Cairn retro tax case: India to appeal against arbitral award
Government believes that Cairn had set up a tax-abusive structure and did not pay taxes anywhere in the world on the gains that it made in India; it was well within India s sovereign powers to redress the situation
Dipak Mondal | March 10, 2021 | Updated 19:54 IST
India is in the process of filing an appeal against international arbitration award in the Cairn s retrospective tax case, sources close to the development said. However, the sources said that government is not averse to going for a settlement of the tax disputes within the existing legal framework.
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.
Cairn Wants India To Pay $1.4 Billion, Shareholders To Seek Enforcement
Mar 07 2021, 11:18 AM
March 07 2021, 11:18 AM
March 07 2021, 11:18 AM
British oil firm Cairn Energy plc on Sunday said its shareholders, including top financial institutions of the world, expect the use of the companyâs âstrong powers of enforcementâ to recover $1.4 billion from the Indian government should it not keep word of honouring international arbitration tribunal awards on retrospective taxes.
British oil firm Cairn Energy plc on Sunday said its shareholders, including top financial institutions of the world, expect the use of the companyâs âstrong powers of enforcementâ to recover $1.4 billion from the Indian government should it not keep word of honouring international arbitration tribunal awards on retrospective taxes.
India Business News: Cairn Energy Plc’s pitch for an early settlement of its claims hasn’t cut ice with the government, which is all set to appeal against an international