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Indian Satellite Co Investors Cry Foul In $1 3B Award Fight

A division of India's space agency fighting enforcement of a nearly $1.3 billion arbitral award issued to an Indian satellite company has orchestrated a "government occupation" of its foe in an attempt to force a collusive settlement agreement, investors in the company are arguing.

Investment Arbitration and India: 2020 Year in Review

Investment Arbitration and India: 2020 Year in Review Thursday, February 25, 2021 For the Indian foreign direct investment landscape, 2020 was a mixed bag of equity inflows, policy changes, arbitration awards and innovative dispute resolution strategies. In September 2020, FDI equity inflows in India crossed the USD 500 billion milestone, computed over a period of 20 years starting from April 2000. 1 While global FDI witnessed a steep decline of 42%, India noted a 13% increase in FDI inflows. 2 India’s tightened scrutiny of FDI from her neighbours and FDI in e-commerce invited intense discussion. However, the culmination of key long-standing arbitration proceedings initiated by foreign investors against India under international investment treaties invited global attention, especially in the final quarter of 2020. These disputes were initiated by foreign investors to challenge measures adopted by the Indian government and State entities that adversely impacted foreig

India s offer to Cairn in $1 4-bn arbitration battle: Pay half the dues and move on

India’s offer to Cairn in $1.4-bn arbitration battle: ‘Pay half the dues and move on’ FE Bureau © Provided by The Financial Express In its December 2020 ruling, the Permanent Court of Arbitration at The Hague invalidated India’s $2.74-billion 2015 tax claim on Cairn Energy. Discussions between finance ministry officials and Cairn Energy CEO Simon Thomson-and his team-continued for the second day on Friday, but it appears the government wants Cairn to settle the dispute using the Vivad se Vishwas scheme; under the scheme, the company will have to pay around half the amount due sans interest and penalties in cases where the tax department has lost a case in a forum and filed an appeal, as the instant one.

Rational Expectations: Risking seizure of assets is a bad idea

Rational Expectations: Risking seizure of assets is a bad idea Sunil Jain © Provided by The Financial Express In which case, the only hope India has of getting the ruling reversed in the review is if it can prove mala fide in the award, and that is not going to be easy. It is not clear what India s strategy is going to be when the UK-based Cairn Energy s CEO Simon Thomson comes calling on finance minister Nirmala Sitharaman later this week, but if it is the same as the one adopted in the Vodafone case-that is, to ask for a review of the award-it is a really bad idea. Apart from the signal it sends to global investors, and the fact that unlike the Vodafone case where a retrospective tax demand was also made, the taxman actually seized $1.4bn of Cairn s assets (bit.ly/3digPDv), there is little chance of India winning the review.

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