French Court Lets Cairn Energy Seize 20 Indian Government Assets: Report https://www.ndtv.com/india-news/cairn-energy-secures-french-court-order-to-seize-20-indian-government-assets-2481825 Britain's Cairn Energy Plc has secured a French court order to seize about 20 Indian government properties in France to recover a part of USD 1.7 billion arbitration award, sources said today.
Cairn Energy vs Government of India: An arbitration panel had in December ordered the Indian government to return USD 1.2 billion plus interest and penalty to Cairn Energy after reversing a retrospective tax demand. - Press Trust of IndiaUpdated: July 08, 2021
Cairn Energy freezes Indian state-owned property in Paris https://www.ft.com/content/ac0e2c3d-e50c-418e-a43a-5a8ca2c803ad
Cairn Energy said it had effectively seized Indian state-owned properties in Paris, in a dramatic escalation of the fight between the Scottish oil producer and the government of Narendra Modi. It says it has identified $70bn of assets around the world ranging from buildings to Air India aircraft that it may try to seize as long as the Modi government refuses to pay. Its asset freeze application in Paris is the first to succeed. The company said it would effectively transfer the ownership of 20 properties valued at more than €20m
Under a law passed in 2012, India retroactively demanded $1.4bn in tax payments from Cairn Energy related to the UK group’s flotation of its Indian subsidiary on the Bombay Stock Exchange in 2007.
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In December a Dutch arbitration tribunal found India had violated its obligations under the UK-India Bilateral Investment Treaty in 2014 when tax officials seized Cairn Energy’s residual 10 per cent stake in the subsidiary, which it sold to Vedanta.
https://www.newsraiser.com/i-am-a-lawyer-for-cairn-here-is-the-place-india-went-fallacious/
Opinion: Cairn’s attempts to seize Indian assets abroad are a display of unbridled corporate avariceby Ashish Khetan May 29, 2021 https://scroll.in/article/995965/opinion-cairns-attempts-to-seize-indian-assets-abroad-display-unbridled-corporate-avarice The $1.2 billion arbitral award to the firm undermines the country’s efforts to provide Covid-19 aid to its people.... The Cairn Energy arbitral award is a product of an international economic law regime that is completely skewed in favour of the financial and business interests of the capital-exporting developed world. For the past several decades, a combination of double taxation avoidance agreements and bilateral investment treaties have been bleeding the developing world of its much-deserved and needed tax revenues. Cairn Energy has won the award under the India-UK bilateral investment treaties.