Ambani blames govt bodies for slow arbitration award payouts

With nearly Rs 8000 crore worth of arbitrations still pending approvals, Reliance Infrastructure chairman Anil Ambani today criticised government agencies, which drag their feet on arbitration payouts.

Speaking at the 89th annual general meeting of the company, Ambani said, "it is an unfortunate fact of doing business in India that despite amendments to the Arbitration Act by the central government and clarity from the Supreme Court in multiple judgements, many government entities continue to drag their feet on arbitration award payouts to the detriment of shareholder interest."