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Cairn Says Taking Action To Access Value Of 1 2 Bn Arbitration Award Against India

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Cairn Says Taking Action To Access Value Of $1.2 Bn Arbitration Award Against India
Cairn challenged the move before an arbitration tribunal in The Hague, which in December awarded it USD 1.2 billion (over Rs 8,800 crore) plus costs and interest, which totals USD 1.725 billion (Rs 12,600 crore) as of December 2020.
Photo Credit : Reuters
UK s Cairn Energy Plc on Tuesday said it is taking all necessary actions to access the USD 1.7 billion it was awarded by an international arbitration tribunal after overturning a retroactive tax demand slapped by the Indian government.
The Scottish firm invested in the oil and gas sector in India in 1994 and a decade later it made a huge oil discovery in Rajasthan. In 2006 it listed its Indian assets on the BSE. Five years after that the government passed 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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Taking action to access $1.2 bn arbitration award against India: Cairn

UK s Cairn Energy Plc on Tuesday said it is taking all necessary actions to access the USD 1.7 billion it was awarded by an international arbitration tribunal after overturning a retroactive tax demand slapped by the Indian government.
The Scottish firm invested in the oil and gas sector in India in 1994 and a decade later it made a huge oil discovery in Rajasthan. In 2006 it listed its Indian assets on the BSE. Five years after that the government passed retroactive tax law and billed Cairn Rs 10,247 crore plus interest and penalty for the reorganisation tied to the flotation.
The state then expropriated and liquidated Cairn s remaining shares in the Indian entity, seized dividends and withheld tax refunds to recover a part of the demand. ....

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Cairn says taking action to access value of $1.2 billion arbitration award against India

Cairn says taking action to access value of $1.2 billion arbitration award against India
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Last Updated: May 11, 2021, 06:21 PM IST
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The state then expropriated and liquidated Cairn s remaining shares in the Indian entity, seized dividends and withheld tax refunds to recover a part of the demand.
Cairn has already taken steps to have the arbitration award recognised in nine major jurisdictions such as the US, UK, France, the Netherlands, Singapore and Canada s Quebec province, where Indian sovereign assets have been identified.
UK s Cairn Energy Plc on Tuesday said it is taking all necessary actions to access the USD 1.7 billion it was awarded by an international arbitration tribunal after overturning a retroactive tax demand slapped by the Indian government. The Scottish firm invested in the oil and gas sector in India in 1994 and a decade later it made a huge oil discovery in Rajasthan. In 2006 it listed its Indian assets on the B ....

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Arbitration case: Cairn digs in heels, PSBs say prepared for legal battle

Indian public sector banks with substantial presence abroad are legally ready to mount a challenge abroad to counter any efforts by Cairn Energy to attach their assets. The development comes on the back of Cairn Energy saying on Tuesday that it was taking all necessary action to access the $1.7 billion it was awarded by the international arbitration tribunal after overturning the retroactive tax demand slapped by the Indian government.
Given that deposits with overseas branches is public money and not a sovereign asset, attaching funds in such accounts is beyond the realm of rights of the said company, said people in the know. ....

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FinMin asks PSU banks to keep high vigil on any attempt to seize funds by Cairn

FinMin asks PSU banks to keep high vigil on any attempt to seize funds by Cairn
freepressjournal.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from freepressjournal.in Daily Mail and Mail on Sunday newspapers.

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