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Cairn Energy offers to forego $500 mn if India agrees to honour arbitration award

In 2006-07, it listed its Indian assets on the BSE. Five years after that the government passed a retroactive tax law and billed Cairn Rs 10,247 crore plus interest and penalty for the reorganisation tied to the flotation ....

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Cairn Energy offers to forego $500 mn if India agrees to honour arbitration award

Cairn Energy offers to forego $500 mn if India agrees to honour arbitration award
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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. ....

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Retro tax: Amid stand-off, Cairn Energy holds 'constructive' meeting with Union finance secretary

Retro tax: Amid stand-off, Cairn Energy holds ‘constructive’ meeting with Union finance secretary
FE Bureau
© Provided by The Financial Express
Affirming its jurisdiction over the case, the tribunal said the Cairn case was not just a tax-related, but an investment-related dispute.
Amid Cairn Energy’s reported move to recover a $1.4-billion arbitral award in its favour by attaching and seizing Indian assets overseas and New Delhi’s rumoured plans to contest the award, the Edinburgh-headquartered energy company s chief executive Simon Thomson met Union finance secretary Ajay Bhushan Pandey here on Thursday. While the development kept alive hopes of a reconciliation, Thomson, as he came out of the meeting, said the talks were ‘constructive’, without elaborating. ....

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Arbitration award: Cairn CEO to meet finance secretary on Thursday

Cairn Energy’s Chief Executive Officer (CEO) Simon Thomson will meet Union finance secretary Ajay Bhushan Pandey on Thursday as the UK-based oil company builds pressure on India to honour a $1.2 billion arbitration award that went in its favour.
The meeting comes in the backdrop of both sides hardening stand and the UK energy company filing a case in the US and the UK, seeking enforcement of an arbitration award.
Thomson had sought an appointment with Finance Minister Nirmala Sitharaman who did not give a formal time. She, however, told Business Standard, “The finance secretary will meet the Cairn CEO tomorrow. Let us wait and see what Cairn has to say in the meeting. We will chart our future strategy based on that.” Cairn is likely to file a case in Canada also. It had already got an order from a Dutch court for enforcement of the December 21 award. ....

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