Modi government demanded 24,500 crores from Mukesh Ambani, know why.

Written By: Mobin

The Petroleum Ministry has demanded $ 2.81 billion (Rs 24,500 crore) from Reliance Industries, BP and NIKO. This demand has been made in the case of gas migration from ONGC's gas block.

Dispute

ONGC claimed in 2013 that Reliance took illegal advantage of its gas block. The government demanded $ 1.529 billion and interest.

Demand

Reliance has called this demand legally inconsistent and plans to challenge it in the High Court.

Response

The Division Bench of the Delhi High Court ruled in favor of the government on February 15, after which this demand was made.

Court

In 2018, the international arbitration rejected the government's claim, but the government challenged it.

History

Reliance shares fell following the news, and the shares reached Rs 1,172.

Impact

The government has demanded $1.55 billion from Reliance, which includes royalty and interest.

Compensation

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