Ras Al-Khaimah Investment Authority’s claim that non-supply of bauxite from Visakhapatnam was in breach of the Bilateral Investment Treaty between India and the UAE was dismissed by the International Dispute Resolution Centre.
The US District Court of Colombia has decided to grant a temporary stay over the confirmation of $111-million award won by Devas’ Mauritius shareholders against India.
The company, which is now known as Capricorn Energy PLC, in a statement said it has received "net proceeds of $1.06 billion", of which nearly 70 per cent will be returned to the shareholders.
The shareholders are seeking compensation commensurate with an arbitration award of $1.3 billion and have demanded that since Devas has been wound up, India must pay the award directly to the claimants.
As part of the settlement reached with the Indian government over the levy of back taxes, the company has withdrawn all cases that were brought to collect the tax refund ordered by an international arbitration tribunal.
Finance minister said the Modi administration would contest multiple arbitration awards won by shareholders of Devas Multimedia Pvt. Ltd over a cancelled contract on the strength of the Supreme Court’s validation of the fraud charges against the company.
Two separate arbitrations were also initiated under the bilateral investment treaty BIT by Mauritius investors in Devas Multimedia under the India-Mauritius BIT and by Deutsche Telekom under the India Germany BIT.
Britain’s Cairn Energy has dropped all lawsuits against the Indian government and its entities in courts from the US to France and to Singapore, to now be entitled for about Rs 7,900 crore refund of taxes.