Vedanta-Videocon win big! Blow to govt as SC says ‘no unjust enrichment’ in Ravva oil fields case

Vedanta-Videocon win big! Blow to govt as SC says ‘no unjust enrichment’ in Ravva oil fields case

"We feel that the interpretation taken by the tribunal is a plausible view, and the challenge on this ground (calculation) cannot be sustained, to refuse enforcement of the award", the court said. In a setback to the government, which has in recent years challenged a few prominent international arbitral awards concerning Indian projects with not much success, the Supreme Court on 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.

Read more at 
The Financial Express

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