Synopsis
If India fails to comply, it will fall foul of the New York Convention. "As India is a signatory to the New York Convention, the award can be enforced against Indian assets in numerous jurisdictions around the world for which the necessary preparations have been put in place," says Cairn CEO Thomson's letter to India.
Reuters
Related
India is staring at a potential $1.2-billion loss of face as the long-running retro tax case against Cairn Energy, the British oil firm, nears its climax.
At risk of seizure are Indian assets such as airplanes, bank accounts and other foreign properties that could be snatched to pay for the arbitration award.