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Cairn discussing proposals with India on arbitration award
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SME Times News Bureau | 21 Feb, 2021
Cairn India has discussed a number of proposals with the aim of finding a
swift resolution that could be mutually acceptable to the Government of
India and the interests of Cairn's shareholders.
An
international arbitration seated in The Hague and constituted under the
terms of the UK India Bilateral Investment Treaty has ruled conclusively
on the matter and issued a final and binding award in Cairn's favour
ordering the refund of the value of the assets taken, being $1.2
billion, plus significant interest and costs. That arbitration also
ruled decisively that this matter falls within the jurisdiction of the
UK-India Treaty, having heard arguments from the parties on that
subject.
Cairn has enjoyed a long and successful history
operating in India, investing billions of dollars, bringing employment
and benefitting local communities. "The business we created in India has
generated more than $20 billion in revenues for the government. The
freezing of our assets in 2014 to enforce a retrospective tax measure
has been extremely negative for all parties, and we are very keen to be
able to put this legacy matter behind us and move forward positively",
it said.
"We have had cordial and constructive discussions in
Delhi over the last few days with officials from the Ministry of
Finance. Notwithstanding and without prejudice to our rights under the
international arbitration award, we have discussed a number of proposals
with the aim of finding a swift resolution that could be mutually
acceptable to the Government of India and the interests of Cairn's
shareholders," it added.
"Assuming such a resolution can be
achieved, we look forward to being able to move on to further
opportunities to invest in India which continues to import the majority
of the energy sources it consumes. We remain hopeful that an acceptable
solution can be found, in order to avoid further prolonging and
exacerbating this negative issue for all parties. However, we have also
been clear that we must continue to take all necessary steps to protect
the interests of our shareholders," Cairn India said.
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