The Supreme Court dominated on Wednesday that Vedanta Ltd. is entitled to recuperate a $499 million arbitration award from the central authorities for growing oil and gasoline fields in Rajasthan.
The courtroom rejected the federal government’s petition, which had stated that billionaire Anil Agarwal’s firm, together with Videocon Industries Ltd., is entitled to recuperate solely $198.5 million as agreed within the production-sharing contract for the Ravva oil and gasoline fields.
Cairn India Ltd., which was later acquired by Vedanta, had in 2011 gained an arbitration award in Malaysia for larger recoveries and sought its enforcement in India. The firm gained a case for enforcement in a excessive courtroom however the federal authorities appealed within the nation’s prime courtroom saying the declare was towards the Indian legislation.
The prime courtroom stated it may’t re-examine proof recorded by a overseas arbitration tribunal and the enforcement of the award in favor of Vedanta gained’t be opposite to India’s public coverage, as claimed by the federal authorities.