Rs 10,247-cr Cairn retro tax case: Tribunal defers award to mid-2020
More than a year after hearings in an arbitration initiated by Cairn Energy against Rs 10,247-crore retrospective tax demand ended, the three-member Arbitral Tribunal has indicated that the award will be further delayed to mid-2020, the British firm said on Monday.
The international tribunal, which had in August last year completed main court hearings in the British company’s challenge to the Indian government using retrospective legislation to seek Rs 10,247 crore in taxes, was supposed to give an award by February 2019, but in March it delayed it to 2019-end and now to summer of 2020.
“The Arbitral Tribunal has indicated that whilst it is not yet able to commit to a specific award release date, it expects to be in a position to issue the Award in the summer of 2020,” Cairn said in a statement.
