{"id":434698,"date":"2021-09-08T09:10:35","date_gmt":"2021-09-08T03:40:35","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=434698"},"modified":"2021-09-08T10:07:50","modified_gmt":"2021-09-08T04:37:50","slug":"cairn-energy-to-drop-cases-against-india-accepts-1-billion-offer","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/cairn-energy-to-drop-cases-against-india-accepts-1-billion-offer\/","title":{"rendered":"Cairn Energy to drop cases against India, accepts $1-billion offer"},"content":{"rendered":"<p>Cairn Energy Plc on Tuesday said it was ready to withdraw all cases it had slapped against the Indian government for enforcing a $1.2-billion arbitration award the company had won in December 2020. This is part of the settlement under recent legislation by Parliament.<\/p>\n<p>Also, Vedanta, which had bought Cairn Energy\u2019s erstwhile subsidiary Cairn India in 2011, is likely to withdraw arbitration it had filed in Singapore seeking around Rs 5,000 crore as damages from the government. <\/p>\n<p>London Stock Exchange-listed Cairn Energy will enter into \u201cstatutory undertakings\u201d with the government. This will enable a refund of retrospective taxes collected from it by way of asset seizures since 2014. It will get a refund totalling Rs 7,900 crore (approximately $1.06 billion) once it withdraws litigation and enters into an agreement with the government.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cairn Energy Plc on Tuesday said it was ready to withdraw all cases it had slapped against the Indian government for enforcing a $1.2-billion arbitration award the company had won in December 2020. This is part of the settlement under recent legislation by Parliament. Also, Vedanta, which had bought Cairn Energy\u2019s erstwhile subsidiary Cairn India in 2011, is likely to withdraw arbitration it had filed in Singapore seeking around Rs 5,000 crore as damages from the government. London Stock Exchange-listed Cairn Energy will enter into \u201cstatutory undertakings\u201d with the government. This will enable a refund of retrospective taxes collected from [&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":[135,130,169],"tags":[],"class_list":["post-434698","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/434698","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=434698"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/434698\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=434698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=434698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=434698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}