Courts in five countries including the US and the UK have given recognition to an arbitration award that asked India to return USD 1.4 billion to Cairn Energy plc - a step that now opens the possibility of the British firm seizing Indian assets in those countries if New Delhi does not pay, sources said. Cairn Energy had moved courts in nine countries to enforce its USD 1.4 billion arbitral award against India, which the company won after a dispute with the country's revenue authority over a retroactively applied capital gains tax.
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$1.4 bn arbitration award: Cairn CEO warns of enforcement, expects India to honour its obligations.
Courts in five countries including the US and the UK have given recognition to an arbitration award that asked India to return USD 1.4 billion to Cairn Energy plc - a step that now opens the possibility of the British firm seizing Indian assets in those countries if New Delhi does not pay, sources said. Cairn Energy had moved courts in nine countries to enforce its USD 1.4 billion arbitral award against India, which the company won after a dispute with the country's revenue authority over a retroactively applied capital gains tax.
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$1.4 bn arbitration award: Cairn CEO warns of enforcement, expects India to honour its obligations
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The finance ministry has said that the government has not asked state-owned banks to withdraw funds from foreign currency accounts overseas in anticipation of potential seizure of such accounts with regard to the ongoing Cairn legal dispute. “These are totally incorrect reports which were not based on true facts,” the ministry said in a statement issued Sunday.
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Cairn tax dispute: Finance ministry denies asking banks to withdraw funds from foreign accounts
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India ready to Cross LoC to maintain its Honour, says Rajnath Singh
India ready to Cross LoC to maintain its Honour, says Rajnath Singh
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Prime Minister Narendra Modi
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What is Wheat Beer? | व्हीट बीयर क्या है?
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