JUDGMENT :

Moushumi Bhattacharya, J.

1. The present application is for enforcement of a foreign Arbitral Award dated 19th June, 2020 and an addendum of 26th October, 2020, passed in ICC Arbitration case no. 23705/HTG initiated by the petitioner EIG (Mauritius) against the respondent and its wholly owned subsidiary, McNally Sayaji Engineering Limited (MSEL). McNally Bharat Engineering Company Limited (MBECL) is the Award Debtor in the present case.

2. The issue which arises for consideration is the scope of inquiry for resisting the enforcement of a foreign award under Section 48 (2)(b) in Part II of The Arbitration and Conciliation Act, 1996. In essence, the respondent Award debtor opposes the prayer in the execution case on the ground that the enforcement would be contrary to the public policy of India, specifically the fundamental policy of Indian law, since enforcing a Put Option available to the petitioner violates The Foreign Exchange Management Act, 1999 and the Securities Contracts (Regulation) Act, 1956.

Brief Facts :

The transaction:

3. The transaction which forms the nub of the dispute consists of several Agreements entered into between the parties including a Shareholder’s Agr