NEW DELHI: Facing a payout of USD 1.2 billion-plus interest after an arbitration award went against it, the government on Monday said it has not received any formal proposal from Britain’s Cairn Energy plc to resolve the issue within the country’s legal framework.
A three-member international arbitration tribunal that consisted of one judge appointed by India, had in December last year unanimously overturned the levy of taxes on Cairn retrospectively and ordered refund of shares sold, dividend confiscated and tax refunds withheld to recover such demand.
