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On 21st March, media headlines said that M Damodaran, former chairman of the Securities & Exchange Board of India (SEBI) and founder-chairman of Excellence Enablers, an organisation that champions corporate governance, had been hit with damages of Rs206 crore by the International Court of Arbitration (ICA) of the USA in connection with a breach of contract issue. The order from an international court shocked corporate India. ....
The tribunal at the Hague had held that the tax claim for purported capital gains against Cairn was not valid and asked the government to repay the assets held back with interest. ....