{"id":391514,"date":"2020-12-24T11:55:36","date_gmt":"2020-12-24T06:25:36","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=391514"},"modified":"2020-12-24T13:13:14","modified_gmt":"2020-12-24T07:43:14","slug":"india-ordered-to-pay-up-to-1-4-bn-to-cairn-energy","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/india-ordered-to-pay-up-to-1-4-bn-to-cairn-energy\/","title":{"rendered":"India ordered to pay up to $1.4 bn to Cairn Energy"},"content":{"rendered":"<p>India has been ordered to return up to USD 1.4 billion to Cairn Energy plc of UK after an international arbitration overturned tax demanded retrospectively &#8211; an award the government indicated it may challenge. <\/p>\n<p>The three-member tribunal, which also comprised of a nominee of the Indian government, unanimously ruled that India\u2019s claim of Rs 10,247 crore in past taxes over a 2006-07 internal reorganisation of Cairn\u2019s India business was not a valid demand. <\/p>\n<p>India, it said, \u201cfailed to accord the Claimants\u2019 (Cairn Energy\u2019s) investments fair and equitable treatment\u201d under the bilateral investment protection pact the nation had with the UK, it said in a 582-page order. <\/p>\n<p>The tribunal ordered the government to desist from seeking such a tax and return the value of shares it had sold, dividends seized and tax refunds withheld to recover the tax demand.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India has been ordered to return up to USD 1.4 billion to Cairn Energy plc of UK after an international arbitration overturned tax demanded retrospectively &#8211; an award the government indicated it may challenge. The three-member tribunal, which also comprised of a nominee of the Indian government, unanimously ruled that India\u2019s claim of Rs 10,247 crore in past taxes over a 2006-07 internal reorganisation of Cairn\u2019s India business was not a valid demand. India, it said, \u201cfailed to accord the Claimants\u2019 (Cairn Energy\u2019s) investments fair and equitable treatment\u201d under the bilateral investment protection pact the nation had with the UK, [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,211,144],"tags":[],"class_list":["post-391514","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-pioneer","category-the-pioneer"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/391514","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=391514"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/391514\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=391514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=391514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=391514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}