Energy major Cairn announced on Wednesday that the tribunal established to rule on its claim against the Indian government over a high-profile tax dispute has unanimously ruled in its favour and has awarded it $1.2billion plus interest and costs.
Edinburgh-based Cairn Energy said its claim was brought under the terms of the UK-India Bilateral Investment Treaty, the legal seat of the tribunal was the Netherlands, and the proceedings were under the registry of the Permanent Court of Arbitration.
The case had gone into arbitration in 2015 when Cairn Energy contested a demand from Indian tax authorities for $1.4 billion owed on capital gains related to the 2007 listing of its Indian unit.
