Govt taking all appropriate legal steps to protect its interest in Cairn Energy case, says MoS Finance Pankaj Chaudhary aninews.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aninews.in Daily Mail and Mail on Sunday newspapers.
Synopsis
The department wrote a letter to public sector bank chiefs suggesting they immediately inform Sanjay Kumar, director – banking operations, if they receive ‘any intimation/notice/letter’ from Cairn Energy Plc and its subsidiary Cairn UK Holdings.
Reuters
Cairn Energy and the government are locked in a legal battle over an arbitration order that requires India to pay $1.2 billion.
The Department of Financial Services has asked state-run banks to appoint a nodal officer amid increasing concerns that overseas assets or deposits of these lenders could be attached during a contested arbitration award involving Cairn Energy and the Centre.
The department wrote a letter to public sector bank chiefs suggesting they immediately inform Sanjay Kumar, director – banking operations, if they receive ‘any intimation/notice/letter’ from Cairn Energy Plc and its subsidiary Cairn UK Holdings.
Cairn Battle: PSBs told to appoint nodal officer
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Synopsis
The department wrote a letter to public sector bank chiefs suggesting they immediately inform Sanjay Kumar, director – banking operations, if they receive ‘any intimation/notice/letter’ from Cairn Energy Plc and its subsidiary Cairn UK Holdings.
Reuters
Cairn Energy and the government are locked in a legal battle over an arbitration order that requires India to pay $1.2 billion.
The Department of Financial Services has asked state-run banks to appoint a nodal officer amid increasing concerns that overseas assets or deposits of these lenders could be attached during a contested arbitration award involving Cairn Energy and the Centre.
The Hindu Explains | How is the Indian government planning to respond to the Cairn tax ruling? thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.
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.