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: Thursday, May 20, 2021, 2:30 AM IST FPJ Edit: India is now no better off in its tax battle with Cairn Energy PLC; in fact, it may be manifestly worse off After more than a decade in courts around the world, and millions of dollars spent in legal fees, India is now no better off in its tax battle with UK energy firm Cairn Energy PLC. In fact, it may be manifestly worse off. Cairn has moved a US court to seize the assets of the government of India-owned Air India, to enforce collection of the $1.2 billion award it won in the Permanent Court of Arbitration in The Hague in December 2020. India has filed an appeal against that order at the Dutch Court of Appeals, and the same is expected to be listed for hearing only in September this year. ....
Explained: Why Cairn Energy is moving to seize Indian assets Explained: Why Cairn Energy is moving to seize Indian assets UK-based oil major Cairn Energy is taking swift steps to seize India s foreign assets. The company recently won a $1.4 billion arbitration award against India. Here is all you need to know. advertisement UPDATED: May 17, 2021 16:20 IST The dispute dates back to 2015 when the Indian government sent a notice to Cairn Energy Plc regarding a retrospective tax demand. (Photo: Reuters) The dispute dates back to 2015 when the Indian government sent a notice to Cairn Energy Plc regarding a retrospective tax demand. Five years later, on December 21, 2020, India was ordered to return up to $1.4 billion (with interest) to the UK company after an international arbitration overturned India s retrospective tax demand. ....
High stakes, higher risks Cairn has offered to invest the entire financial award in India, providing that the government relents on the appeal it filed in March. This would include the principal amount of $1.2 billion, plus interest of $500 million. Although this is a significant sum, Indian government officials have made it clear that the government will not accept this offer. But the government is open to a settlement on different terms. “There is no way that the government is going to accept the proposal. We have filed an appeal. Any solution will be within the legal framework,” one government official told the press. ....
India decides to fight Cairn arbitration decision internationaltaxreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from internationaltaxreview.com Daily Mail and Mail on Sunday newspapers.
$1.4 billion Cairn arbitration award: Nirmala Sitharaman says it s her duty to appeal Top Searches $1.4 billion Cairn arbitration award: Nirmala Sitharaman says it s her duty to appeal TIMESOFINDIA.COM / Updated: Mar 5, 2021, 17:10 IST FacebookTwitterLinkedinEMail Union finance minister Nirmala Sitharaman said it is her duty to appeal in cases where the nation s sovereign authority to tax is questioned. (File photo) NEW DELHI: Union finance minister Nirmala Sitharaman on Friday indicated the government will appeal against an arbitration panel asking India to return $1.4 billion to UK s Cairn Energy Plc. When asked about a retrospective decision on Cairn Energy, Sitharaman said it is her duty to appeal in cases where the nation s sovereign authority to tax is questioned. ....