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Advertisement Cairn v. India – Does Cairn Have Remedies in Light of India's Attempts to Remove Funds from Overseas Indian Bank Accounts Monday, May 24, 2021 If a disputing party in an arbitration believes that receiving an arbitration award is a battle half won, wait until enforcement begins. The Cairn v. India 1 dispute is a classic example. BACKGROUND 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 India held that India had failed to uphol...
Explained: Why Cairn Energy is moving to seize Indian assets Explained: Why Cairn Energy is moving to seize Indian assets UK-based oil major Cairn Energy is taking swift steps to seize India's foreign assets. The company recently won a $1.4 billion arbitration award against India. Here is all you need to know. advertisement UPDATED: May 17, 2021 16:20 IST The dispute dates back to 2015 when the Indian government sent a notice to Cairn Energy Plc regarding a retrospective tax demand. (Photo: Reuters) The dispute dates back to 2015 when the Indian government sent a notice to Cairn Energy Plc re...
The finance ministry has asked public sector banks (PSBs) to be on high vigil against any attempt being made to seize their overseas deposits to recover USD 1.2 billion that the UK's Cairn Energy plc has been awarded against India levying retrospective taxes, sources said. Cairn had previously stated that it can seize Indian assets abroad if it is not paid USD 1.2 billion plus interest and cost that an international arbitration panel had awarded against levy of retrospective taxes. Cash of Indian banks lying in nations such as the US and the UK are said to be easy target for seizing and en...
Synopsis Cash of Indian banks lying in nations such as the US and the UK are said to be easy target for seizing and enforcing the arbitration award. To guard against such cash being taken over, the finance ministry has asked PSBs to be extra vigilant and immediately report back any attempt Cairn makes to legally attach the deposits, two sources aware of the matter said. Getty Images This will allow the Indian government to quickly take legal recourse to prevent the assets from being taken over, they said adding that this has been done out of abundant caution and funds with banks are not of Go...