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Cairn vs India: The Billion Dollar Tax Bout 

Mar 08, 2021 20:09 IST | By Editorji News Desk

Cairn Energy now has the backing of five courts including US and UK giving them the recognition of the $1.4 bn arbitration award against India. Reports indicate this gives the energy major enough ammunition to seize assets in those countries if India does not pay up. 

Cairn Energy had won the dispute against Indian tax department over a retroactively applied capital gains tax.

Reports has also indicate Cairn has started the process to register the award in Singapore, Japan, the United Arab Emirates and Cayman Islands. 

Finance Minister Nirmala Sitharaman had last week indicated of going in for an appeal.

 

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