NEW DELHI: Cairn Energy has dropped lawsuits against the government and its entities in the US and the UK. It is in final stages of withdrawing cases in France and the Netherlands, which were filed to get back about Rs 7,900 crore that were collected from it to enforce a retrospective tax demand.
As part of the settlement reached with the government to the seven-year old dispute over levy of back taxes, the UK company has initiated proceedings to withdraw lawsuits it had filed in several jurisdictions to enforce an international arbitration award, which had overturned levy of Rs 10,247 crore retrospective taxes and ordered India to refund the money already collected.
Two sources with direct knowledge of the matter said Cairn on November 26 withdrew the lawsuit it had brought in Mauritius for recognition of the arbitration award and took similar measures in courts in Singapore, the UK and Canada.
On December 15, it sought and got ‘voluntary dismissal’ of a lawsuit it had brought in a New York court to seize assets of Air India to recover the money due from the government. On…
As part of the settlement reached with the government to the seven-year old dispute over levy of back taxes, the UK company has initiated proceedings to withdraw lawsuits it had filed in several jurisdictions to enforce an international arbitration award, which had overturned levy of Rs 10,247 crore retrospective taxes and ordered India to refund the money already collected.
Two sources with direct knowledge of the matter said Cairn on November 26 withdrew the lawsuit it had brought in Mauritius for recognition of the arbitration award and took similar measures in courts in Singapore, the UK and Canada.
On December 15, it sought and got ‘voluntary dismissal’ of a lawsuit it had brought in a New York court to seize assets of Air India to recover the money due from the government. On…
