: Thursday, May 20, 2021, 2:30 AM IST
FPJ Edit: India is now no better off in its tax battle with Cairn Energy PLC; in fact, it may be manifestly worse off
After more than a decade in courts around the world, and millions of dollars spent in legal fees, India is now no better off in its tax battle with UK energy firm Cairn Energy PLC. In fact, it may be manifestly worse off. Cairn has moved a US court to seize the assets of the government of India-owned Air India, to enforce collection of the $1.2 billion award it won in the Permanent Court of Arbitration in The Hague in December 2020. India has filed an appeal against that order at the Dutch Court of Appeals, and the same is expected to be listed for hearing only in September this year.
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Devas Threatens New Arbitration In Indian $1.3B Award Fight
Law360 (May 7, 2021, 9:25 PM EDT) India has been threatened with a treaty claim by the Mauritius-based shareholders of satellite company Devas Multimedia Pvt. Ltd. over New Delhi s alleged attempts to avoid paying a nearly $1.3 billion arbitral award against a division of the country s space agency.
The shareholders signaled their intent to initiate an investor-state claim against the country in a Thursday notice addressed to Indian Prime Minister Narendra Modi and other government officials, in which they accused the country of abus[ing] its sovereign powers by pursuing multiple, baseless investigations against Devas.
Post-Brexit Britain must be careful trading with nationalist India
India s brute force behaviour undermines efforts for a trade deal that could propel both countries economic growth
6 May 2021 • 6:00am
Post-Brexit Britain is looking to re-establish itself as a global trading nation. It was ever thus that, east of Suez, China and India shine like jewels, offering huge market opportunities.
China was for centuries closed to the world and had to be prised open for trade by the British, and even in the modern age of opportunities it remains difficult to sell into.
By contrast India was a trading nation full of markets and merchants and became one of the UK’s principle trading partners. In these modern times its growing potential promises a vast opportunity, even more so because it ought to enjoy a trading heritage based on the same rule of law that characterises the CANZUK nations, a system which creates certainty and encourages investment and enterprise.
Centre for winding up Devas Multimedia
May 02, 2021
To go ahead with plan after Karnataka HC failed to intervene
The Centre will push ahead with its proposal to wind up Devas Multimedia after the Karnataka High Court declined to intervene in the matter. A clutch of investors in Devas had attempted to block the liquidation process in India and in a US court.
The US District Court in Washington court had initially given a temporary injunction after shareholders of Devas Multimedia filed a petition that Antrix could force a settlement on Devas without the consent of its shareholders. But this was vacated subsequently. Last week, the Karnataka High Court also allowed the liquidation pleadings filed by the Centre to be heard by the NCLT. The Centre, vide notification dated January 18, 2021, had authorised the Chairman & Managing Director of Antrix Corporation to present a petition to wind up Devas. Accordingly, Antrix Corporation filed a company petition before NCLT, Bengaluru.