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A New York court has paused Cairn Energy's pursuit of US assets of Air India for the recovery of $1.2 billion arbitral award, so as to allow the British firm to reach a settlement with the Indian government on the long drawn dispute.
The New York district court delayed the tax suit to November 18, according to court documents.
This follows&nbsp;Cairn Energy&nbsp;and&nbsp;Air India&nbsp;jointly asking the court to stay further proceedings in view of the fresh government enacting a fresh law to scrap retrospective taxation in the country&nbsp;
The new law will result in the withdrawal of the Rs 10,247 crore tax demand that the government had sought from Cairn.
Cairn had on May 14 brought a lawsuit in the New York district court to hold Air India liable as the alter ego of the Republic of India for the obligations the government owes under a foreign arbitral award.
The firm separately filed a petition before the District Court for the District of Columbia to recognise and enforce the arbitration award against India on February 12, 2021.
Seeking to repair India's damaged reputation as an investment destination, the government last month enacted new legislation to drop Rs 1.1 lakh crore in outstanding claims against multinationals such as telecom group Vodafone, pharmaceuticals company Sanofi and brewer SABMiller, now owned by AB InBev, and Cairn.
&nbsp;

New York court pauses tax suit, allows Cairn Energy to settle dispute with India

A New York court has paused Cairn Energy's pursuit of US assets of Air India for the recovery of $1.2 billion arbitral award, so as to allow the British firm to reach a settlement with the Indian government on the long drawn dispute.



A New York court has paused Cairn Energy's pursuit of US assets of Air India for the recovery of $1.2 billion arbitral award to allow the British firm to reach a settlement with the Indian government on the long drawn dispute.
The New York district court delayed the tax suit to November 18, according to court documents.
This follows&nbsp;Cairn Energy&nbsp;and&nbsp;Air India&nbsp;jointly asking the court to stay further proceedings in view of the Indian government enacting a fresh law to scrap retrospective taxation in the country.&nbsp;
The new law will result in the withdrawal of the Rs 10,247 crore tax demand that the government had sought from Cairn.
Cairn had on May 14 brought a lawsuit in the New York district court to hold Air India liable on behalf of the Republic of India for the obligations the government owes under a foreign arbitral award.
The firm separately filed a petition before the District Court for the District of Columbia to recognise and enforce the arbitration award against India on February 12, 2021.
Seeking to repair India's damaged reputation as an investment destination, the government last month enacted new legislation to drop Rs 1.1 lakh crore in outstanding claims against multinationals such as telecom group Vodafone, pharmaceuticals company Sanofi and brewer SABMiller, now owned by AB InBev, and Cairn.
&nbsp;

The New York district court delayed the tax suit to November 18, according to court documents reviewed by PTI.

A New York court has paused Cairn Energy's pursuit of US assets of Air India for the recovery of $1.2 billion arbitral award to allow the British firm to reach a settlement with the Indian government on the long drawn dispute.
The New York district court delayed the tax suit to November 18, according to court documents.
Also watch: <a title="Money Ki Baat: What is PM Modi's bank balance and investments looking like?&nbsp;" href="https://www.editorji.com/business-news/money-ki-baat-what-is-pm-modi-s-bank-balance-and-investments-looking-like-1632546045606">Money Ki Baat: What is PM Modi's bank balance and investments looking like?&nbsp;</a>
This follows&nbsp;Cairn Energy&nbsp;and&nbsp;Air India&nbsp;jointly asking the court to stay further proceedings in view of the Indian government enacting a fresh law to scrap retrospective taxation in the country.&nbsp;
Cairn had on May 14 brought a lawsuit in the New York district court to hold Air India liable on behalf of the Republic of India for the obligations the government owes under a foreign arbitral award.
Seeking to repair India's damaged reputation as an investment destination, the government last month enacted new legislation to drop Rs 1.1 lakh crore in outstanding claims against multinationals such as telecom group Vodafone, pharmaceuticals company Sanofi and brewer SABMiller, now owned by AB InBev, and Cairn.
&nbsp;

The ghost of retrospective tax resurrected by UPA&nbsp;II is finally being buried.&nbsp;&nbsp;The Lok&nbsp;Sabha&nbsp;approved the amendment to the Income Tax Act which means the the controversial retrospective tax law that led to row with Vodafone, Cairn Energy will be scrapped.
Finance Minister Nirmala Sitharaman introduced The Taxation Laws (Amendment) Bill in the Lok Sabha&nbsp;on Thursday.&nbsp;With this move, tax demands made on asset transfers prior to May 28, 2012 will be withdrawn.
"It is proposed to provide that the demand raised for indirect transfer of Indian assets made before 28th May, 2012 shall be nullified on fulfilment of specified conditions such as withdrawal or furnishing of undertaking for withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc., shall be filed. It is also proposed to refund the amount paid in these cases without any interest thereon," the government stated.
This bill affects tax cases of at least two big companies Cairn Energy Plc and Vodafone Group of UK, both had won international arbitration cases against the tax levied on them.&nbsp;
The big question however many are asking are is this too late as after seven years, is the damage to India's international reputation been too severe?

