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Top News In கெய்ன் இந்தியா க்கு வேதாந்தா லிமிடெட் Today - Breaking & Trending Today

Top headlines: Ruia out of Air India sale race, India to appeal Cairn award

The Air India (AI) employees’ consortium and Kolkata-based businessman Pawan Ruia have not qualified for the second round of the sale process for the national carrier. This leaves Tata Sons as the only entity that has confirmed its participation in the bidding process. While media reports said SpiceJet promoter Ajay Singh is also in the reckoning, Business Standard couldn’t verify this claim. Read more
India ready to appeal Cairn s $1.2 billion arbitration award this week
A day after British oil firm Cairn Energy pressed for honouring the over $1.4-billion international award on a tax dispute, finance ministry officials said New Delhi was preparing to appeal at The Hague this week. The Union government has finalised the grounds for appeal against the award and is in the final leg of discussions with the Dutch counsels, according to officials. Based on the appeal, India will apply for a stay on the enforcement of the award at a lower Dutch court. Read more ....

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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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Northland news in brief: Alleged kidnapper denied bail; water restrictions eased

Northland news in brief: Alleged kidnapper denied bail; water restrictions eased
7 Mar, 2021 04:00 PM
3 minutes to read
A woman charged with kidnapping after an incident at the Paihia ASB in November has been denied bail.
A woman charged with kidnapping after an incident at the Paihia ASB in November has been denied bail.
Northern Advocate
A woman charged with kidnapping after an incident at the Paihia ASB in November has once again been denied bail. Billy-Joe Witehira, 35, of Paihia, appeared in the Kaikohe District Court last week charged with kidnapping, unlawful possession of a firearm, unlawful possession of a pistol, and discharging a firearm. She was arrested shortly after an incident in which a Paihia business owner was allegedly forced to withdraw money from an ATM. Her partner and alleged co-offender, Cayne Martin-Brown, 22, was seriously injured in a crash at Moerewa later the same day. Witehira s request for electronic bail was declined and she ....

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It's my duty to appeal against Cairn award: FM - The Hindu BusinessLine

‘It is questioning India’s sovereign right to tax’
Finance Minister Nirmala Sitharaman has hinted that the government will appeal against the recent international arbitration award favouring Cairn Plc, especially as it questioned the country’s sovereign right to taxation. In December, an international tribunal had given an award of $1.2 billion with interest and cost favouring the Edinburgh-based energy major.
Responding to a question from
BusinessLine at an interaction with women journalists organised by the Indian Women’s Press Corps (IWPC) here, she said: “The question on India’s sovereign authority to tax cannot be questioned by anybody and even if it is an award of an international arbitration. when it’s about India’s right to tax I will appeal. It is my duty to appeal and as a sovereign nation it is the duty of the government to question that.” “So an arbitration award to question the authority of the government to even tax. I am sorry I w ....

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$1.4 bn Cairn arbitration award: FM Sitharaman says its her duty to appeal

$1.4 bn Cairn arbitration award: FM Sitharaman says its her duty to appeal
Last year, the government lost two high-profile arbitrations over the levy of taxes on British firms, using legislation that gave it the power to levy taxes with retrospective effect.
Finance Minister Nirmala Sitharaman
PTI
Finance Minister Nirmala Sitharaman on Friday indicated the government s intent to appeal against an arbitration panel asking India to return USD 1.4 billion to UK s Cairn Energy Plc, saying it is her duty to appeal in cases where the nation s sovereign authority to tax is questioned.
Last year, the government lost two high-profile arbitrations over the levy of taxes on British firms, using legislation that gave it the power to levy taxes with retrospective effect. ....

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