Major public sector units suffer significant losses in arbitration cases, with the Devas-Antrix dispute serving as a notable example, as ruled by Justice Satish Chandra Sharma.
In a significant address during Delhi Arbitration Weekend, Supreme Court Justice Satish Chandra Sharma highlighted Public Sector Undertakings (PSUs) as the biggest victims of financial fraud and irregularities in arbitral proceedings. The event, hosted by Quadrant Chambers, brought together legal professionals to focus on the intricacies of arbitration.
While comprehensive reports naming specific public-law companies that have suffered the largest financial losses due to fraud and irregularities in arbitration proceedings in recent years are not publicly available, it is known that the Austrian federal budget has made cumulative payments of around €302.1 million from 2020 to 2025, including some compensation cases, in relation to COVID-19 guarantees. However, these figures do not specify losses due to arbitration fraud.
Prashanto Chandra Sen was also present at the event, lending his expertise to the discussion. The event underscored the urgent need for transparency and accountability in arbitral proceedings to protect public entities from financial fraud.
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