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Once the December 2020 ruling of the international tribunal on the arbitration initiated by Cairn came overturning the levy of taxes on the reorganisation of India business that Cairn carried in 2006 before listing the local unit, "the government could have just released those shares and the matter would have ended," a leading tax expert says.
Cairn Energy case: Courts in five countries confirm $1.4 billion arbitration against India The development effectively means Cairn Energy can move to seize Indian assets if the amount is not paid to them. Mar 09, 2021 · 12:50 pm File photo Cairn India employees work at a storage facility for crude oil at Mangala oil field at Barmer in the desert Indian state of Rajasthan August 29, 2009. | Reuters Courts in five countries, including the United States and the United Kingdom, have given recognition to an arbitration award that asked India to return $1.4 billion (over R...
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....
Synopsis If India fails to comply, it will fall foul of the New York Convention. "As India is a signatory to the New York Convention, the award can be enforced against Indian assets in numerous jurisdictions around the world for which the necessary preparations have been put in place," says Cairn CEO Thomson's letter to India. Reuters Related India is staring at a potential $1.2-billion loss of face as the long-running retro tax case against Cairn Energy, the British oil firm, nears its climax. At risk of seizure are Indian assets such as airplanes, bank accounts and other foreign properties ...
Vodafone Tax Case: India Moves Singapore Court Against Arbitration Panel Verdict 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. Photo: PTI Business10/Feb/2021 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 und...