Big shock to Center from Supreme Court, Arbitration award of billions of rupees in favor of Vedanta

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Supreme Court (file photo).

new Delhi:

The central government has suffered a major setback from the Supreme Court. The court has upheld the Arbitration Award worth billions of rupees in favor of Vedanta. The Supreme Court said in the case that the Malaysian court has properly investigated the issue. The award has not rejected India's public policy as it is a later event.

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The court said that the enforcement court cannot give evidence again. In fact, the Ministry of Petroleum and Natural Gas had appealed against a foreign arbitration award in which Vedanta and Videocon Industries were allowed by the government to recover $ 499 million instead of $ 198 million. This award was given between 2000 and 2007 for the development of Ravva oil and gas fields off the Andhra Pradesh coast.

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