Mukesh Ambani-led Reliance Industries Ltd (RIL) told the Supreme Court on Thursday that the government can even undo a judicial verdict, if it is held that it has no powers to regulate gas prices based on production sharing contracts.

Mukesh Ambani has emerged the wealthiest person in India with a net worth of $32 billion, as the number of Indian billionaires in Forbes’ “India Rich List” this year has nearly doubled to 52, thanks to the rebound in stock markets.

Below is a verbatim transcript of Nayantara Rai's report on CNBC-TV18. Also watch the accompanying video.The Chief Justice Court, the three-member bench, has said that the media should not report the comments that were made by the bench today. RNRL objected to the government being made a party. A decision on that will be taken later. The court was adjourned today after a marathon two-hour hearing and tomorrow it will be reconvening at 10.30 am and it is going to be a full-day hearing till 4 pm.

Petrochemicals giant Reliance Industries’ chief Mukesh Ambani has clinched the title of the world’s richest Indian from NRI steel tycoon Lakshmi Mittal, even as both of them saw their fortunes dwindle to less than half in a year, US magazine Forbes has said.
With a net worth of $19.5 billion, Mukesh Ambani has been ranked seventh in the global list, topped by software czar and Microsoft founder Bill Gates ($40 billion). Mukesh, who has lost more than $23 billion, was ranked at fifth position last year.

Mukesh and Anil Ambani, steel czar Lakshmi Mittal and K.P. Singh, now the richest real estate baron, have been named by Forbes as the four Indians among the world’s top 10 richest people.The announcement saw Warren Buffett dethrone Microsoft co-founder Bill Gates as the world’s richest man. Gates had held the slot for 13 straight years.