India to study arbitration case award in Cairn Energy
The Cairn Energy case is the second high-profile retrospective tax litigation after that of Vodafone Group
(Bloomberg)
'After such consultations, the government will consider all options and take a decision on further course of action, including legal remedies before appropriate fora,' Centre said in a statement
Cairn Energy asked India to pay funds withheld along with interest to the Scottish oil explorer for seizing dividend, tax refund, and sale of shares to partly recover the dues
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The Indian government on Wednesday said that it will be studying the award in the arbitration case under India-UK Agreement for Promotion and Protection of Investments invoked by Cairn Energy Plc and Cairn UK Holdings Limited in "all its aspects carefully in consultation with its counsels."