Cairn Plc hopeful of acceptable solution on arbitration award matter thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
It also affirms to challenge other related suits
Within hours of meeting between Finance Secretary Ajay B Pandey and Cairn Energy Chief Executive Office Simon Thomson, Government affirmed that it would not just file an appeal against the arbitration award but also contest other related legal suits.
“The Govt will file an appeal against Cairn Arbitration award soon and will contest its sovereign rights to tax,” a Government source said on Friday. Further, he mentioned that it would also strongly contest other suits filed by Cairn Energy at various other international courts.
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This is the second arbitration an award where Government will move to the appellate forum. Earlier, the Government appealed against the award given in favour of Vodafone.
$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.