The Supreme Court Friday sought to remind the government that it was high time it framed a comprehensive policy on energy security, while upholding its right to allocate natural gas to interested parties and also fix its price.
The reminder came from a three-member bench of Chief Justice K.G. Balakrishnan, Justice B. Sudershan Reddy and Justice P. Sathasivam while delivering the verdict on the dispute over Krishna-Godavari gas between the two Reliance groups.
“The parties are bound by the government policy and approvals regarding price, quantity and tenure for supply of gas,” said the bench, while delivering its verdict on one of the most-followed corporate battles in the country.
“Before we part with the case, we consider it appropriate to observe and remind the government of India that it is high time it frames a comprehensive policy or a suitable legislation with regard to energy security of India and supply of natural gas under production sharing contracts.”
