India proposed scrapping a controversial law that taxed companies retrospectively, a move that could potentially settle its multi-billion-dollar tax cases with Cairn Energy and Vodafone.
The government confirmed that a French court has ordered the freezing of certain Indian assets on a petition by Britain’s Cairn Energy, which is seeking to recover USD 1.72 billion arbitration award.
Cairn Energy a affirmé avoir obtenu le droit de «geler» des biens immobiliers appartenant à l’Inde et situés à Paris, dans sa dernière tentative de récupérer 1,7 milliard de dollars qu’elle estime lui être dus par New Delhi.
Four arbitration cases brought by banks against Croatia before the ICSID connected with the conversion of CHF-denominated loans were suspended on 30 June.
The Paris Court of Appeal has set aside a $1.1 billion award against Russia for the expropriation of the Crimean branch of Ukrainian state-owned bank Oschadbank.
The international economic law regime has stripped India of over $3.8 billion in taxes due by Vodafone and Cairn Energy, as the country is battling the Covid19 crisis.
Cairn Energy has offered to invest the entire award money in India, which includes the principal amount of $1.2 billion and interest of $500 million if the government agrees to enforce the award.