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Cairn Energy says arbitration ruling expected soon on its challenge to Indian govt seeking Rs 10,247 crore

Scottish oil firm Cairn Energy on Tuesday said an international arbitral tribunal is expected to give a decree by the end of summer on its challenge to the Indian government seeking Rs 10,247 crore in retrospective taxes.

Summer in Europe is from June to August.

“The arbitral tribunal has indicated that, whilst it has encountered some difficulties created by the COVID-19 pandemic, it does not expect significant delays and hopes to remain reasonably within the lead-time it had anticipated,” Cairn said in a statement.

The three-member tribunal, which had in December 2018 completed main court hearings in Cairn’s challenge to the Indian government using a retrospective legislation to seek Rs 10,247 crore in taxes, was supposed to give an award by February 2019. But in March 2019, it delayed it to 2019-end and then to the summer of 2020.

“Whilst it (the tribunal) is not yet able to commit to a specific date for its ruling, it expects a “release of the award after the end of the summer”,” the company said.

Source
ET News
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