Page 3 - Cairn Energy

Cairn Energy freezes 20 Indian state-owned properties in Paris: Reports

Scottish oil producer's action is its latest attempt to force India to pay $1.7bn awarded by an international tribunal over a tax dispute.

Devas joins Cairn Energy in trying to seize Air India's overseas assets

Indian authorities and Devas are engaged in multiple court cases globally after a dispute that goes back to 2011.

After Air India, Cairn to target more Indian state-owned firms for recovery

Cairn Energy PLC plans to target assets of state-owned firms and banks as it looks to recover the amount due from the Indian government after winning an arbitration against levy of retrospective taxes

Air India has time till mid-July to challenge Cairn Energy's lawsuit

Air India has time till mid-July to file a plea contesting Cairn lawsuit, three sources aware of the matter said.

Tripping up on arbitration

Cairn Energy has wrong-footed the government

Best of BS Opinion: Encouraging exports, tripping up on arbitration & more

Here are the best of Business Standard's opinion pieces for Wednesday

Cairn arbitration award case: Govt gears up to stop Air India asset seizure

Seeks details from airline to assess impact on privatization

Planes to gas cargoes: Cairn identifies $70-bn Indian assets for seizing

UK's Cairn Energy has identified $70 billion of Indian assets overseas for potential seizure to collect $1.72 billion due from the government

Cairn Energy sues Air India to enforce $1.2 bn arbitration award: Report

The move ratchets up pressure on India's government to pay the sum of $1.2 billion plus interest and costs that the British firm Cairn was awarded by an arbitration tribunal in December

Arbitration case: Cairn digs in heels, PSBs say prepared for legal battle

Deposits are customers' money and not govt assets, hence can't be attached: Lenders

Govt asks PSBs to protect dollar assets on Cairn concern: Report

The banks' decision to avoid adding more dollars to their offshore account has roiled India's exchange rate in recent days

Arbitration case: Cairn Energy offers to invest $1.2 bn if India relents

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

Cairn Energy offers to forego $500 mn if India agrees to pay principal due

The Scottish firm invested in the oil and gas sector in India in 1994 and a decade later it made a huge oil discovery in Rajasthan

Govt to slap recovery notice on Vedanta's Cairn after Delhi HC judgment

The oil ministry will seeks tens of millions of dollars from Vedanta's Cairn Oil & Gas after the Delhi High Court held that the firm was liable to pay higher profit share to the government in lieu of its Rajasthan oil and gas block license being extended beyond initial term, a top official said. In the interim, the firm's Barmer basin block licence, whose initial 25-year term ended on May 15, 2020, has been given an eighth interim extension, the official, who wished not to be identified, said. "Now that the Delhi High Court has upheld the government policy, we will issue recovery notices seeking higher profit petroleum since May 15, 2020," he said. "The exact amount is being calculated but it will be in tens of millions of dollars." When contacted, a company spokesperson said, "We are in the process of reviewing the court's order, will assess any next course of action" after that. The Union Cabinet headed by Prime Minister Narendrea Modi had in March 2017 approved a policy for ...

Govt ready to extend Vivad se Vishwas to settle Cairn Energy dispute

States asked to trace 25-30 contacts of each Covid-19 case

Top headlines: SC 'unseats' minority shareholders; vax makers seek govt aid

The price of the AstraZeneca vaccine - the one sold the most globally- varies from $2 to $6 per dose. India has got this vaccine at $2.06 per dose, the cheapest in the world. Read today's top news

Cairn to seize overseas Indian assets to enforce $1.2-bn arbitration award

UK's Cairn Energy Plc plans to bring lawsuits in the US and other countries to pierce the corporate veil between the Indian government and its owned companies such as in oil and gas, shipping, airline and banking sectors, to seize their overseas assets to recover USD 1.2 billion ordered by an international arbitration tribunal. The firm has moved courts in the US, UK, Canada, France, Singapore, the Netherlands and three other countries to register the December 2020 arbitration tribunal ruling that overturned the Indian government's Rs 10,247 crore demand in back taxes and ordered New Delhi to return USD 1.2 billion in value of shares it had sold, dividends seized and tax refunds withheld to recover the tax demand. With the government so far refusing to honour the arbitration award and instead choosing to challenge it, Cairn is looking to enforce it by seizing overseas Indian assets, Dennis Hranitzky, head of the sovereign litigation practice at Quinn Emanuel Urquhart & Sullivan, a

Govt files appeal against $1.2-billion Cairn arbitration verdict

Will also contest the enforcement in other jurisdictions, including the UK, US

India has till mid-April to appeal against Cairn award on limited grounds

The challenge can only be on limited grounds such as procedure not being followed

Seizing Indian assets won't be easy for Cairn Energy, say experts

Experts say enforcement of the award will face a passive hurdle in Article V of the NY Convention