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The Maharaja&nbsp;has got caught in the line of fire between the Govt and Cairn Energy in the $1.2 billion tax award tussle. Reuters reports that energy giant Cairn has sued Air India in a US District Court in New York&nbsp;to enforce a $1.2 billion&nbsp;arbitration&nbsp;award that it won in a tax dispute against India.Cairn since the start of 2021 had begun taking steps to identify Indian assets overseas against which it could enforce the award including bank accounts, aircraft and even ships. Reports indicated that the govt had alerted PSU&nbsp;banks to reduce cash holdings in overseas accounts
In February, Cairn filed a separate case in a US court to recognise and confirm the&nbsp;arbitration&nbsp;award, including payments due since 2014, it approached courts in 6 other countries as well for the same.&nbsp;

Cairn gets ready to seize Air India's planes, sues the aircraft to claim $1.2 bn award 

The Maharaja&nbsp;has got caught in the line of fire between the Govt and Cairn Energy in the $1.2 billion tax award tussle. Reuters reports that energy giant Cairn has sued Air India in a US District Court in New York&nbsp;to enforce a $1.2 billion&nbsp;arbitration&nbsp;award that it won in a tax dispute against India. Cairn since the start of 2021 had begun taking steps to identify Indian assets overseas against which it could enforce the award including bank accounts, aircraft and even ships. Reports indicated that the govt had alerted PSU&nbsp;banks to reduce cash holdings in overseas accounts
In February, Cairn filed a separate case in a US court to recognise and confirm the&nbsp;arbitration&nbsp;award, including payments due since 2014, it approached courts in 6 other countries as well for the same.&nbsp;

<ul>
<li>Cairn Energy sues Air India to enforce $1.2 bn arbitration award: Reports</li>
<li>Cairn sues Air India in NY District court in arbitration tussle with Indian Govt</li>
<li>Cairn since Jan 2021 was identifying Indian assets to seize&nbsp;</li>
<li>Govt had asked PSU banks to reduce cash holdings in overseas accounts&nbsp;</li>
</ul>

The Maharaja&nbsp;has got caught in the line of fire between the Govt and Cairn Energy in the $1.2 billion tax award tussle. Reuters reports that energy giant Cairn has sued Air India in a US District Court in New York&nbsp;to enforce a $1.2 billion&nbsp;arbitration&nbsp;award that it won in a tax dispute against India. Cairn since the start of 2021 had begun taking steps to identify Indian assets overseas against which it could enforce the award including bank accounts, aircraft and even ships. Reports indicated that the govt had alerted PSU&nbsp;banks to reduce cash holdings in overseas accounts
In February, Cairn filed a separate case in a US court to recognise and confirm the&nbsp;arbitration&nbsp;award, including payments due since 2014, it approached courts in 6 other countries as well for the same.&nbsp;

Govt owned banks are looking to appoint a nodal officer to safeguard their deposits that could be linked in the $1.2 bn&nbsp;arbitration award involving Cairn Energy and the Centre.&nbsp;ET reports that the govt has written a letter to public sector bank chiefs suggesting they immediately inform Sanjay Kumar, director &ndash; banking operations, if they receive &lsquo;any intimation/notice/letter&rsquo; from Cairn Energy Plc and its subsidiary Cairn UK Holdings.Reports also suggest that banks have been asked to reduce cash holdings in overseas accounts.&nbsp;

The billion dollar worry for PSU banks as legal tussle with Cairn heats up

Govt owned banks are looking to appoint a nodal officer to safeguard their deposits that could be linked in the $1.2 bn&nbsp;arbitration award involving Cairn Energy and the Centre.&nbsp;

Govt owned banks are looking to appoint a nodal officer to safeguard their deposits that could be linked in the $1.2 bn&nbsp;arbitration award involving Cairn Energy and the Centre.&nbsp; ET reports that the govt has written a letter to public sector bank chiefs suggesting they immediately inform Sanjay Kumar, director &ndash; banking operations, if they receive &lsquo;any intimation/notice/letter&rsquo; from Cairn Energy Plc and its subsidiary Cairn UK Holdings. Reports also suggest that banks have been asked to reduce cash holdings in overseas accounts.&nbsp;

cairn plc

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