The government has also said in its statement that the CEO and officials of Cairn Energy should talk to the government to resolve the matter. The government has made it clear that it is ready to talk to Cairn Energy under the legal process.
Finance Minister Nirmala Sitharaman (File photo)
The Finance Ministry has issued a statement on the news of the seizure of 20 properties of the Government of India in Paris. According to the Ministry of Finance, the Government of India has not yet received any notice from the French Court in this matter. The government is investigating the facts in this matter and accordingly it will be proceeded under the legal process.
The government has filed an application in March this year itself. Earlier, in the tax case with Cairn Energy, the government had challenged the decision of International Arbitration. In his petition, it was said on behalf of the Government of India that he had never agreed to the Panchayat in the tax dispute case of the country. This information was given by the Ministry of Finance.
Finance Ministry issued statement
The government has also said in its statement that the CEO and officials of Cairn Energy should talk to the government to resolve the matter. The government has made it clear that it is ready to talk to Cairn Energy under the legal process. Earlier this morning it was reported that Britain’s Cairn Energy has secured an order from a French court to confiscate 20 Indian government properties located in France to recover damages of US $ 1.7 billion under an arbitration order.
Response from Ministry of Finance on reports relating to freezing of Indian assets in France.
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(1/5) pic.twitter.com/NUYSvHMXjz— Ministry of Finance (@FinMinIndia) July 8, 2021
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.
$1.2 billion case
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.
In December 2020, the decision was taken in favor of Cairn Energy
Cairn Energy has filed a case in many countries of the world for withdrawing its money from the Government of India. 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.
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