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Cairn energy: Not received any French Court notice on seizure of properties says India

Google Oneindia News

New Delhi, July 08: India has said that it has not received any notice from any French Court regarding the seizure of government properties.

    Cairn Energy seizes 20 Indian government assets in Paris based on French Court order | Oneindia News
    French court order to seize 20 Indian govt properties secured by Cairn Energy

    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)

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