Cairn Energy case: Cairn Energy is now preparing to file a case in the US to implement the arbitration court’s decision.
The case is worth 10,427 crore rupees.
The dispute between England’s Cairn Energy and the Government of India continues to grow. Cairn Energy is now preparing to file a case (pierce corporate veil) in the US to seize the foreign assets of the Indian government company. The company has already moved court in the UK, Canada, France, Singapore, Netherlands and three other countries. India also appealed to the Hague court against the Arbitration tribunal verdict overturning the Cairn Energy’s decision to demand a tax of Rs 10,247 crore.
Against the Indian government’s tax demand of Rs 10,427 crore, it went to the Cairn Arbitration (international arbitration tribunal). The tribunal, while passing judgment in favor of the company, has rejected the tax demand of the Government of India. The tribunal has also asked the Government of India to pay $ 1.2 billion in lieu of shares sold and forfeited dividend and tax refunds. Cairn wants to seize Indian government companies in the oil and gas, shipping, aviation and banking sectors to recover the same $ 1.2 billion.
The company wants to seize and recover
Denis Ranizky, head of the autonomous litigation division of Quinn Emanuel Urquhart & Sullivan, a company advocating for Cairn’s side, said, since the Indian government has so far refused to pay according to the arbitration ruling, the company confiscated the Indian government companies Kara wants to recover.
Cairn has also identified government property
He said that in view of this, Cairn can file a lawsuit in the coming weeks. He said that Cairn has identified the related assets (companies) of the Government of India for this. However, he did not provide the names of the identified companies.
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