Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
»
1-min read

Bombay High Court Overturns 2017 Arbitration Award to HPCL for $113 Million

In 2017, state-run HPCL was awarded the amount after an arbitration board found that M3nergy had delayed the finalising of a consortium agreement which led to the termination of an exploration contract with India's Oil and Natural Gas Corp.

Reuters

Updated:February 13, 2019, 6:22 PM IST
facebookTwitterskypewhatsapp
Bombay High Court Overturns 2017 Arbitration Award to HPCL for $113 Million
File photo of Bombay High Court.
Loading...

New Delhi: An Indian court has set aside an arbitration award of more than Rs 8 billion ($113.19 million) owed to India's Hindustan Petroleum Corp Ltd by Malaysia’s M3nergy, according to a court document reviewed by Reuters.

In 2017, state-run HPCL was awarded the amount after an arbitration board found that M3nergy had delayed the finalising of a consortium agreement which led to the termination of an exploration contract with India's Oil and Natural Gas Corp, the Economic Times newspaper reported at the time.

However, the Bombay High Court ruled on January 10 to set aside the award saying the tribunal which ruled in favour of HPCL had no jurisdiction to do so, according to court documents uploaded to the court's public information system on February 11 and reviewed by Reuters.

Rishab Gupta, a partner at the Indian law firm Shardul Amarchand Mangaldas that represents M3nergy, confirmed on Wednesday the Jan. 10 ruling was for the original 8 billion rupee amount given in 2017.

A company spokesman for HPCL was not immediately available to make a comment when contacted by Reuters.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 619.10 1.16
Yes Bank 111.95 2.14
Reliance 1,262.40 -1.34
SBI 353.20 1.09
UPL 936.55 5.22
Company Price Change %Gain
Emami 267.30 -7.59
Indiabulls Hsg 619.15 1.16
Yes Bank 111.95 2.19
Reliance 1,262.65 -1.29
Jet Airways 73.20 1.04
Top Gainers
Company Price Change %Gain
UPL 936.55 5.22
Yes Bank 111.95 2.14
M&M 634.85 1.18
Indiabulls Hsg 619.10 1.16
TCS 2,275.50 1.14
Company Price Change %Gain
Yes Bank 111.95 2.19
M&M 635.45 1.31
TCS 2,275.00 1.11
SBI 353.25 1.09
Coal India 256.85 0.96
Top Losers
Company Price Change %Gain
JSW Steel 257.80 -3.50
ONGC 165.20 -3.36
Eicher Motors 19,098.20 -3.15
Vedanta 168.45 -2.29
Tata Steel 486.25 -2.29
Company Price Change %Gain
ONGC 165.25 -3.48
Tata Steel 486.15 -2.33
Vedanta 168.50 -2.23
Bajaj Auto 2,816.45 -1.97
Reliance 1,262.65 -1.29

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results