Cairn Energy gets green light to seize € 20million in Indian assets – report
Cairn energy has been authorized to seize more than € 20 million of Indian state assets in France in a long-standing tax dispute, according to a report.
A French court froze around 20 properties in central Paris at Cairn’s request. The Indian government will seek “legal remedies” when it receives an opinion from the French court, the BBC said.
The oil and gas group is in dispute with the Indian government over a retrospective tax bill involving the Indian tax office to seize a 10% stake in the operations Cairn was trying to sell. An international tribunal awarded Cairn $ 1.7 billion in costs and damages in December, but India has appealed.
Cain said he wanted an amicable settlement of the dispute. But he identified assets he would seize in the absence of a settlement, some of which belong to Air India.
David Nisbet, director of corporate affairs at Cairn, told the BBC’s Today program: “What we clearly want is to come to an amicable settlement with the Indian government. we have to be serious ”, but we also have a fiduciary duty to protect the rights of our shareholders. “
More than six months after the international tribunal ruling, India has not said it will honor the ruling despite two rounds of talks in Delhi, Nisbet said.
Cairn Energy shares rose 1.3% to 151.99p at 12:34 pm BST.