Cairn Energy dispute | Vigorously defending case against arbitration order, says govt.

The federal government is “vigorously defending” its case in opposition to a world arbitration order asking it to refund $1.2 billion to Cairn Vitality over a retrospective tax dispute, the Finance Ministry stated on Sunday, asserting that India had by no means “agreed to arbitrate” a nationwide tax dispute. The Ministry’s assertion comes over every week after Cairn Vitality filed a lawsuit in a U.S. court docket in opposition to Air India, searching for to make the nationwide service liable to pay the damages awarded to it, however not but honoured by the Indian authorities. Sharing particulars of its software in The Hague Court docket of Attraction in opposition to the arbitration tribunal verdict for the primary time because it was filed on March 22, the federal government termed the tribunal’s December 2020 resolution “extremely flawed”.“The federal government has raised a number of arguments that warrant setting apart of the award together with however not restricted to the arbitral tribunal improperly exercised jurisdiction over a nationwide tax dispute that the Republic of India by no means provided and/or agreed to arbitrate,” the Ministry identified.The assertion stated the federal government stays open for an amicable answer throughout the nation’s authorized framework and is difficult the arbitration tribunal’s award because the claims underlying it “are based mostly on an abusive tax avoidance scheme that had been a gross violation” of Indian tax legal guidelines. Such a violation, it argued, “disadvantaged Cairn’s alleged investments of any safety” below the India-UK bilateral funding treaty.“The award improperly ratifies Cairn’s scheme to realize Double Non-Taxation, which was designed to keep away from paying taxes anyplace on the planet, a major public coverage concern for governments worldwide. This continuing is pending. The federal government is dedicated to pursuing all authorized avenues to defend its case on this dispute worldwide,” the Ministry stated.

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