Cairn India Ltd, which has been acquired by Vedanta, sought a higher recovery in an arbitration award in Malaysia. Vedanta has tried to do the same in India.
In the original production-sharing contract for the Ravva oil and gas fields, the amount stated was $198.5 million.
The Government filed a petition in the Supreme Court saying that Vedanta was only entitled to what was originally agreed upon and paying them more was against Indian law.
The Supreme Court ruled that Vedanta is entitled to a $499 million arbitration award and that such a judgement does not contradict the Indian law, unlike the Government’s claim.
Court rejects government's petition, which had said that billionaire Anil Agarwal's company, along with Videocon Industries Ltd., is entitled to recover only $198.5 million #Vendanta #AnilAgarwalhttps://t.co/Oq9nmCWlDM
— Business Standard (@bsindia) September 16, 2020
