Justice SS Nijjar, who had appointed Spigelman, agreed to withdraw his name after the Centre contended that the name of ex-Chief Justice of New South Wales was mentioned in the list of names proposed by the Reliance group for appointment as AN independent arbitrator.
The Supreme Court today withdrew the name of James Spigelman, ex-Chief Justice & LG of New South Wales, Australia, who was appointed by it as third arbitrator to resolve the dispute between Centre and RIL on KG basin.
Justice SS Nijjar, who had appointed Spigelman, agreed to withdraw his name after the Centre contended that the name of ex-Chief Justice of New South Wales was mentioned in the list of names proposed by the Reliance group for appointment as an independent arbitrator.
The apex court had on March 31 named Spigelman as the third Arbitrator who shall act as the Chairman of the Arbitral Tribunal whose two other members are former Chief Justices of India - SP Bharucha and VN Khare.
While Mukesh Ambani-led RIL has nominated former Justice Bharucha as its arbitrator, the Centre chose Justice Khare as its nominee. Justice Nijjar had said that both, the Centre and RIL provided the list of eminent foreign arbitrators but he preferred to do his own survey for maintaining neutrality and chose the name of Justice Spigelman.
"Although two lists have been duly supplied by the learned counsel for the parties, I am of the opinion, in the peculiar facts and circumstances of this case, it would be appropriate if an individual not named by any of the parties is appointed as the third arbitrator. I have discretely conducted a survey to find a suitable third arbitrator who is not a National of any of the parties involved in the dispute," he had said.
Reliance stock price
On April 02, 2014, Reliance Industries closed at Rs 956.95, up Rs 15.80, or 1.68 percent. The 52-week high of the share was Rs 959.80 and the 52-week low was Rs 765.00.
The company's trailing 12-month (TTM) EPS was at Rs 67.89 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 14.1. The latest book value of the company is Rs 556.94 per share. At current value, the price-to-book value of the company is 1.72.
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