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(Phone Ringing)

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Raja: Yes Nira.
Nira: Hi Raja.

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Raja: <i>Haan</i>! Yes, yes.
Nira: I... Can you talk?

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Raja: Yeah, yeah!
Nira: No I just wanted to understand, you see now the...

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Nira: Raja just to get a perspective, obviously media is going to continue speculating for another day or so. 
Raja: <i>Haan</i>!

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Nira: I wanted to... You have seen the judgement no, of course.
Raja: Yeah, yeah completely I have read. Completely I have read. Completely, all 325 pages I have read.

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Nira: What is your view?
Raja: The view is that it is written by them. 
Nira: Uh huh!

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Raja: Yeah, yeah,100%, 100%, 100%, 150%, 1050%. (Laughs).
Nira: Uh huh!

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Raja: I can show the paragraphs where I can say with authority that the judge would have never written like that. It is a manipulated judgement. 100% manipulated. 100%.

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Raja: Completely. Because, you see, he was so naive that he couldn't have understood so much in written first of all.

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Nira: Hmm!
Raja: And second the way in which it is written it is very clear.
Nira: Hmm!

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Raja: Absolutely! Anyway so probably even tomorrow or day after we can say that we are going to Supreme Court. 
Nira: But we are moving that way, yeah?

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Raja: 150%. Yeah, yeah. There is no ways absolutely. There is no way that this judgment can be taken.

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Nira: Raja just want to understand one thing from a media stand point because there are question coming in continuously refer to one thing.

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Nira: The MOU had said that the RIL price is... whatever will be the price, will be the NTPC price.

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Raja: Reverse. That is NTPC price will be used for RNRL.

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Nira: Sorry, the RNRL will be the NTPC price. The NTPC price was determined by us when they called for a global bid right?

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Raja: Yaa. Global bid it is reversed. You will have to understand that it is not a bid for gas by a third party.

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Raja: That you know, what is bidding mentioned in the PSC, is that people should bid for buying the gas.

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Raja: You reverse, you understand, that is, what happened when we discovered the price of 4.32, we asked people at what price you can buy the gas.

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Nira: Right.
Raja: So the higher the price you say that the government determined that that is the price final, ok.

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Raja: Infact 4.32 was the highest, finally government said ok, ok, ok, 4.20 <i> kar deya. </i>  (they made it 4.30.). 
Nira: Hmm!

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Raja: Now, this is reversed. This is not that bidding. This bidding is somebody says I want gas. Then people will quote less only <i>na</i>?

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Nira: Correct.
Raja: So that bidding and this bidding only Mukul Rohatgi can confuse the judge.

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Raja: But if you think very properly, it is the reverse of bidding. It is not... It is reverse bidding.

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Raja: That in reverse bidding, you can never find the maximum price of gas <i>na</i>? 
Nira: No, understood. So when you bid for NTPC...

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Raja: Hmm!
Nira: To supply them gas, you bid at 2.34.

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Raja: Yes we said 2.34 and in the contract we said that this price is subject to government approval.

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Nira: Government approval based on the fact that when government will have to determine the price when you called for bidding which was the highest at 4.3 right?

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Raja: Correct, correct.
Nira: Ok. So therefore what you are saying is that my 2.34 is not binding on me.

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Raja: Yeah, yeah. 150% I said it is not binding on me. 150%. 150% I said it is not binding on me.

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Nira: But we never opposed...
Raja: I'll... I'll tell you, I'll tell you there what is the difference?

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Nira: Uh huh!
Raja: Even if the government says that suppose it approves 2.34 for them...
Nira: Uh huh!

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Raja: Then they will fix the valuation price also for me at 2.34. See, what do you mean by valuation. Very simple. I'll teach you. It is as if I am buying at 2.34 and selling at 2.34.

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Nira: Right.
Raja: Whereas if 2.34 is the price for NTPC, but government is going to say that the valuation price is 4.32. I lose 1.82.

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Nira: Right.
Raja: That will never happen in NTPC case. Even if the government approves. Even if the government approves, that will be taken as the valuation.

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Nira: Mmhmm!
Raja: Now here the judge has written, government has no right to interfere with the price you are selling the gas, the 4.20 determined by the government is only for the purpose of valuation.

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Raja: <i> Eisa lik leya. </i> (They wrote it like this.). So ... This can never be accepted by us so, if you ask me the question how NTPC 2.34 may be acceptable to you?

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Raja: Why this is not acceptable to you? Is this reason. This is the answer. Because for my cost recovery, 2.34 will be used by the government.

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Nira: Right. Ok. So now, we never contested 2.34 when the legal and binding agreement came up in dispute?

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Raja: No, that was not the dispute at all. Because the dispute... They never raised... NTPC never raised the dispute on price. They never raised the dispute on price.

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Raja: They raised the dispute on liability. That is all. Only dispute was on liability that if you don't supply the gas they wanted... Ehh!... us to indemnify them.

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Raja: Whereas we said no, it cannot be done. Now if you see the form of the contract which they sent to us itself, Annexure One contains that the price is subject to approval of Government of India.

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Nira: NTPC says that?
Raja: Yaa, so in NTPC price is not under contest at all.

