It was contended by him that it was a company with no assets, no equity and did not file income tax returns in Singapore claiming to be a small firm. Parasaran, who commenced his arguments today, said the allegations of collusion between the government and RIL were “wholly unfounded”.
He submitted that there was a dispute between the government and RIL over fall in output and cost recovery from KG basin for which the apex court had yesterday appointed an international arbitrator as the third member in the arbitration panel.
“How can dispute between two parties going on under arbitration be raised and entertained in a PIL (public interest litigation),” Parasaran said while referring to the issues raised in the petition filed by CPI MP Gurudas Dasgupta.
However, the bench said, “What prevents this court from stopping the arbitration if the allegation of collusion (between government and RIL) are found true? Jurisprudentially I don't think there is anything that prevents us.”
