The Svea Court of Appeal rejected the Republic of Kazakhstan’s request to declare invalid or set aside the arbitral award in Stati v Kazakhstan. The judgment cannot be appealed.
Experts say that to agree trade deals outside the EU, the UK will have to sign up to an “unaccountable” legal system that can force states to overturn laws corporations don’t like.
Cairn had in June filed a 160-page Statement of Claim seeking quashing of the retrospective tax demand on a decade-old on an internal reorganisation of its India unit.
Global MNCs like Cairn Energy and Vodafone have invoked Bilateral Investment Treaty and served arbitration notice to India over tax disputes. While the tax demand on Cairn Energy is Rs 10,247 crore, that on Vodafone is Rs 14,200 crore.