Cairn Energy sues Air India to enforce $1.2 billion arbitration award: Report
NEW DELHI: Cairn Energy has sued India’s flagship carrier Air India to enforce a $1.2 billion arbitration award that it won in a tax dispute against India, according to a US District Court filing reviewed by Reuters. The move ratchets up pressure on India’s government to pay the sum of $1.2 billion plus interest and […]
Cairn Energy offers to forego $500 million if India agrees to pay principal due
NEW DELHI: UK’s Cairn Energy Plc has offered to forego USD 500 million and invest that amount in any oil and gas or renewable energy project identified by the Indian government if New Delhi agrees to honour an international arbitration award and returns the value of loss it incurred because of being taxed retrospectively, sources […]
Cairn wants India to honour its word and pay $1.4 billion, shareholders to seek enforcement
NEW DELHI: British oil firm Cairn Energy plc on Sunday said its shareholders, including top financial institutions of the world, expect the use of the company’s “strong powers of enforcement” to recover USD 1.4 billion from the Indian government should it not keep its word of honouring international arbitration tribunal awards on retrospective taxes. Cairn […]