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Synopsis
The department wrote a letter to public sector bank chiefs suggesting they immediately inform Sanjay Kumar, director – banking operations, if they receive ‘any intimation/notice/letter’ from Cairn Energy Plc and its subsidiary Cairn UK Holdings.
Reuters
Cairn Energy and the government are locked in a legal battle over an arbitration order that requires India to pay $1.2 billion.
The Department of Financial Services has asked state-run banks to appoint a nodal officer amid increasing concerns that overseas assets or deposits of these lenders could be attached during a contested arbitration award involving Cairn Energy and the Centre.
The department wrote a letter to public sector bank chiefs suggesting they immediately inform Sanjay Kumar, director – banking operations, if they receive ‘any intimation/notice/letter’ from Cairn Energy Plc and its subsidiary Cairn UK Holdings.
Cairn Battle: PSBs told to appoint nodal officer
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Synopsis
The department wrote a letter to public sector bank chiefs suggesting they immediately inform Sanjay Kumar, director – banking operations, if they receive ‘any intimation/notice/letter’ from Cairn Energy Plc and its subsidiary Cairn UK Holdings.
Reuters
Cairn Energy and the government are locked in a legal battle over an arbitration order that requires India to pay $1.2 billion.
The Department of Financial Services has asked state-run banks to appoint a nodal officer amid increasing concerns that overseas assets or deposits of these lenders could be attached during a contested arbitration award involving Cairn Energy and the Centre.
Cairn has registered its claim against India in courts in the United States, Britain, France, the Netherlands, Singapore and Quebec, moves that could make it easier to seize assets and enforce the arbitration award.
Finance Ministry writes to Sebi, requests agency to withdraw perpetual bond rule
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The ministry s objection is to the rule that requires debt mutual funds to value perpetual bonds as a 100-year instrument from April 1. Fund managers too had raised concerns over this.
The finance ministry requested the Securities and Exchange Board of India (Sebi) Friday to withdraw the part of its Wednesday circular that changed the rules followed by mutual funds to value perpetual bonds. The capital market regulator hadn t responded to the suggestion at press time, but is expected to review the rules before they take effect on April 1, said people with knowledge of the matter. The move by the ministry was a rare instance of such a government intervention being made public, experts said.