Govt moves High Court challenging Arbitral Award to Vedanta

The government on Thursday moved the Delhi High Court, challenging a foreign arbitration award won by Vedanta against the former’s demand for a higher payout from its Rajasthan oil and gas fields.

The dispute between the Directorate of Hydrocarbons and Vedanta – Cairn arose due to incorrect cost recovery and non-allocation of common costs that allegedly had a huge “adverse financial implication on the Profit Oil/Gas” payable to the government.