$1.2-billion Arbitration Award: Cairn CEO to meet Finance Secretary on February 18
February 17, 2021
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Cairn Energy CEO Simon Thomson will call on Finance Secretary Ajay B Pandey on Thursday, two months after the Edinburgh-based oil and gas explorer won an arbitration award for $1.2 billion against India.
The meeting is significant as there are rumours that the government may offer Cairn an out-of-court settlement.
India has not yet appealed against the December 22 award given by the international arbitration tribunal, which asked New Delhi to pay Cairn $1.2 billion plus interest and costs. Cairn has filed cases in courts in the US, the UK and the Netherlands to register the award as a pre-emptive action in case India defaults on the payment.