THE government has filed an appeal against the $1.4billion international arbitration award, which includes interest, won by British oil and gas exploration company Cairn Energy in a retrospective tax demand lawsuit. This was after two days of discussions with the finance secretary by the company led to no resolution.
According to government sources, the centre will also consider challenging previous suits filed in several courts globally by Cairn Energy. Although the government has accepted a move by the company to reach a resolution, it is of the opinion that any disagreement solution to be chased by Cairn will have to be inside prevailing laws in India.
Recently, the CEO of Cairn Energy, Simon Thomson, met Finance Secretary Ajay Bhushan Pandey to discuss the way forward with respect to the $1.4 billion (Rs 10,300 crore) arbitration award given by the Permanent Court of Arbitration at The Hague in December 2020. The Court had pronounced that the Indian government’s retrospective tax claim on Cairn Energy was in violation of the assurance of fair and impartial treatment and in contradiction of the India-UK agreement.
While the CEO of Cairn said before the meeting that shareholders of the company want a rapid resolution, the government said that the only thinkable solution for both parties to escape more litigation was for Cairn to agree to the government’s Vivad se Vishwas tax amnesty and dispute resolution system.
Bu hikaye India Legal dergisinin March 15, 2021 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye India Legal dergisinin March 15, 2021 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
PIL, Difficult To Swallow?
In a recent ruling, the Bombay High Court lamented the increasing number of frivolous public interest litigations being filed in courts and echoed the sentiments of the Supreme Court that such litigations are the bane of the judicial system. Is there any way to restrict their misuse?
Till Infertility Do Us Part...
The Calcutta High Court slammed a husband for initiating divorce proceedings due to his wife's infertility and asked him to be a pillar of support for her. Courts have often taken an empathetic view in such matters
IS THAT LEGAL?
Ignorance of law is no excuse. Here are answers to frequently asked queries regarding matters that affect us on a day-to-day basis
The Big Lie
In America, The Big Lie is an idiom used by Donald Trump's opponents and the media to describe his constant gripe about election fraud. Now, it seems more suited to another Republican, Congressman George Santos (right), who has been facing growing calls to resign after he admitted fabricating parts of his resume and biography since his election in New York last year.
Flying into the Sunset
Over 50 years since the first and original jumbo jet, the Boeing 747, took to the skies and revolutionized air travel, the last of the legendary aircraft (right) was delivered to a freight charter company, bringing down the curtain on one of aviation's most successful products.
Star Crossed
Actor and producer Alec Baldwin is a Hollywood legend, having starred in a range of movies, award winning TV sitcoms, and theatre. He was most recently seen in Mission Impossible Fallout, which is an apt description of his current situation.
Walkouts in the UK
An estimated half a million workers have gone on strike, shutting down thousands of schools, public transport and border disruption. It is the biggest day of industrial action for more than a decade.
Myanmar's Misery
Two years after the military coup ousted the elected government led by Aung San Suu Kyi, the brutal crackdown by the junta on so-called \"insurgents\" and civilian protesters has reached a new level with the use of air strikes, a new and deadly tactic in the ongoing civil war.
AMERICA'S ANGST
From messy, divisive politics to a series of mass shootings, and now black officers brutally beating another black man to death as seen in bodycam videos, America's domestic convulsions are cause for serious introspection
JUSTICE LEAGUE
There are few judicial appointment procedures in the world that are completely bereft of the overarching presence of either the executive or the legislature, or both. In the end, the judge is left with all the powers vested in him/her by the constitution to uphold the rule of law, within an atmosphere of external influences
