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Cairn Energy Secures French Court Order To Seize 20 Indian Government Assets: Report

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French Court Lets Cairn Energy Seize 20 Indian Government Assets: Report

On June 11, the French courtroom ordered Cairn Energy’s take-over of Indian authorities properties

New Delhi:

Britain’s Cairn Energy Plc has secured a French courtroom order to grab about 20 Indian authorities properties in France to recuperate part of USD 1.7 billion arbitration award, sources mentioned at this time.

On June 11, the French courtroom had ordered Cairn Energy’s take-over of Indian authorities properties, principally comprising flat; and the authorized course of received accomplished on (*20*) night.

An arbitration panel had in December ordered the Indian authorities to return USD 1.2 billion plus curiosity and penalty to Cairn Energy after reversing a retrospective tax demand.

With Indian authorities not honouring the award, Cairn Energy has moved in a number of jurisdictions abroad to recuperate the quantity due by seizing Indian authorities belongings.
 

(Except for the headline, this story has not been edited by India07 employees and is revealed from a syndicated feed.)

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(THIS STORY HAS NOT BEEN EDITED BY INDIA07 TEAM AND IS AUTO-GENERATED FROM A SYNDICATED FEED.)

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