https://www.taxtmi.com/caselaws?id=414768 Section 48 of the Arbitration and Conciliation Act permits refusal to enforce a foreign award on public policy grounds only where enforcement clearly and manifestly breaches the fundamental policy of Indian law. The provision bars a merits review, preventing enforcement proceedings from becoming an appeal against the arbitral tribunal's reasoning. Share purchase and exit arrangements may be assessed as spot delivery arrangements under the SCRA where consistent with the statutory and regulatory framework. A commercially sensible interpretation of a put option and a non-resident purchaser arrangement does not necessarily violate FEMA; even an assumed FEMA breach does not by itself make an award unenforceable. Damages for contractual breach may be enforced without directly enforcing the put option. en-us Wed, 10 Nov 2021 00:00:00 +0530 Tue, 16 Nov 2021 11:01:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414768 Section 48 of the Arbitration and Conciliation Act permits refusal to enforce a foreign award on public policy grounds only where enforcement clearly and manifestly breaches the fundamental policy of Indian law. The provision bars a merits review, preventing enforcement proceedings from becoming an appeal against the arbitral tribunal's reasoning. Share purchase and exit arrangements may be assessed as spot delivery arrangements under the SCRA where consistent with the statutory and regulatory framework. A commercially sensible interpretation of a put option and a non-resident purchaser arrangement does not necessarily violate FEMA; even an assumed FEMA breach does not by itself make an award unenforceable. Damages for contractual breach may be enforced without directly enforcing the put option. Case-Laws Indian Laws Wed, 10 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414768