Read more about India to file appeal against Cairn s $1.2 billion arbitration award on Business Standard. New Delhi has time till March 21 to file an appeal in accordance with a 90-day window
Constructive dialogue: Cairn CEO after meeting finance secy, tax officials business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
Cairn Energy’s Chief Executive Officer (CEO) Simon Thomson will meet Union finance secretary Ajay Bhushan Pandey on Thursday as the UK-based oil company builds pressure on India to honour a $1.2 billion arbitration award that went in its favour. The meeting comes in the backdrop of both sides hardening stand and the UK energy company filing a case in the US and the UK, seeking enforcement of an arbitration award. Thomson had sought an appointment with Finance Minister Nirmala Sitharaman who did not give a formal time. She, however, told Business Standard, “The finance secretary will meet the Cairn CEO tomorrow. Let us wait and see what Cairn has to say in the meeting. We will chart our future strategy based on that.” Cairn is likely to file a case in Canada also. It had already got an order from a Dutch court for enforcement of the December 21 award.
Read more about India in talks with Dutch lawyers to file an appeal against Cairn verdict on Business Standard. India is expected to take a stand that the government has the sovereign right of taxation and private individuals cannot decide on that
With the Indian government deciding to appeal against an international arbitration award that went against it, Cairn Energy Plc will directly knock at the doors of the Indian government for honouring of the award verdict. Cairn Energy CEO Simon Thomson would be meeting Union finance minister Nirmala Sitharaman in Delhi next week. The arbitration is now finalised and the award has been given and we would request along with others, that the Indian government moves swiftly to adhere to the award that has been given. That s important, it s important for our shareholders, who are global financial institutions and who want to see a positive investment climate in India, said Simon Thomson in a video address to all stakeholders.