Govt amends Income Tax Act, scraps retrospective tax law 

Govt amends Income Tax Act, scraps retrospective tax law. Is it a case of better late than never?

Retro tax  & Reputation: Better late than never?

Govt amends Income Tax Act, scrap&nbsp;retrospective tax law Govt to withdraw tax demand notice on Vodafone, Cairn Energy&nbsp; Retrospective tax law was introduced by UPA&nbsp;II government&nbsp; FM introduced&nbsp;The Taxation Laws (Amendment) Bill in Lok Sabha&nbsp; No Retro Tax Demand If Transaction Done Before May 28, 2021&nbsp; Govt to refund any retro tax collected from companies under provision Tax demand notice on Vodafone, Cairn to be withdrawn

Law amended, no retro tax demand for indirect transfer of Indian assets made before May 28, 2012

The ghost of retrospective tax resurrected by UPA&nbsp;II is finally being buried.&nbsp;&nbsp;The Lok&nbsp;Sabha&nbsp;approved the amendment to the Income Tax Act which means the the controversial retrospective tax law that led to row with Vodafone, Cairn Energy will be scrapped.
Finance Minister Nirmala Sitharaman introduced The Taxation Laws (Amendment) Bill in the Lok Sabha&nbsp;on Thursday.&nbsp;With this move, tax demands made on asset transfers prior to May 28, 2012 will be withdrawn.
"It is proposed to provide that the demand raised for indirect transfer of Indian assets made before 28th May, 2012 shall be nullified on fulfilment of specified conditions such as withdrawal or furnishing of undertaking for withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc., shall be filed. It is also proposed to refund the amount paid in these cases without any interest thereon," the government stated.
This bill affects tax cases of at least two big companies Cairn Energy Plc and Vodafone Group of UK, both had won international arbitration cases against the tax levied on them.&nbsp;
The big question however many are asking are is this too late as after seven years, is the damage to India's international reputation been too severe?

The ghost of retrospective tax resurrected by UPA&nbsp;II is finally being buried.&nbsp;&nbsp;The&nbsp;Modi government on Thursday moved to amend the Income Tax Act following which the controversial retrospective tax law that led to row with Vodafone, Cairn Energy will be scrapped. Finance Minister Nirmala Sitharaman introduced The Taxation Laws (Amendment) Bill in the Lok Sabha&nbsp;on Thursday.&nbsp;With this move, tax demands made on asset transfers prior to May 28, 2012 will be withdrawn."It is proposed to provide that the demand raised for indirect transfer of Indian assets made before 28th May, 2012 shall be nullified on fulfilment of specified conditions such as withdrawal or furnishing of undertaking for withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc., shall be filed. It is also proposed to refund the amount paid in these cases without any interest thereon," the government stated.This bill affects tax cases of at least two big companies Cairn Energy Plc and Vodafone Group of UK, both had won international arbitrations against the tax levied on them.&nbsp;

Govt to amend Income Tax Act, scrap retrospective tax law, will it mend fences with Vodafone?

Modi Govt buries retro tax introduced by UPA&nbsp;II; Lok Sabha&nbsp;amends bill to withdraw demands on Cairn, Vodafone
&nbsp;

Retro Relief | Tax demand on Cairn and Vodafone to be withdrawn

<ul>
<li>Govt amends Income Tax Act, scrap&nbsp;retrospective tax law</li>
<li>Govt to withdraw tax demand notice on Vodafone, Cairn Energy&nbsp;</li>
<li>Retrospective tax law was introduced by UPA&nbsp;II government&nbsp;</li>
<li>FM introduced&nbsp;The Taxation Laws (Amendment) Bill in Lok Sabha&nbsp;</li>
<li>No Retro Tax Demand If Transaction Done Before May 28, 2021&nbsp;</li>
<li>Govt to refund any retro tax collected from companies under provision</li>
<li>Tax demand notice on Vodafone, Cairn to be withdrawn</li>
</ul>

No retro tax demand for indirect transfer of Indian assets made before May 28, 2012, states the Bill proposed by govt.

