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The move ratchets up pressure on India s government to pay the sum of $1.2 billion plus interest and costs that the British firm Cairn was awarded by an arbitration tribunal in December. The body ruled India breached an investment treaty with Britain and said New Delhi was liable to pay. ....
India to contest $1.4 billion Cairn arbitration award and fight for right to tax India to contest $1.4 billion Cairn arbitration award and fight for right to tax It’s official now. India will file an appeal against the Cairn arbitration award that has asked India to return $1.4 billion to Cairn Energy Plc. Top government sources have said that the process of filing an appeal against the international arbitration panel has begun. advertisement UPDATED: March 11, 2021 09:27 IST Courts in five countries have given recognition to an arbitration award that has asked India to return $1.4 billion to Cairn Energy Plc. (Reuters) It’s official now. India will file an appeal against the Cairn arbitration award that has asked India to return $1.4 billion to Cairn Energy Plc. Top government sources have said that the process of filing an appeal against the international arbitration panel has begun. ....
Cairn arbitration award | Nirmala says it s her duty to appeal Updated: Updated: March 06, 2021 08:11 IST Last year, the government lost two high-profile arbitrations over the levy of taxes on British firms, using legislation that gave it the power to levy taxes with retrospective effect Share Article Union Finance Minister Nirmala Sitharaman. File | Photo Credit: PTI Last year, the government lost two high-profile arbitrations over the levy of taxes on British firms, using legislation that gave it the power to levy taxes with retrospective effect Finance Minister Nirmala Sitharaman on Friday indicated the government’s intent to appeal against an arbitration panel asking India to return $1.4 billion to UK’s Cairn Energy Plc, saying it is her “duty” to appeal in cases where the nation’s sovereign authority to tax is questioned. ....
$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. ....
Govt to file appeal against arbitral award in Cairn retro-tax case The arbitration court unanimously ruled that India breached its obligations to Cairn under the UK-India Bilateral Investment Treaty Dipak Mondal | February 19, 2021 | Updated 10:17 IST India to appeal agasint Cairn arbitral award The government will file an appeal against Cairn arbitration award soon and will contest its sovereign rights to tax, sources in the finance ministry said. The ministry sources said that the government will also strongly contest other suits filed by Cairn Energy at various other international courts. An international arbitral tribunal had in December 2020 ruled against India s decision to retrospectively tax the capital gains made when Cairn UK Holdings Ltd sold shares in Cairn India Holdings Ltd, a Jersey company, to Cairn India Ltd, an Indian company. ....