Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: articles on VAT and GST in India :: TDS :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: form 3cd :: cpt :: VAT Audit :: empanelment
 
 
News Headlines »
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits
 Want to save tax? Here are 6 best investment options for you

SC: Intl arbitration awards can be challenged here
January, 14th 2008
The Supreme Court has ruled that international arbitration awards are not immune from challenge in the Indian courts of law. The provisions of Indian Arbitration and Conciliation Act will apply even for the international commercial arbitrations held outside the country, unless the parties, by agreement, exclude all or any of its provisions. The apex courts ruling came in a verdict which set aside an order of Andhra Pradesh High Court.

The High Court had ruled that the international award cannot be challenged even if it is against public policy and in contravention of statutory provisions.

The apex court passed the verdict on the appeal of an US-based company. Venture Global Engineering, with its head office at Michigan, had entered into a joint venture agreement with Satyam Computer Services to constitute a company named as Satyam Venture Engineering Services.

It was agreed that both the parties will have 50% holding in the JV. According to the shareholders agreement between the two partners, disputes have to be resolved amicably and, failing resolution, such disputes are to be referred to arbitration.

In February 2005, disputes arose between the parties. On July 25, 2005, the Secunderabad-based company filed a request for arbitration with the London Court of International Arbitration.
On April 3, 2006 , an arbitration award was passed, directing the US company to transfer shares to Satyam.

On April 14, 2006, a petition to recognise and enforce the award was filed before the a court of Michigan in US.

The appellant filed a suit a city court of Secunderabad seeking quashing of the award and permanent injunction on the transfer of shares under the Award.

The trial court rejected the plea of the appellant and the order was challenged in the HC. On February 27, 2007, the HC dismissed it and the company then appealed at the apex court.
An SC bench of Justices Tarun Chatterjee and P Sathasivam said: The provisions of Part I of the Act (Arbitration and Conciliation Act, 1996) would apply to all arbitrations including international commercial arbitrations and to all proceedings relating thereto. We further hold that where such arbitration is held in India, the provisions of Part-I would

compulsorily apply and parties are free to deviate to the extent permitted by the provisions of Part-I. It is also clear that even in the case of international commercial arbitrations held out of India provisions of Part-I would apply unless the parties by agreement, express or implied, exclude all or any of its provisions.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions