NEW DELHI: Cairn Power claimed on Thursday a Paris court had actually accepted its petition that Indian state-owned possessions in the city worth over 20 million euros ($24 million) be frozen, claiming a significant win in its campaign to require the Indian government to pay billion-dollar damages in a protracted tax conflict.
A French tribunal ordered the freeze on some 20 centrally located homes belonging to the Indian government as part of a guarantee of the quantity owed to Cairn, the London-listed firm stated.
claimed it had actually likewise registered similar cases against India in courts in the United States, Britain, the Netherlands, Singapore as well as Canada.
The Indian federal government claimed in a statement on Thursday it had actually not received any interaction on the issue from any French court, and that it would certainly “take proper legal treatments” once it got any type of notification.
“This is the essential primary step to taking possession of the residential properties and also makes sure that the earnings of any kind of sales would certainly be because of Cairn,” the company claimed.
, which has oil as well as gas operations in India, was granted problems of more than $1.2 billion, plus interest as well as prices, in December by the Permanent Court of Arbitration at The Hague in a lengthy drawn-out tussle with the Indian government over certain retrospective tax claims. Cairn claims it is currently owed $1.7 billion in total amount.
While New Delhi has filed a charm versus the problems ruling, has recognized Indian possessions overseas, consisting of possessions of national service provider Air India that the energy firm states could be seized in the absence of a negotiation.
“Our solid choice stays an agreed, amicable settlement with the federal government of India to draw this matter to a close,” the firm stated.
In its statement on Thursday the government said it will certainly “vigorously defend its instance”.
It additionally said the president and also reps of have actually approached the federal government for discussions to resolve the matter. “Constructive discussions have actually been held and the government continues to be open for an amicable solution to the dispute within the nation’s lawful framework,” it said.
The conflict started in 2012 after a previous Indian government determined to impose funding gains tax obligation retrospectively on some business, such as telecoms operator Vodafone Plc, which also took its instance to mediation and also won.
The situations startled international capitalists and likewise struck to the federal government of Manmohan Singh, who lost power in a 2014 political election to Head of state Narendra Modi.
Modi’s government has claimed it would certainly not make retrospective tax obligation insurance claims in future but has defended superior cases.