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(Phone Ringing)

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Nira: You see Manoj.
Manoj: Hmm!

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Nira: Ashu has given a very interesting argument. He was on air with Lata Just now. Of   course Sajid gets it completely wrong and I am sure he is completely bought out, right?

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Manoj: Hmm!
Nira: The thing is that he has raised an argument. He has raised three points.

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Nira: You see, he's raised...First he is coming at it from the point of view that listen, my God. You may have...He is coming at the same price of dual pricing.

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Manoj: Hmm!
Nira: He is saying that this is a natural resource, all that. He is saying all that right?

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Manoj: Hmm!
Nira: The second point he is saying, I am a regulator. You're at a cost-plus.

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Manoj: Hmm!
Nira: You have multiple companies where you are saying I have RNRL. RNRL will supply to XY. XY has an RINFRA, INFRA has got this. You know?

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Manoj: Hmm!
Nira: And therefore you have... Where is your offtake?

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Manoj: Hmm! 
Niira: There is a cost-plus formula which exists as far as regulators is concerned. Are you really benefiting by this?

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Manoj: Hmm!
Nira: If your saying I am charging a 2.3 therefore you will have a cost-plus formula as far as the consumer is concerned. You cannot make hefty profits, no?

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Manoj: Hmm!
Nira: You'll pass that back to the consumer. That's the second thing. Then he says the third point, where are your... Where are your power plants?

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Nira: You tell me where are your power plants. If RIL tomorrow says, ok, I am producing this...From tomorrow I am giving it to you.

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Manoj: Hmm!
Nira: Where are you going to put it?

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Manoj: Hmm!
Nira: You are not allowed to trade.

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Manoj: Hmm!
Nira: That is the third point. The fourth point he's...he's come out with is that if I am a share holder of RIL, I am going to say why -

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Nira: - I mean he is going to go back to the government and say that look my share holders are saying if I have to give this and it is going to make me lose so much money...

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Nira: You know that the government has set the price of 4.2, why should I subsidise something like this?

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Manoj: Hmm!
Nira: I am an operator. I don't own this gas.

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Manoj: Hmm!
Nira: You know I have spent seven billion dollars in doing this. I don't want to do it. You give me my money back plus damages.

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Manoj: Hmm!
Nira: He says that the government will be forced to take a directive. So he says you know, lets not wade into this I think the High Court has just not understood it.

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Manoj: Hmm!
Nira: Has gone into a completely different argument but the perspective is right <i>na</i>?

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Manoj: Hmm!
Nira: He is coming at it... He is saying where are you going to put the gas. Please tell me.

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Manoj: Hmm!
Nira: <i> Ye CNBC me abi aa reha hai.</i> (This is coming on CNBC now.) <i> Sajid ko usme... Ek question me usko bola.</i> (He told Sajid in one question.)

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Nira: Sajid, what is the current pricing worldwide? Sajid, what is it that your... Please tell me Sajid. Sajid said well right now it is about $6.

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Manoj: Hmm!
Nira: So he says then fine.

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Manoj: Hmm!
Nira: Your telling me that just because two brothers get into an argument, India should be deprived of this?

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Manoj: Hmm!
Nira: <i> Usne ye agrument deya. Ashu ne Lata ne </i> (Ashu and Lata both gave this argument.)

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Manoj: Hmm!
Nira: I still think that there is scope for you to brief informally on these three four points very critically.

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Nira: <i> Ke thumara regulator ka ek cost-plus formula hota hai.</i> (That your regulator has a cost-plus formula.)

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Nira: I don't know how the power thing works but what he is saying is...Therefore the benefit will have to go consumer.

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Manoj: Hmm! <i> Teek hai. </i> (Ok.)
Nira: So there are two points to this. One point is...You know, can there be dual pricing?

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Manoj: Hmm!
Nira: To which I as a share holder, why should I pay out of my pocket for something that the government needs to decide on. I am only an operator of this.

