The Supreme Court on Wednesday asked Vedanta to explain why it should be allowed to recover $499 million, instead of $198 million capped by the government, for development of the Ravva oil and gas fields off the Andhra Pradesh coast between 2000 and 2007.
A bench led by Justice SA Nazeer sought response from Vedanta on an appeal by the ministry of petroleum & natural gas against a foreign arbitration award that allowed Vedanta and Videocon Industries to recover $499 million for the development of the oil and gas fields.
While asking the ministry and Vedanta to “maintain status quo existing as on today,” it posted the matter for further hearing on July 22.
