Venture Global Engineering vs Satyam Computer Services Ltd & Anr

The Supreme Court addressed the appeal against the Andhra Pradesh High Court's dismissal of a challenge to a foreign arbitral award under Section 34 of the Arbitration and Conciliation Act, 1996. The Court reaffirmed that a foreign award can indeed be contested under this section, thereby establishing that the jurisdiction to challenge such awards exists in Indian courts. The appeal was allowed, and the case was remanded to the trial court to maintain the status quo regarding the transfer of shares pending further proceedings.