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Manoj: Hmm!
Nira: And thirdly if you want to open up the pricing, then open up completely.

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Manoj: Hmm!
Nira: <i> Kya hua? </i> (What happened?)
Manoj: <i> Haan, teek hai. </i> (Ok.)

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Nira: <i> Kya hua? </i> (What happened?)
Manoj: <i> Nahi, nahi.</i> (Nothing.)
Nira: What happened?
Manoj: Nothing, nothing.

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Nira: <i> Acha Manoj, humne pehele ye jo unhone Friday - Monday ke leye bolata tho humne pro and cons kal he banaya tha ke kya hoga?</i> (Ok Manoj, what they had said for Friday - Monday... Have we made the pro and cons yesterday about what will happen?)

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Manoj: <i> Nahi vo tho ready hai boss.</i> (No that is already ready.) <i> Ye sab arguments jo aap jo bol rehe hai vohi hum log abi kar rehe hai. </i> (These arguments that you are telling me we are already doing that.)

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Nira: <i> Nahi, nahi. Hum ne decide nahi keya tha ke agar...</i> (No,no. We had not decide that... ) ... if we win what the scenario will be.

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Nira:  What should our position be and if we lose what our position will be.
Manoj: See, we never expected a one-sided judgement no?

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Manoj: We were always firm that it will be a 50-50 type of decision and depending on what the written judgement is we will decide on our second course of action.

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Nira: Haa, but listen, I don't understand what you guys are doing at court.

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Manoj: We are feeding in these things only. The dual pricing. The fact that where is the power plant for them to take the gas.

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Nira: Haa!
Manoj: We are feeding these thoughts in the minds of the journalists. So we will leave now.

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Nira: No but listen. I do think that this...
Manoj: We are putting enough doubt in the minds of the journalists to not say... (Inaudible).

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Nira: Haa!
Manoj: ... This judgement is no different from the single judge judgement and that therefore the unit is status quo. And we continue to supply gas.

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Nira: Haa! Where will you put the gas <i>na</i>? He's not allowed to trade, is he?

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Manoj: Yeah! Yeah! So that is what we are feeding into the minds of the journalist. That's it.

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Nira: The other thing Manoj, very critical, when does the 17 years start from? 
Manoj: Haa! One doesn't know.

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Nira: Haa! So when the 17 years is starting from tomorrow, so then...<i> tho nahi ho sakta hai na? </i> (... it can't happen, can it?)

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Manoj: Hmm!
Nira: He is on his case that about we will get 12 MMSCDS...MMSCMD's.

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Nira: NTPC forgoes the gas from RIL. <i> Vo tho 12 plus 28 ke bath kar reha hai. </i> (He is talking about 12 plus 28.) So where is he going to put it?

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Manoj: <i> Nahi, nahi, abi tho vo bol reha hai ke...</i> ( No, no, now he is saying that...) 40% of all gas reserves is ours. That is his later statement.

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Nira: Haa!
Manoj: Mukul Rohatgi has mentioned that. 
Nira: Haa!

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Manoj: That the MOU says that 40% of all gas reserves is mine.

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Nira: Haa! So we will have to men... We will have to give this messaging. I hope somebody is at the office copying what the messaging is <i>na</i>?

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Manoj: Yeah, yeah! They are messaging. They are sending updates every time.

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Nira: No, no can you just make sure the updates are going to the client? He needs to know what they are saying <i>na</i>?

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Manoj: <i> Teek hai.</i> (Ok.)
Nira: You and I don't need to know this.

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Manoj: <i> Raja ko bhej detahu. </i> (I will send it to Raja.)
Nira: No Raja, MM... I think quickly do a quick mail that these are the following statements that have been made by the other side.

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Manoj: <i> Teek hai. </i> (Ok.)
Nira: And you can talk about this as the counter argument that is coming in.

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Manoj: Ok.
Nira: You know please advice what do we go with, you know? 
(Tape ends.)

