Morning Brief (ET Bureau) Ca(ir)n India Fly? Impact of Cairn Energy s move on India s investment destination image
Arijit Barman | 35:46 Min | May 21, 2021, 9:09 AM IST
Cairn Energy of the UK has moved to seize Air India’s assets to enforce a $1.2 billion arbitration award it won against a retrospective tax demand by the Indian government. Vyapak Desai, partner at Nishith Desai Associates, Mukesh Butani, managing partner at BMR Legal Advocates, and ET’s Deepshikha Sikarwar explain what this could mean for India as an investment destination. Credits: News Clips from Times Now, ET Now, Zee Media, NDTV, TV 18, Ad Music from Air India
Brief Analysis
If the $1.1 billion deal goes ahead, it will strengthen Abu Dhabi’s claim to be a player in the East Mediterranean.
On April 26, Israeli company Delek announced that it had signed a memorandum of understanding with the energy arm of Mubadala, the sovereign wealth fund of the United Arab Emirates, which tentatively agreed to take over the firm’s 22 percent ownership stake in the Tamar offshore natural gas field. Delek has been trying to sell its stake for some time in order to meet government anti-monopoly requirements, since the company is also invested in Israel’s larger Leviathan gas field. Earlier this month, media reports speculated that Cairn Energy of the United Kingdom was interested in the share, but now Abu Dhabi will become the partner if the deal goes through.
Updated Feb 03, 2021 | 10:21 IST
He was asked if the ground of taxation being a sovereign function of the government was used to file an appeal by India in the Vodafone case. Representational image
New Delhi: The government is examining the recent international tribunal order passed against India in the high-profile Cairn Energy plc retrospective tax case as CBDT chairman P C Mody said the law in force at that point of time has to been given full effect to.
He said while the government has filed an appeal after a similar verdict was delivered against the country in the Vodafone case, it will soon come out with its decision to go in for an appeal or not in the Cairn case.
Law has to be given effect to: CBDT chief on international arbitration cases
PTI
New Delhi |
Updated on
February 02, 2021
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Government to go in for a further appeal in Vodafone case
The government is examining the recent international tribunal order passed against India in the high-profile Cairn Energy plc retrospective tax case as CBDT chairman P C Mody said the law in force at that point of time has to been given full effect to.
He said while the government has filed an appeal after a similar verdict was delivered against the country in the Vodafone case, it will soon come out with its decision to go in for an appeal or not in the Cairn case.