Cairn Energy begins process to seize Indian overseas assets to recover $1.7 billion
UK’s Cairn Energy Plc has brought a lawsuit in the US to pierce the corporate veil between the Indian government and its owned flag carrier Air India so as to seize its overseas assets to recover $1.7 billion it has been awarded by an international arbitration tribunal for being taxed retroactively.
The firm first moved courts in the US, UK, Canada, France, Singapore, the Netherlands and three other countries to register the December 2020 arbitration tribunal ruling that overturned the Indian government’s Rs 10,247 crore demand in back taxes and ordered New Delhi to return the value of shares it had sold, dividends seized and tax refunds withheld to recover the tax demand.