The ghost of retrospective tax resurrected by UPA&nbsp;II is finally being buried.&nbsp;&nbsp;The Lok&nbsp;Sabha&nbsp;approved the amendment to the Income Tax Act which means the the controversial retrospective tax law that led to row with Vodafone, Cairn Energy will be scrapped. Finance Minister Nirmala Sitharaman introduced The Taxation Laws (Amendment) Bill in the Lok Sabha&nbsp;on Thursday.&nbsp;With this move, tax demands made on asset transfers prior to May 28, 2012 will be withdrawn. "It is proposed to provide that the demand raised for indirect transfer of Indian assets made before 28th May, 2012 shall be nullified on fulfilment of specified conditions such as withdrawal or furnishing of undertaking for withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc., shall be filed. It is also proposed to refund the amount paid in these cases without any interest thereon," the government stated. This bill affects tax cases of at least two big companies Cairn Energy Plc and Vodafone Group of UK, both had won international arbitration cases against the tax levied on them.&nbsp; The big question however many are asking are is this too late as after seven years, is the damage to India's international reputation been too severe?

Britain&rsquo;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 on Thursday.
On June 11, the French court had ordered Cairn Energy&rsquo;s take-over of Indian government properties, mostly comprising flat; and the legal process got completed on Wednesday evening.
An arbitration panel had in December ordered the Indian government to return $1.2 billion plus interest and penalty to Cairn Energy after reversing a retrospective tax demand.
With Indian govt not honouring the award, Cairn Energy has moved in multiple jurisdictions overseas to recover the amount due by seizing Indian government assets.&nbsp;

French court gives Cairn Energy nod to seize Indian govt properties

The new law minister Kiren Rijiju&nbsp;faces an uphill legal battle with Cairn Energy over seizing Indian assets. A big blow comes in as France Court allows Cairn to seize 20 Indian govt assets.&nbsp;

The Cairn Tax Battle

The new law minister Kiren Rijiju&nbsp;faces uphill legal battle with Cairn Energy over seizing Indian assets.&nbsp;

Britain&rsquo;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 on Thursday.
An arbitration panel had in December ordered the Indian government to return $1.2 billion plus interest and penalty to Cairn Energy after reversing a retrospective tax demand.
With Indian govt not honouring the award, Cairn Energy has moved in multiple jurisdictions overseas to recover the amount due by seizing Indian government assets.&nbsp; However, Govt. of India has said "We have not received any notice , order or communication , in this regard, from any French Court"

The finance ministry said on Sunday that&nbsp;India has challenged an international arbitration tribunal asking it to return USD 1.2 billion to UK's Cairn Energy Plc on grounds that it had never agreed to arbitrate over a 'national tax dispute'.&nbsp;
In a statement, the ministry also refuted reports that the Government of India has purportedly asked state-owned banks to withdraw funds from foreign currency accounts abroad in anticipation of the potential seizure of such accounts.
India had seized and sold shares of Cairn in its erstwhile India unit, confiscated dividend due and withheld tax refunds to recover the tax demand it had levied two years after passing a law in 2012 that gave it powers to levy tax retrospectively.
Cairn invoked arbitration under the India-UK bilateral investment treaty.
In December last year, Cairn won an award that held the levy of taxes using the 2012 law unfair on the company and the tribunal asked the Indian government to return USD 1.2 billion plus cost and interest.

'Never agreed to arbitrate tax dispute': India challenges $1.2 bn Cairn award

//India challenges&nbsp;$1.2 bn Cairn award by intl&nbsp;tribunal&nbsp; //India:&nbsp;never agreed to arbitrate over a 'national tax dispute' //'Didn't ask banks to withdraw from&nbsp;foreign accounts'&nbsp; //India seized &amp; sold Cairn shares, confiscated dividend due...&nbsp; //...withheld tax refunds under 2012 law&nbsp; //Cairn won&nbsp;litigation, India asked to return $1.2 bn

The finance ministry said on Sunday that&nbsp;India has challenged an international arbitration tribunal asking it to return USD 1.2 billion to UK's Cairn Energy Plc on grounds that it had never agreed to arbitrate over a 'national tax dispute'.&nbsp;
In a statement, the ministry also refuted reports that the Government of India has purportedly asked state-owned banks to withdraw funds from foreign currency accounts abroad in anticipation of the potential seizure of such accounts.
India had seized and sold shares of Cairn in its erstwhile India unit, confiscated dividend due and withheld tax refunds to recover the tax demand it had levied two years after passing a law in 2012 that gave it powers to levy tax retrospectively.
Cairn invoked arbitration under the India-UK bilateral investment treaty.
In December last year, Cairn won an award that held the levy of taxes using the 2012 law unfair on the company and the tribunal asked the Indian government to return USD 1.2 billion plus cost and interest.

cairn energy

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