[File image: Cairn Energy]
Cairn Energy said it had effectively seized Indian state-owned properties in Paris, in order to recover the arbitration award in the tax dispute with the country's government.
The Edinburgh-based oil producer has secured a French court order to seize 20 Indian government properties, valued at over GBP 20 million, Financial Times has reported.
In December 2020, a Permanent Court of Arbitration at The Hague, Netherlands had ruled that the Indian government should pay damages worth $1.2 billion to Cairn Energy, since it had wrongfully applied a retrospective tax demand.
India has filed an appeal against the tribunal's decision. Meanwhile, Cairn has identified Indian government properties abroad to place pressure and recover their dues.
On May 15, the UK's Cairn Energy Plc sued India's national carrier Air India in the US District Court for the Southern District of New York.
News agency PTI has reported that Cairn has identified $70 billion of Indian assets overseas for potential seizure to collect the amount, which now totals to $1.72 billion after including interest and penalty.
(This is a developing story. Please check back for updates.)
No comments:
Post a Comment