Cairn Energy case: Courts in five countries confirm $1.4 billion arbitration against India
The development effectively means Cairn Energy can move to seize Indian assets if the amount is not paid to them. Mar 09, 2021 · 12:50 pm File photo Cairn India employees work at a storage facility for crude oil at Mangala oil field at Barmer in the desert Indian state of Rajasthan August 29, 2009. | Reuters
Courts in five countries, including the United States and the United Kingdom, have given recognition to an arbitration award that asked India to return $1.4 billion (over Rs 10,234 crore) to British oil and gas exploration company Cairn Energy, PTI reported on Monday. The amount includes the arbitration award of $1.2 billion and “significant interest and costs”, according to Cairn Energy.
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Cairn Energy CEO meets Indian finance secretary as shareholders impatiently wait for action on the $1.4 billion tax dispute
Cairn Energy CEO meets Indian finance secretary as shareholders impatiently wait for action on the $1.4 billion tax dispute
Navdeep YadavFeb 18, 2021, 16:55 IST
Cairn Energy Twitter
UK-based
Cairn Energy plc CEO Simon Thomson called upon the union finance ministry to see a possible solution outside the legal options to get $1.4 billion in a tax dispute against India.
Cairn Energy plc CEO Simon Thomson told reporters that the meeting with the finance secretary was constructive.
This comes days after the company moved the US, the UK and the Netherlands courts to get $1.4 billion in a tax dispute against India.Days after filing cases in the US, the UK and the Netherlands courts to get $1.4 billion in a tax dispute against India, UK-based Cairn Energy plc called upon the union finance ministry to see a possible solution outside the legal options.
Updated Feb 17, 2021 | 18:28 IST
ET Now learns that the FM may skip meeting Thomson since the budget session is underway and has asked Finance Secretary Ajay Bhushan Pandey to lead the meeting. Representational Image | Photo Credit: IANS
New Delhi: Indian government is preparing a strategy to appeal against the $1.2 billion arbitration award given to Britain’s Cairn Energy PLC by early March, amid the energy major ratcheting up pressure on the government to pay its dues.
ET Now learns that top Finance ministry officials along with officials from Law ministry and external affairs have held meetings in the last few weeks on Cairn arbitration award, before the 90-day window to appeal expires.
In a Twitter post Simon Thomson has asked the Indian government to move swiftly to adhere to the award of an international tribunal in a case of retrospective taxation