Central government says there is no communication on seizure of French assets


New Delhi: The Finance Ministry has vigorously defended reports suggesting that Cairn is seeking approval from the French court to repossess Indian assets in Paris in order to recover part of the arbitration award, saying no such communication has been received by him about it.Also Read – Crores Spent On Me, More Unruly: Vikas Krishan Before 3rd Olympic Appearance

  1. However, he said the government is trying to verify the facts and that whenever such an order is received, appropriate legal remedies will be taken, in consultation with his counsel, to protect India’s interests.
  2. Reports from Paris surfaced on Thursday that Cairn has obtained a French court order to seize around 20 Indian government properties in France to recover part of the $ 1.2 billion arbitration award.
  3. According to insiders and media, French courts on Wednesday completed legal proceedings over the takeover of Indian assets that began last month when it ordered the takeover in favor of the energy company.
  4. “… The Government of India has not received any notice, order or communication in this regard from a French court. The government tries to verify the facts, and whenever such an order is received, appropriate legal remedies will be taken, in consultation with its advisers, to protect the interests of India, ”a statement from the Ministry of Finance said. On the question.
  5. The statement added that the government has already filed a request on March 22, 2021 to set aside the international arbitration award of December 2020 at the Court of Appeal in The Hague and that India is vigorously defending its case in the annulment proceedings in La Hague.
  6. The statement also said that Cairn’s CEO and representatives have contacted the Indian government to discuss resolving the matter.
  7. “Constructive discussions have taken place and the government remains open to an amicable solution of the dispute within the legal framework of the country,” said the Ministry of Finance.
  8. Following a favorable arbitration order in a retrospective taxation case from India, Britain’s energy major previously said it could take legal action in multiple countries to force government companies and banks to pay contributions.
  9. The company is targeting the overseas assets of a larger number of state-run companies in an attempt to recover government contributions.
  10. Cairn Energy has already asked courts in the United States, United Kingdom, Canada, France, Singapore, the Netherlands and three other countries to register the arbitration tribunal’s decision of December 2020 that
    quashed the Indian government’s demand for Rs 10,247 crore in back taxes and ordered New Delhi to return $ 1.2 billion worth of shares it had sold, dividends seized and refunds from taxes
    retained to recover the tax claim.
  11. Sources pointed out, however, that Cairn did not pay any rupee tax around the world for the disputed transactions. Cairn had also lost his appeal in the tax court.

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