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Govt may give Cairn oil field instead of paying 1.4 billion dollars: Sources

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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 international arbitration against the tax demand and the government has been ordered to return the value of shares of Cairn it had sold, dividends it had seized and tax refund it had withheld to recover the tax demand. ....

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India about to join countries threatened by asset seizures across the world

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 Venezuela for years, it’s the first time in recent memory a company has threatened to seize India’s overseas assets. The warning follows a series of events that can be traced back to a 2012 law change allowing the nation’s authorities to retrospectively tax capital gains. ....

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