After winning from the International Court, Cairn Energy has been badly behind the government for its money. According to a report, Cairn Energy had identified more than $ 70 billion assets of the Indian government abroad.
Cairn Energy Tax Controversy
Britain’s Cairn Energy has secured an arbitration order from a French court to confiscate 20 Indian government properties located in France to recover damages of USD 1.7 billion. Sources gave this information on Thursday. A French court on June 11 ordered Cairn Energy to acquire Indian government properties, mostly flats, and the legal process in this regard was completed on Wednesday evening.
An arbitration court in December ordered the Indian government to pay Cairn Energy more than $1.2 billion in interest and fines. The Government of India did not accept this order, after which Cairn Energy appealed in several courts abroad to recover the amount due by confiscation of the assets of the Government of India.
Identified assets worth $70 billion
International arbitration ruled in favor of Cairn Energy in December 2020 and asked the Indian government to return its $1.2 billion. Let us tell you that after getting the victory from the International Court, Cairn Energy is badly behind the government for its money. According to a report, Cairn Energy has identified more than $ 70 billion (more than 5 lakh crore) assets of the Indian government abroad.
Case has been registered in many countries
Cairn Energy has filed a case in many countries of the world for withdrawing its money from the Government of India. Sources have been quoted as saying that if Cairn’s action is taken, then this matter will get stuck. The government will challenge this action of Caesar in court, but by then the government may have to give a bank guarantee to Cairn. If the court does not find merit in Cairn’s claim, then that guarantee will be returned to the government. If Cairn wins, he will get bail.
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