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Cairn Energy case: Europe s leading player in oil and gas wins USD 1.4 billion arbitration award
In a major boost to Cairn Energy, courts in five countries, including the US and the UK, have given recognition to an arbitration award that asked India to return $1.4 billion. According to experts, this opens the avenue for Cairn to seize Indian assets in those countries if India does not pay the award. Cairn Energy had moved the courts in nine countries to enforce the award against India, which the company won after a dispute over a retrospective capital gains tax.
Courts in five countries recognise Cairn arbitration award prokerala.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prokerala.com Daily Mail and Mail on Sunday newspapers.
Read more about Cairn says it is looking for mutually acceptable solution to tax dispute on Business Standard. Assuming such a resolution can be achieved, we look forward to being able to move on to further opportunities to invest in India, says the UK company
After three days of talks with top finance ministry officials, UK's Cairn Energy plc on Sunday said it is hopeful of reaching an amicable resolution on USD 1.4 billion that an arbitration award has ordered India to return, but insisted it will continue to take steps to protect shareholder interest.