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The government has not asked any state-owned banks to withdraw funds from foreign currency accounts abroad in anticipation of the potential seizure with regard to the Cairn legal dispute, the Ministry of Finance clarified on Sunday. Government of India is vigorously defending its case in this legal dispute. It is a fact that the government has filed an application on March 22, 2021 to set aside the highly flawed December 2020 international arbitral award in The Hague Court of Appeal, it said. The government further said it is committed to pursuing all legal avenues to defend its case in this dispute worldwide. India has been ordered to return over $1.2 billion to Cairn Energy Plc after it lost arbitration proceedings in a tax dispute. An international arbitration tribunal ruled that India’s tax claim was not valid and asked the government to repay the funds, along with interest, to Cairn. ....
Quote: condor Cairn s merger-ing of the entities is said to be opaque. And Govt of India says the cases are subject to India jurisdiction & courts. The tax laws for retrospective taxation were passed around 2006. Even the Vodafone case was under the same law. I dont understand this law at all, even in Layman terms. Hope there is an out of court settlement on this. Quote: srh What is referred to as retrospective law is just a small piece added to legislation to enforce the intent & spirit of the original applicable law. The government is well within its rights to do it when loopholes get exposed/ used to nullify the spirit of the law. ....
Honour Cairn award, remove uncertainty SECTIONS Last Updated: May 17, 2021, 11:35 PM IST Share Synopsis Apparently, Cairn has identified assets that range from AI’s aircraft to vessels owned by Shipping Corporation of India and properties owned by State-owned banks to oil and gas cargoes of PSUs. The risk of having assets attached depresses share prices and also carries a reputational risk. Pakistan and Venezuela faced similar enforcement action over the failure to pay arbitration awards. That is not the kind of company India should aspire to keep. Cairn Energy’s reported move to attach Air India’s assets in the US to enforce a $1.7 billion arbitration award (including $500 million of interest) it won in a tax dispute against India is disconcerting. Cairn has reportedly identified $70 billion worth of assets of assorted State-owned enterprises abroad, which it would seek to attach to get its money. ....
Cairn identifies $70 bn Indian assets for seizing to recover amount due from govt SECTIONS Last Updated: May 16, 2021, 02:23 PM IST Share Synopsis The Indian government naturally will challenge such seizure but to save the assets it may have to pawn money equivalent to the value of assets in some financial security such as bank guarantee. The court will return such a guarantee to India if it does not find merit in Cairn s case. But the surety will be passed on to Cairn if the court finds that India had failed to honour its obligation, a source said. PTI UK s Cairn Energy has identified USD 70 billion of Indian assets overseas for potential seizure to collect USD 1.72 billion due from the government a move if successful will put India in league with Pakistan and Venezuela which faced similar enforcement action over failure to pay arbitration awards. ....
: Sunday, May 16, 2021, 6:20 PM IST Cairn identifies $70 billion of Indian assets for seizing to recover $1.2 billion from government: After Air India, is Shipping Corp next? Cairn identifies $70 billion of Indian assets for seizing to recover $1.2 billion from the government UK s Cairn Energy has identified USD 70 billion of Indian assets overseas for potential seizure to collect USD 1.72 billion due from the government. The assets identified range from Air India s planes to vessels belonging to the Shipping Corporation of India, and properties owned by state-owned banks to oil and gas cargoes of PSUs, three people familiar with the matter said. These assets are across several jurisdictions, they said without giving further details. ....