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Opinion: Vodafone's Tax Victory Over Government Shows Perils of Overreach

The quarrel goes back to Vodafone's 2007 purchase of Li Ka-shing's India wireless business. ....

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India challenges $1.2 billion Cairn arbitration award

Finance Ministry says India never agreed to arbitrate national tax dispute. ....

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Cairn offers to forego $500 million if India agrees to pay principal due

Cairn offers to forego $500 million if India agrees to pay principal due
Updated:
Updated:
April 11, 2021 11:18 IST
Both sides are eager to resolve the issue quickly without resorting to any harsh measures, sources said.
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Both sides are eager to resolve the issue quickly without resorting to any harsh measures, sources said.
U.K.’s Cairn Energy Plc has offered to forego $500 million and invest that amount in any oil and gas or renewable energy project identified by the Indian government if New Delhi agrees to honour an international arbitration award and returns the value of loss it incurred because of being taxed retrospectively, sources said. ....

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Why India should honour the $1.2 bn arbitration award in Cairn's favour

Back when global investors still believed Prime Minister Narendra Modi would keep his promise to end the previous regime’s “tax terror,” his newly elected government made a costly error. In March 2015, someone in India’s labyrinthine bureaucracy decided to send a revenue demand to U.K.’s Cairn Energy Plc ruining Chief Executive Officer Simon Thomson’s birthday.
This March 10, Thomson has every reason to celebrate both his birthday and victory in a tortuous legal saga that ended right before Christmas with a $1.2 billion international arbitration award in Cairn’s favor. But there’s still one big glitch: The check that should have been in the bank by now isn’t even in the mail. That raises the unpleasant prospect of a private company having to legally seize sovereign property globally, a course of action some of its shareholders are starting to recommend. ....

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