Cairn Energy to file lawsuits in US, other nations to seize Indian govt assets – News 24-7 Live News 24-7 Live
Cairn Energy to file lawsuits in US, other nations to seize Indian govt assets

Cairn Energy to file lawsuits in US, other nations to seize Indian govt assets

Cairn is aiming Indian government assets in the US, UK, Canada, France, Singapore, the Netherlands and three other countries. These are primarily non-diplomatic assets, owned by the Indian government.

The UK-based Cairn Energy has decided to file lawsuits in the US and other countries to seize overseas assets of the Indian government companies as part of the $1.2 billion award by the international arbitration tribunal. These are primarily non-diplomatic assets, owned by the Indian government.

Dennis Hranitzky, head of the sovereign litigation practice at Quinn Emanuel Urquhart & Sullivan, a law firm representing the company, told news agency PTI that Cairn is looking to pressurise the government by seizing its overseas assets.

The company is aiming Indian government assets in the US, UK, Canada, France, Singapore, the Netherlands and three other countries. Notably, the international arbitration tribunal in the Netherlands in December 2020 had overturned India’s demand for Rs 10,247 crore in taxes, while ordering the government to return $1.2 billion in value of shares it had sold, dividends seized and tax refunds withheld to recover the tax demand.

News Source:- Business Today

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