VENTURE GLOBAL ENGINEERING vs SATYAM COMPUTER SERVICES LTD.

The Supreme Court addressed the enforcement of an arbitration award under the Foreign Exchange Management Act, 1999 (FEMA), holding that the award directing the transfer of shares was in violation of Indian laws. The Court emphasized that disputes arising from a Joint Venture Agreement and Shareholders Agreement must adhere to the legal framework established by FEMA. The appeal by Venture Global Engineering was dismissed, affirming the High Court's decision to uphold the arbitration award.