SC notice to Vedanta , Ravva Oil, Videocon on govt plea against recovery of $499 mn
NEW DELHI : The Supreme Court on Wednesday issued notice to Vedanta Limited, Ravva Oil Limited and Videocon Industries Limited on the plea seeking stay on Delhi High Court’s order allowing the enforcement of the arbitrations award allowing Vedanta Ltd and Videocon Industries Ltd to recover $499 million instead of $198 million capped by the government for development of Ravva Oil and gas fields in the state of Rajasthan.
The apex court bench headed by Justice S Abdul Nazeer observed in its order, “Until further orders, parties to maintain status quo, existing as on today.”
The petition has been filed by Government of India through Secretary of Ministry of Petroleum and Natural Gas against Vedanta Limited, Ravva Oil Limited and Videocon Industries Limited.
