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British oil firm Cairn Energy Plc on Tuesday said it has identified Indian sovereign assets overseas which it can seize if the Centre fails to return over $1.7 billion that an international arbitration tribunal has ordered after rescinding a retrospective tax demand. “Cairn is extremely confident that the satisfaction of the award will be achieved either by negotiated settlement or by enforcement against Indian assets,” the company said in its 2020 annual earnings statement. “Cairn has already taken steps to have the Award recognised in certain major jurisdictions in which Indian sovere...

British oil firm Cairn Energy Plc on Tuesday said it has identified Indian sovereign assets overseas, which it can seize in the event of New Delhi failing to return over USD 1.7 billion that an international arbitration tribunal has ordered after rescinding a retrospective tax demand. "Cairn is extremely confident that satisfaction of the award will be achieved either by negotiated settlement or by enforcement against Indian assets," the firm said in its 2020 annual earnings statement. The firm has moved courts in nine countries to get the arbitral award registered and recognised. "The tr...

Cairn mulls ways to monetise arbitration award SECTIONS Last Updated: Mar 10, 2021, 05:41 PM IST Share Synopsis An arbitration tribunal ruled in favour of Cairn Energy in a six-year-old retrospective tax dispute in December and ordered the Indian government to pay the UK firm damages of $1.2 billion plus interest and cost, which at the end of 2020 amounted to $1.7 billion. The Indian government is preparing to appeal the award. Agencies Cairn said the tribunal ruled that the dispute was within the scope of the Treaty and other relevant legal parameters. Cairn Energy is pursuing the option to ...

Updated: February 01, 2021 10:40 IST The British firm gave India its biggest onland oil discovery but exited the country after it was slapped with a ₹10,247-crore tax demand using a legislation that gave the government the powers to tax companies retrospectively Share Article AAA A Cairn India employee works at a storage facility for crude oil at Mangala oil field at Barmer in Rajasthan. Image for representation only.   | Photo Credit: Reuters The British firm gave India its biggest onland oil discovery but exited the country after it was slapped with a ₹10,247-crore tax demand using a ...

India may offer Cairn oilfield against $1.4 billion arbitration award For a government struggling to find revenue to boost a COVID-19 battered economy, options of appeal against the arbitration award are limited and it may not have the financial bandwidth for such a payout PTI | January 31, 2021 | Updated 18:49 IST The government may give Cairn Energy one of the surrendered oil fields such as Ratna R-Series in lieu of the $1.4 billion it has pay to the British firm, helping prevent seizure of foreign assets in case of default as well as get a experienced operator in struggling E&P sector, so...