- (1.)A founder father, late Dhirubhai Ambani set up the Reliance Industries Limited (RIL) some time in the year 1973, who ventured along with the time, into oil, gas, refining and exploration apart from other textile, yarn, polyester, petrochemicals and communication business and later stages of life, with two sons-Mr.Mukesh and Mr.Anil Ambani. All are aware of these facts and figures specially the shareholders of the respective companies at all material times.
(2.)Some time in the year 1999, the Government announced a New Exploration and Licensing Policy, 1999 (NELP) . This policy, for the first time, provided that various petroleum blocks could be awarded for exploration, development and production of petroleum and gas to private entities.
(3.)By virtue of Article 297 of the Constitution of India, the Petroleum in its natural state in the territory waters and the continental shelf of India is vested in the Union of India (The Government). The Oil Fields (Regulation and Development) Act, 1948 and the Petroleum and Natural Gas Rules, 1959, make provisions, interalia, for the regulation of petroleum operation and grant of licence and leases for exploration, development and production of petroleum in India,. The Territory waters, continental shelf, exclusive of Economic Zone and other Maritime Zone Act, 1976 (Maritime Zone Act) provides for the grant of a licence or Letter of Authority by the Government to explore and exploit the resources of the Continental Shelf and Exclusive Economic Zone and any Petroleum operation.