VIJAY KARIA & ORS vs PRYSMIAN CAVI E SISTEMI SRL & ORS

Bench: 3 — R.F. Nariman, Aniruddha Bose, V. Ramasubramanian

In Brief

Vijay Karia and other shareholders challenged enforcement of a foreign arbitral award made in London under LCIA Rules. The dispute arose from a joint venture agreement regarding Ravin Cables between the Appellants (Indian shareholders) and Prysmian (Italian company). The arbitrator found the Appellants materially breached the JVA by obstructing the CEO's management authority, and awarded shares to Prysmian at a discounted price. The Supreme Court upheld enforcement, holding that courts cannot review foreign awards on merits under Section 48, Arbitration Act 1996. The Court reaffirmed the narrow grounds for refusing enforcement and rejected all challenges, including claims of bias, breach of natural justice, and FEMA violations, dismissing the appeal with cost.

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Arbitration Foreign Awards Enforcement Arbitration and Conciliation Act 1996 New York Convention Natural Justice Public Policy FEMA Judicial Review International Commercial Arbitration

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