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Send The government may give Cairn Energy one of the surrendered oil fields such as Ratna R-Series in lieu of the USD 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, sources said. New Delhi: Cairn Energy gave India its biggest onland oil discovery but exited the country after it was slapped with a Rs 10,247-crore tax demand using a legislation that gave the government the powers to tax companies retrospectively. The firm has now won an inter...

India is about to join countries including Venezuela in being threatened by asset seizures across the world. Cairn Energy Plc will push authorities to impound Indian assets if the South Asian nation declines to honor an arbitration ruling in a $1.2 billion tax dispute, according to a letter the company sent to the Indian High Commission in the UK An international tribunal last month said India’s tax claim was not valid and asked Prime Minister Narendra Modi’s administration to return the money to Cairn. While US crude explorer ConocoPhillips has been seeking to recoup $10 billion from Ve...

India Joins Venezuela Where Global Firms Seek to Seize Assets Bloomberg 1/28/2021 © Photographer: Krisztian Bocsi/Bloomberg (Bloomberg) -- India is about to join countries including Venezuela in being threatened by asset seizures across the world. Cairn Energy Plc will push authorities to impound Indian assets if the South Asian nation declines to honor an arbitration ruling in a $1.2 billion tax dispute, according to a letter the company sent to the Indian High Commission in the U.K. An international tribunal last month said India’s tax claim was not valid and asked Prime Minister Nare...

On Thursday, January 28, there will be a special sitting of the Senate specifically to Ratify the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards. It would appear that the move is specifically designed so that awards which are outstanding on Michael Ashcroft-related judgements to now be legally paid. The Government of Belize has awards which are outstanding to the Ashcroft Alliance but have not been paid since it needs parliamentary approval and the Government had not yet ratified the convention. The move now paves the way so that the Ashcroft Alliance ...

Jan 26, 2021 Senate to Ratify UN Convention on the Recognition and Enforcement of Foreign Arbitral Awards The Cabinet met today for well over six hours. One of the topics of discussion in the meeting was the ratification of the UN Convention on the Recognition and Enforcement of Foreign Arbitral Awards.  It has been in our laws since 1980, but on Thursday, the Senate is expected to ratify the convention.  After today’s meeting, we asked Briceño about the government decision.   Prime Minister John Briceño “What we have done we have made our research to ensure that that does�...