The government initially refused to honour the award but in August 2021 brought a law to scrap all retrospective tax demands and refund money collected but without any interest or penalty
Last month, Cairn said it has agreed to drop litigations to seize Indian properties in several countries as it has accepted India's offer to settle the tax dispute
The offer to return money seized to enforce retrospective tax demand in lieu of dropping all litigations against the government 'is acceptable to us', says Cairn CEO Simon Thomson
A federal court in Washington has set timelines for responses to be filed to an Indian government petition seeking dismissal of a suit by Britain's Cairn Energy
Four vacancies in the Central Board of Direct Taxes (CBDT) have not been filled despite the Appointments Committee of Cabinet (ACC) clearing names in February, exposing administrative gaps
Cairn Energy has offered to invest the entire award money in India, which includes the principal amount of $1.2 billion and interest of $500 million if the government agrees to enforce the award
India is in the process of filing an appeal against an arbitration panel asking it to return USD 1.2 billion to British oil firm Cairn Energy Plc, sources said on Wednesday
Courts in five countries including the US and the UK have given recognition to an arbitration award that asked India to return $1.4 billion to Cairn Energy plc
Last month, the Edinburg-based firm had written to the govt saying it would be forced to seize Indian government assets if New Delhi fails to pay it $1.4 bn
