International tribunal's verdict on Reliance Industries-ONGC dispute likely in 10 days, says report

The international arbitration tribunal is likely to come out with its final order on Reliance Industries-ONGC dispute within ten days, reported Business Standard.

A three-member panel headed by Singapore-based arbitration chambers' head Lawrence Boo had concluded its hearing last month and a final judgment is expected by July 31, the report said citing an unidentified person close to the development.

The dispute originated after Reliance challenged in the arbitration court regarding a penalty for allegedly drawing gas from ONGC's block in the Krishna-Godavari basin, the report said. As per the report, the government had revised the basic penalty claim to $1.46 billion last March.