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Hague court rules against India in retro tax case: The dispute between Cairn Energy and Indian govt, explained

The government of India has been directed to stump up as much as $1.4 billion to Cairn Energy PLC of the UK following the ruling of the Permanent Court of Arbitration at The Hague.

The three-member tribunal which included a nominee of the Indian government, unanimously concluded that India’s claim of Rs 10,246 crore in retrospective taxes stemming from an internal reshuffling of Cairn India’s operations was invalid. In its 582-page order, the court noted that the government had “failed to accord Cairn Energy’s investments fair and equitable treatment” as per the bilateral protection treaty it had inked with the UK.

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