Cairn asked the US court to recognise and confirm the award, including payments due since 2014 and interest compounded semi-annually, according to the Feb. 12 filing seen by Reuters.
Updated:
February 01, 2021 10:40 IST
The British firm gave India its biggest onland oil discovery but exited the country after it was slapped with a ₹10,247-crore tax demand using a legislation that gave the government the powers to tax companies retrospectively
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A Cairn India employee works at a storage facility for crude oil at Mangala oil field at Barmer in Rajasthan. Image for representation only.
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Reuters
The British firm gave India its biggest onland oil discovery but exited the country after it was slapped with a ₹10,247-crore tax demand using a legislation that gave the government the powers to tax companies retrospectively
India has challenged in Singapore an international arbitration tribunal’s verdict overturning its demand for Rs 22,100 crore in back taxes from Vodafone Group Plc. The British telecom major in September had won the arbitration at The Hague, with the tribunal ruling that India’s imposition of the tax liability was in breach of the India-Netherlands bilateral investment treaty. India had 90 days to appeal the ruling. The appeal was filed closer to the deadline, which ended on Wednesday. The Indian government has also lost an international arbitration case to energy giant Cairn Energy Plc over the retrospective levy of taxes, and has been asked to pay damages worth $1.2 billion (Rs 8,842 crore) to the UK firm.