Engaged with Indian government on adherence of tax arbitration award, says Cairn Energy
January 20, 2021
Tribunal had ordered India to return $1.2 billion to the company
Scottish company Cairn Energy on Wednesday said that it is in talk with Indian government for adherence of award in its favour by International Tax Arbitration Tribunal.
According to the company, the tribunal ruled unanimously that India had breached its obligations under the treaty and awarded to Cairn damages of $1.2 billion plus interest and costs (sums up to $1.6 billion), which are now payable.
“A significant milestone was achieved in December 2020 with a unanimous award in favour of Cairn in its arbitration with the Government of India under the UK-India Bilateral Trade Investment Treaty. We have engaged with the Government of India regarding adherence to the tribunal’s ruling and are taking all necessary steps to protect our rights to the award,” the company said in pre-close update ahead of anno