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Identifying Indian assets for seizure in case of non-payment, says Cairn


Cairn Energy Plc on Tuesday said preparatory identification of assets belonging to the Indian government has begun in multiple countries. The company will go to court to seize the assets, if its arbitration award is not honoured. The company could also monetise the award, with the potential to transfer it to third-party funds.
It said the arbitration award, which stood at $1.7 billion ($1.2 billion plus interest currently totalling $490 million), was enforceable against India-owned assets in over 160 countries that have signed and ratified the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, the company said in a presentation after announcing results on Tuesday. ....

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Govt may give oilfield to Cairn in lieu of $1.4 billion dues


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
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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 legislation that gave the government the powers to tax companies retrospectively ....

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India may offer Cairn oilfield against $1.4 billion arbitration award


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, sources said.
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 international arbitration against the tax demand and the government has been ordered to return the value of shares of ....

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