ISSUE:
What is the maintainability of a petition under section 392 of the Companies Act?
Whether the Production Sharing Contract overrides all the other contracts and allows the Government the power to control prices?
What is the legal nature of a Memorandum of Understanding and the applicability of the doctrine of “identification” or “attribution”?
What is the binding nature of a Memorandum of Understanding on a company in the absence of an express provision in its Article of Association?
RULE:
The doctrine of identification may only be applicable to small operations, but since RIL and RNRL have more than three million shareholders, one cannot equate the personalities of the companies and the parties involved in such a situation.