Cairn energy: Not received any French Court notice on seizure of properties says India
New Delhi, July 08: India has said that it has not received any notice from any French Court regarding the seizure of government properties.
Recommended Video
The
Finance
Ministry
said
that
it
would
take
appropriate
legal
measures
if
it
received
such
an
order.
"Government
is
trying
to
ascertain
the
facts,
and
whenever
such
an
order
is
received,
appropriate
legal
remedies
will
be
taken,
in
consultation
with
its
Counsels,
to
protect
the
interests
of
India,"
the
Ministry
said
in
a
statement.
Government has already filed an application on March 22 to set aside the December 2020 international arbitral award in The Hague Court of Appeal. Government of India will vigorously defend its case in Set Aside proceedings at The Hague,"
It is also stated that the CEO and the representatives of Cairns have approached the Government of India for discussions to resolve the matter. Constructive discussions have been held and the Government remains open for an amicable solution to the dispute within the country's legal framework.
Britain's
Cairn
Energy
Plc
said
it
had
secured
a
French
court
order
to
seize
about
20
Indian
government
properties
in
France
to
recover
a
part
of
USD
1.7
billion
arbitration
award,
sources
said
on
Thursday.
On
June
11,
the
French
court
had
ordered
Cairn
Energy's
take-over
of
Indian
government
properties,
mostly
comprising
flat;
and
the
legal
process
got
completed
on
Wednesday
evening.
An arbitration panel had in December ordered the Indian government to return USD 1.2 billion plus interest and penalty to Cairn Energy after reversing a retrospective tax demand.
With Indian govt not honouring the award, Cairn Energy has moved in multiple jurisdictions overseas to recover the amount due by seizing Indian government assets.
(With PTI inputs)