Sunday, March 28, 2021

Cairn Energy to file lawsuits to pierce corporate veil, seize PSU assets to enforce $1.2 billion arbitration award

Cairn Energy to file lawsuits to pierce corporate veil, seize PSU assets to enforce $1.2 billion arbitration award The firm has moved courts in the US, UK, Canada, France, Singapore, the Netherlands and three other countries to register the December 2020 arbitration tribunal ruling that overturned the Indian government#39;s Rs 10,247 crore demand in back taxes and ordered New Delhi to return USD 1.2 billion in value of shares it had sold, dividends seized and tax refunds withheld to recover the tax demand.

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