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Cairn closes in on seizing overseas Indian assets in the billion dollar tax fight

Mar 28, 2021 20:56 IST | By Editorji News Desk

PTI reports that Cairn Energy is filing lawsuits in US, UK, Canada, France, Singapore, the Netherlands to seize Indian PSU assets in order to enforce
the arbitration order that directed the Indian govt to return $1.2 billion that it had previously collected from Cairn PLC. 

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.

Indian assets across several jurisdictions have been identified that Cairn will be seeking to seize to enforce the award as per Cairn counsel.