: Sunday, May 16, 2021, 7:34 PM IST
Indian governmentâs Cairn episode puts it in league with Pakistan, Venezuela and others: Find out how
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UK s Cairn Energy has identified $70 billion of Indian assets overseas for potential seizure to collect USD 1.72 billion due from the government. The move to seize stare-run assets by Cairn puts India in league with Pakistan, Venezuela and other countries which faced similar action over failure to pay arbitration awards.
Already, UKâs Cairn Energy Plc has sued India s flagship carrier Air India to enforce a $1.2 billion arbitration award that it won in a tax dispute against India, according to a US District Court filing. Once a court recognises Air India as the alter ego of the Indian government, Cairn can seek attachment or seizure of its assets in the US such as airplanes, immovable assets and bank accounts to recover the amount it was awarded by the arbitration tribunal.
MUMBAI/NEW YORK (Reuters) -Cairn Energy has sued India`s flagship carrier Air India to enforce a $1.2 billion arbitration award that it won in a tax dispute against India, according to a U.S. District Court filing reviewed by Reuters.
The move ratchets up pressure on India s government to pay the sum of $1.2 billion plus interest and costs that the British firm Cairn was awarded by an arbitration tribunal in December. The body ruled India breached an investment treaty with Britain and said New Delhi was liable to pay.
Wow! Cairn discovered less than 20km from Kilkenny border
Reporter:
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A cairn has been discovered in the Coolnacarrick townland of County Laois, less than 20km from the Kilkenny/Laois border, in the last 2 weeks.
Located on the summit of Coolnacarrick Hill the cairn was discovered by two non-professional archaeologists with a driven and determined interest in the heritage of Ireland.
The discovery has been reported to the National Monuments Service of Ireland and can now be seen on the Historical Environment Viewer (HEV) of the service. Readers can go here https://maps.archaeology.ie/HistoricEnvironment/and search for Coolnacarrick, Laois to check out the Historical Environment Viewer. Click on the red dot to see the information now being provided by the National Heritage Service.