, as the presiding arbitrator in the RIL-BP-Niko case.
The Supreme Court today appointed Michael Hudson McHugh, former judge of the High Court of Australia, as the presiding arbitrator in the RIL -BP-Niko case.
Hudson McHugh, ex-judge of Australia's highest court was named as the Chairman of the Arbitral Tribunal as the apex court had on April 2 withdrawn the appointment of James Spigelman, ex-Chief Justice and LG of New South Wales, Australia.
Also check out: KG-D6 gas pricing row: RIL concludes arguments in SC
Justice SS Nijjar had on March 31 passed an order on the issue of appointment of independent arbitrator as the Chairman of the Arbitral Tribunal whose two other members are former Chief Justices of India -- S P Bharucha and V N Khare.
While Mukesh Ambani-led RIL has nominated former Justice Bharucha as its arbitrator, the Centre chose Justice Khare as its nominee.
The three-member arbitration panel will have to decide if RIL deliberately suppressed output from KG-D6 and whether the government has the right under the product sharing contract (PSC) to levy penalties if output fell short of estimates.
RIL had moved the SC seeking appointment of an arbitrator from a foreign country with which parties in disputes are not connected with.
Reliance stock price
On April 29, 2014, Reliance Industries closed at Rs 940.30, down Rs 5.05, or 0.53 percent. The 52-week high of the share was Rs 988.90 and the 52-week low was Rs 765.00.
The company's trailing 12-month (TTM) EPS was at Rs 68.01 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 13.83. The latest book value of the company is Rs 556.88 per share. At current value, the price-to-book value of the company is 1.69.
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