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An international arbitration tribunal has directed the Indian government to pay $1.2 billion in damages to UK’s Cairn Energy — the second such embarrassing loss for the Modi government following the one to Vodafone in another arbitration matter just three months back. Both the cases were against a controversial 2012 retrospective tax legislation  that gave the Indian government the power to go after M&A deals all the way back to 1962 if the underlying asset was in India. The international arbitration tribunal ruled unanimously that India had breached its obligations to Cairn under the UK...

Will govt appeal against Cairn order? Response to Vodafone tangle holds clue Supreme Court lawyer Arvind Datar, who has represented Cairn in this case, says that the government has the right to appeal but he does not know whether they will appeal or not Dipak Mondal | December 27, 2020 | Updated 12:53 IST In yet another setback to the government, an international arbitral tribunal has ruled unanimously that India has breached its obligations to Cairn under the UK-India Bilateral Investment Treaty and has awarded to Cairn damages of $1.2 billion plus interest and costs. It has now become paya...