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Wednesday, September 23, 2020

SC upholds arbitral award, allows Vedanta-Videocon to recover $476 mn

A Bench comprising Justice SA Nazeer, Indu Malhotra and Aniruddha Bose upheld the Delhi High Court’s February judgment that allowed Vedanta’s predecessor Cairn India to implement the foreign arbitration award of January 18, 2011 for the higher recovery.

Written by Indu Bhan | New Delhi | September 17, 2020 1:36:45 am
sc on sex workers plea, sc direction to centre, monthly dry rations, cash transfer to sex workers, india news, indian expressThe apex court was hearing an application filed by NGO, Durbar Mahila Samanwaya Committee which had moved the top court to highlight the destitution faced by sex workers on the account of COVID-19. (File)

The Supreme Court Wednesday allowed Vedanta and Videocon Industries to recover $476 million, instead of $198 million capped by the Petroleum Ministry, for their joint development of the Ravva oil and gas fields off the Andhra Pradesh coast between 2000 and 2007.

A Bench comprising Justice SA Nazeer, Indu Malhotra and Aniruddha Bose upheld the Delhi High Court’s February judgment that allowed Vedanta’s predecessor Cairn India to implement the foreign arbitration award of January 18, 2011 for the higher recovery. The tribunal had held that the companies were entitled to costs of $278 million, in excess of the $198 million. The counter claim of the ministry to the extent of $22 million was also allowed by the tribunal. —FE

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