Cairn seeks $ 1.4 billion damages from govt
British oil and gas explorer Cairn Energy Plc on Tuesday said it is seeking $1.4 billion (Rs 10,300 crore) from the Indian government in losses arising from the expropriation of its investments to enforce a retrospective tax demand.
“Cairn is seeking full restitution for losses resulting from the expropriation of its investments in India in 2014; continued attempts to enforce retrospective tax measures; and the failure to treat the company and its investments fairly and equitably,” a Cairn Energy spokesperson said in an emailed response to Mint.
Cairn also said that the hearing took place on August 20-31, 2018 in the Hague, with a final hearing in Paris in December 2018. Drafting of the final award with respect to Cairn’s claim under a bilateral investment treaty between India and the UK is ongoing and the arbitral tribunal is expected to issue an award shortly, the company said.
