Moved Singapore HC against Vodafone arbitration award: Anurag Thakur tells LS
To a question on whether the total retrospective tax has to be paid by the government to Vodafone and Cairn, Thakur said, The details terms of the award are under examination by the government
PTI | February 8, 2021 | Updated 20:49 IST
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India has challenged in the Singapore High Court an international arbitration tribunal s verdict that overturned its demand for Rs 22,100 crore in back taxes from Vodafone Group Plc, and the order passed in Cairn Group s case is under consideration of the government, Parliament was informed on Monday.
An international arbitration court had in September last year rejected tax authorities demand for Rs 22,100 crore in back taxes and penalties relating to British telecom giant Vodafone s 2007 acquisition of an Indian operator.
New Delhi: India has challenged in the Singapore High Court an international arbitration tribunal's verdict that overturned its demand for Rs 22,100 crore in back taxes from Vodafone Group Plc, and the order passed in Cairn Group's case is under consideration of the government, Parliament was informed on Monday.
Engaged with Indian government on adherence of tax arbitration award, says Cairn Energy
January 20, 2021
Tribunal had ordered India to return $1.2 billion to the company
Scottish company Cairn Energy on Wednesday said that it is in talk with Indian government for adherence of award in its favour by International Tax Arbitration Tribunal.
According to the company, the tribunal ruled unanimously that India had breached its obligations under the treaty and awarded to Cairn damages of $1.2 billion plus interest and costs (sums up to $1.6 billion), which are now payable.
“A significant milestone was achieved in December 2020 with a unanimous award in favour of Cairn in its arbitration with the Government of India under the UK-India Bilateral Trade Investment Treaty. We have engaged with the Government of India regarding adherence to the tribunal’s ruling and are taking all necessary steps to protect our rights to the award,” the company said in pre-close update ahead of anno
Cairn V. India - Investment Treaty Arbitration Friday, January 8, 2021
Introduction
On December 21, 2020, the international arbitral tribunal (Tribunal) constituted in the case of Cairn Energy Plc and Cairn UK Holdings Limited (collectively ‘Cairn’) v. The Republic of India1 held that India had failed to uphold its obligations under the 1994 Bilateral Investment Treaty between Republic of India and United Kingdom (India - UK BIT) and under international law. The Tribunal ordered India to compensate the Claimants for the total harm suffered by Cairn as a result of India’s breaches. Reports of passing of the award became public on December 23, 2020. The award is not in public domain, save for an excerpt.