The difficult posture comes despite Cairn approaching a U.S. district court to lobby for the arbitration award, which sources have dismissed as an attitude because the government has time until the third week of March to appeal the award. ‘order. Clearly, the government is ready to follow the lead of Vodafone, where his case has been admitted to the High Court in Singapore.
While the government is still reviewing the ordinance, its position is clear and officials, who are due to meet with a team led by Cairn CEO Simon Thomson, should articulate the position.
Sources said the position was not only the Department of Finance alone, but even the Department of External Affairs was engaged in the deliberations as the UK authorities took the case on behalf of Cairn with their Indian counterparts. , including Prime Minister Narendra Modi and the late Arun Jaitley, when he was Minister of Finance.
It has been suggested that Cairn, and even Vodafone, could opt for a settlement of the long-pending dispute by opting for the Vivad Se Vishwas program, where the full amount in dispute must be paid by March 31.
In the event of an appeal regarding a penalty, interest or disputed charge, 25% of this disputed amount is payable, if payment is made before March 31. After that, 30% of the disputed amount becomes due.
Prior to Thomsons India’s visit, the British firm, which struck oil in Rajasthan and left India after selling its interest, had sought to pressure the government by filing a case in the US District Court to make apply the arbitration award. Thomson had recently said that the Cairn wanted the Indian government to honor the award quickly.
The court ruled that India had violated the provisions of the bilateral investment treaty by retrospectively amending the law to levy a tax on transactions with underlying assets in India.
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