(ET)
A three-member arbitration panel has started hearing validity of the government’s demand of USD 1.55 billion as compensation from Reliance Industries for “unfairly” producing ONGC’s gas.
The panel, headed by Singapore-based arbitrator Prof Lawrence Boo, had its first hearing on March 3 where the timetable was drawn, sources privy to the development said.
RIL will first file its statement of claim, followed by a statement of followed by a statement of defence by the government. This will be followed by rejoinders, counter-rejoinders and oral hearing, sources said, adding that the panel plans to wind up the hearing in a year.
