Synopsis
There have been suggestions that Cairn, and even Vodafone, could opt for a settlement of the long-pending dispute by opting for ‘Vivad Se Vishwas’ scheme, where the entire disputed amount has to be paid by March 31.
Reuters
Although the government is still “studying the order”, its stance is clear and officials, who are due to meet a team led by Cairn CEO Simon Thomson, are expected to articulate the position.
(This story originally appeared in on Feb 18, 2021)NEW DELHI: The government is in no mood to relent in its fight to recover $1.2 billion in tax claims from
Cairn and is looking to appeal against the international tribunal’s verdict or get the British company to seek a settlement under ‘Vivad Se Vishwas’ scheme.
Synopsis We had a constructive dialogue and the dialogue is ongoing, ThomsonCairn Energy Plc Chief Executive Simon Thomson told reporters after meeting Finance Secretary Ajay Bhushan Pandey, CBDT Chairman P C Mody and other tax officials. He refused to comment on what transpired at the meeting. I can t comment more on the meeting.
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New Delhi: Nearly two months after it won an international arbitration tribunal ruling against the Indian government levying taxes retrospectively, Britain s Cairn Energy Plc Chief Executive Simon Thomson on Thursday met top finance ministry officials in hope of quickly resolving the issue. We had a constructive dialogue and the dialogue is ongoing, Thomson told reporters after meeting Finance Secretary Ajay Bhushan Pandey, CBDT Chairman P C Mody and other tax officials.
$1.2-billion Arbitration Award: Cairn CEO to meet Finance Secretary on February 18
February 17, 2021
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Cairn Energy CEO Simon Thomson will call on Finance Secretary Ajay B Pandey on Thursday, two months after the Edinburgh-based oil and gas explorer won an arbitration award for $1.2 billion against India.
The meeting is significant as there are rumours that the government may offer Cairn an out-of-court settlement.
India has not yet appealed against the December 22 award given by the international arbitration tribunal, which asked New Delhi to pay Cairn $1.2 billion plus interest and costs. Cairn has filed cases in courts in the US, the UK and the Netherlands to register the award as a pre-emptive action in case India defaults on the payment.