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.
The shareholders had sought the right to seize all sum or moveable property of India and/or AAI being held by the International Air Transport Association.
India’s steps to better protect itself hasn’t curbed the appetite of foreign investors, suggesting that the perceived correlation between FDI and robust investor protection is overstated.
The settlement is under the Taxation Laws (Amendment) Act, introduced this year to put an end to 17 tax disputes India has with multinational companies like Cairn and Vodafone Plc.
Devas Multimedia’s investors are eyeing several properties owned by the Indian government across the world, as they seek to enforce a $1.3 billion arbitral award the satellite company won against Antri.
Le gouvernement indien s’efforce de résoudre ce problème le plus rapidement possible et vise une conclusion dans les prochaines semaines, a déclaré le directeur général de Cairn.
Cairn Energy will drop litigations to seize Indian properties in countries ranging from France to the US, within a couple of days of getting a $1 billion refund resulting from the scrapping of a retrospective tax law.
Le gouvernement indien a publié une proposition de loi fiscale visant à mettre fin à une bataille judiciaire de plusieurs milliards de dollars l’opposant à des compagnies étrangères.