The Supreme Courtroom ruled on Wednesday that Vedanta Ltd. is entitled to recuperate a $499 million arbitration award from the central government for building oil and gasoline fields in Rajasthan.
The court docket turned down the government’s petition, which experienced stated that billionaire Anil Agarwal’s enterprise, alongside with Videocon Industries Ltd., is entitled to recuperate only $198.5 million as agreed in the generation-sharing agreement for the Ravva oil and gasoline fields.
Cairn India Ltd., which was afterwards obtained by Vedanta, experienced in 2011 won an arbitration award in Malaysia for bigger recoveries and sought its enforcement in India. The enterprise won a case for enforcement in a high court docket but the federal government appealed in the country’s leading court docket indicating the declare was versus the Indian legislation.
The leading court docket stated it just cannot re-examine proof recorded by a overseas arbitration tribunal and the enforcement of the award in favor of Vedanta will not be contrary to India’s public coverage, as claimed by the federal government.