Cairn Row: Govt Confirms French Court Order to Freeze Indian Assets

The government Tuesday confirmed that a French court had passed an order to freeze Indian assets in Paris, following a petition by Cairn Energy, minister of state in the ministry of finance Pankaj Chaudhary informed Rajya Sabha, “An order has been passed by a French court freezing certain Indian government properties in the case pertaining to Cairn Energy, “the minister said in response to a question on whether freeze of 20 Indian government properties in Paris amounting Rs.177 crore had been ordered in a case pertaining  to Cairn Energy.

Cairn has filed cases in multiple jurisdictions to enforce a $1.2 billion arbitration award it won in December, plus interest and penalty. The company says it is now owed $1.7 billion.

India filed an application in March to set aside the December 2020 international arbitral award in The Hague Court of Appeal in a dispute which arose in 2015 after the government demanded capital gains tax of Rs.10,200 crore plus interest.   S-ET

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *