Clash of currencies in arbitral award
When an arbitral tribunal passes its award specifying interest rates in different currencies, it should coordinate the choice of currency with the interest rate. This must be kept in mind when the parties do not operate in the same currency. It is necessary to consider the complications caused by differential interest rates. A uniform rate of interest for Indian rupees and Euros would not be justified, the Supreme Court observed in its judgment, Vedanta vs Shenzen Shandong Nuclear Power Construction Co. In this case, the two companies entered into four inter-related contracts for construction of

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