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As Cairn moves to attach AI assets, Centre must stop digging in its heels on retro tax, or risk losing investor confidence
‘It is questioning India’s sovereign right to tax’ Finance Minister Nirmala Sitharaman has hinted that the government will appeal against the recent international arbitration award favouring Cairn Plc, especially as it questioned the country’s sovereign right to taxation. In December, an international tribunal had given an award of $1.2 billion with interest and cost favouring the Edinburgh-based energy major. Responding to a question from BusinessLine at an interaction with women journalists organised by the Indian Women’s Press Corps (IWPC) here, she said: “The question on Ind...
Read more about Cairn says it is looking for mutually 'acceptable' solution to tax dispute on Business Standard. 'Assuming such a resolution can be achieved, we look forward to being able to move on to further opportunities to invest in India,' says the UK company
During a series of hectic talks between Cairn Energy and the Indian government over the $1.2-billion arbitration award in favour of the former last week, a slew of options was proposed by the two sides, including computation of capital gains and participation in the Vivad se Vishwas (VsV) dispute resolution scheme. The government is likely to go ahead and appeal against the arbitration award by a Permanent Court of Arbitration at The Hague before March 21, indicated finance ministry officials. Cairn Energy Plc on Sunday said it was hopeful that an acceptable solution to its tax dispute wit...
Read more about India to file appeal against Cairn's $1.2 billion arbitration award on Business Standard. New Delhi has time till March 21 to file an appeal in accordance with a 90-day window