Cairn Energy gets right to seize Indian assets in tax row

[Raven_Rayes]

https://www.bbc.com/news/business-57742080

UK oil firm Cairn Energy has gained the right to seize Indian state assets in France worth more than €20m (£17m) as part of a long-running tax row.

A French tribunal ordered a freeze on about 20 properties in central Paris as Cairn increases pressure on the Indian government over disputed tax claims.

Cairn said it wanted an "amicable settlement" in the $1.2bn (£870m) row.

Sources said the Indian government would seek "legal remedies" when it received notice from the French court.

Edinburgh-based oil and gas exploration firm Cairn Energy is in dispute with the Indian government over a 2014 retrospective tax bill, when the country's tax office seized a 10% stake in Indian operations that Cairn was trying to sell.

Cairn took the issue to an international tribunal, which awarded the company $1.7bn in costs and damages in December 2020. The Indian government has appealed against this.

 

[Raven_Rayes]

sounds awesome.

[bhaigan]