https://www.taxtmi.com/caselaws?id=342754 In enforcement of a foreign award, a non-party such as the Reserve Bank of India had no locus standi to intervene or resist enforcement, because statutory objections under the Arbitration and Conciliation Act, 1996 are available to the party against whom the award is invoked. The shareholders' agreement and award were not held unenforceable merely because performance engaged foreign exchange controls, as the arrangement was not shown to be prohibited under FEMA, the regulations, or the Contract Act, and no ground under Section 48 was established. The Court also accepted voluntary consent terms at the execution stage, finding them lawful and recording them for implementation. en-us Fri, 28 Apr 2017 00:00:00 +0530 Thu, 11 May 2017 07:10:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342754 In enforcement of a foreign award, a non-party such as the Reserve Bank of India had no locus standi to intervene or resist enforcement, because statutory objections under the Arbitration and Conciliation Act, 1996 are available to the party against whom the award is invoked. The shareholders' agreement and award were not held unenforceable merely because performance engaged foreign exchange controls, as the arrangement was not shown to be prohibited under FEMA, the regulations, or the Contract Act, and no ground under Section 48 was established. The Court also accepted voluntary consent terms at the execution stage, finding them lawful and recording them for implementation. Case-Laws FEMA Fri, 28 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342754