Cairn case: PSBs not asked to withdraw funds from foreign currency accounts, says govt

The Centre on Sunday refuted reports that it has purportedly asked state-owned banks to withdraw funds from foreign currency accounts abroad in anticipation of the potential seizure of such accounts by Cairn Energy.

“These are totally incorrect reports which were not based on true facts. Certain vested parties appear to have orchestrated such misleading reporting, which often relies upon unnamed sources and presents a lopsided picture of factual and legal developments in the case,” finance ministry said in a statement.

The government also confirmed that it filed an application in the Permanent Court of Arbitration at The Hague on March 22, 2021, seeking setting aside of the arbitral award that favoured Cairn Energy.