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Nira: So how can the judge agree on this price then in that case?
Raja: The judge... Where has the judge agreed? Only they have done.

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Nira: Right!
Raja: (Laughs.)

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Nira: Ok, that's the grey area. Ok. So whenever you decide... When are you going to decide on Supreme Court?

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Raja: Decide means I... It is only to tell in public when to tell. Decided is decided. There is nothing, no option.

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Nira: No, no agreed. 
Raja: But when to tell is... When to tell is the issue because we have said that we are conducting I. Today we are call with Harish.

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Nira: Hmm!
Raja: Then let's see. When we will file etc. that strategy will be decided tomorrow, today.

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Nira: Uh huh! Raja just one request. Please don't issue a statement at 8 o'clock at night. 
Raja: Which one?

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Nira: What ever you decide, if you are going to decide to go to Supreme Court. Which you have decided. Please issue a statement early enough because I need to play the media...

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Raja: Hmm!
Nira: On that just like it played yesterday. On winning... So therefore if you issue statement at 8 o'clock you have lost the impact of it.

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Raja: No, yesterday actually no, no. Actually yesterday they said no media. Then, then you send the mail.

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Nira: No, no that is fine. Yesterday I understand. I am talking about...
Raja: Actually we didn't want to... Yesterday actually we didn't want to say any... Give any this thing.

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Nira: We would have...
Raja: Then what you said I read and I rewrote the... Then I went to... Then I went inside, Atul <i>bhai</i> was with Mukesh <i>bhai</i>. Then I discussed with both of them.

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Raja: Then Mukesh bhai first said fine. Then he said no, why should we give such a big statement. 
Nira: Hmm!

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Raja: He said you give this. You give only on this lines. Then whatever I sent to you, finally I told them and I went and showed it to Atul <i>bhai</i> and then they took his approval and then only send it to you on Manoj Warrier.

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Nira: No, that's fine. That's ok. But given that you will take a decision on... No the point I am... No, no that I agree with you.

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Nira: That's fine because the whole day in any case we were already telling the media that we are studying the judgment. Right?

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Raja: No but, no. When we go to the Supreme Court there is no need to issue another statement no. We will go on file and then media will pick it up.

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Raja: I don't know whether why we should tell the media that we are going to the Supreme Court... Anyway matter is over.

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Raja: Yesterday all <i>hulla-bulla</i> everything is over. Now whatever they want to write let them write but why should we go and tell no, no we are filling tomorrow.

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Raja: I don't we will issue such a statement because we don't want them also to know.

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Nira: As and when we file, as and when we file -

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Raja: But by that time the whole thing would have died and we will just go and quietly file because why should we issue a statement on the day we are going to file that we are going to file tomorrow?

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Nira: From an image point of view Raja.

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Raja: No but anyway it is going to get picked up. Infact today's Economic Times carries headlines that they are likely to go to Supreme Court. I think it is a just this thing.

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Raja: Yesterday I saw... Yesterday after coming home, returning home at 2 o'clock I saw in the TV that NDTV Profit carried a very big story, Mukul Rohatgi interview and all that.

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Raja: I think that should have happened in the afternoon. They were re-telecasting. So he also said...

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Nira: That RIL will go to Supreme Court. Yaa, they carried, Mukul Rohatgi, Kakadia... All the key lawyers...

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Raja: But when we came out Nira, when we came out of the Judge's chamber, everybody was there.

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Raja: They wanted interview from Atul Dayal but he said no we will read the judgement and tell. 
Nira: No that is correct. We ...

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Raja: It is like Dhoni not giving an interview when he loses a match.

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Nira: No that is correct. Of course they went all out, all out. As would be expected. I see a point now why the judge has got it wrong.

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Raja: Yaa!
Nira: Which I didn't understand that... That last point which had NTPC pricing.

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Raja: But infact they have quoted Harish Salve wrongly in that judgement thing...

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Nira: Making profits right. He says that we can make profits...He hasn't understood how you make profits <i>na</i>? Because you are saying I'll recover my cost...

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Raja: Yeah, cost and then only profit starts. 
Nira: That's right, yeah. So I don't think he has understood that. Oh well! I am sorry Raja. It's been a nightmare.

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Raja: No, no <i> Teek hai.</i> (Ok.)
Nira: Well we will go to Supreme Court and win. no?
Raja: Yeah!

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Nira: Now we have to go with that mind set. Yeah? 
Raja: Yeah, 100%. 
Nira: Ok Raja. That Tata Power thing is happening today <i>haan</i>!

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Raja: Hearing? 
Nira: No, no. We are withdrawing 500 Mega Watts.

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Raja: Ok. That one. Ok. Very good. 
Nira: Yeah? That is happening today, yeah?

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Raja: Very good. And lot of things are happening tomorrow. Thursday this decision is coming up for hearing.

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Nira: Ok.
Raja: Warren, Warren against Warren.
Nira: You can talk on the other line when you call.

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Raja: Yeah, yeah. 
Nira: When you reach office. We will call on that line <i>haan</i>!

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Raja: Yaa, yaa.
Nira: Ok. Bye.
(Tape Ends)

