British firm Cairn Energy has threatened to seize assets belonging to the Indian government, mainly planes and ships amid $1.2 billion tax dispute. Targets could include bank accounts as well as mobile and immobile property, including the assets of public sector enterprises such as state-owned Air India, but not diplomatic assets.
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Cairn threatens to seize Indian assets
The UK-based energy firm was awarded damages by an international tribunal in the high-profile dispute with the Indian government last month.
An international tribunal ruled unanimously in December that New Delhi had violated its obligations under the UK-India bilateral investment treaty in 2014, when income tax officials seized Cairn’s residual 10 per cent stake in Cairn India.
Cairn Energy has threatened to seize Indian government assets if New Delhi fails to pay the UK oil and gas explorer $1.2bn after losing a bitter dispute over retrospective taxes.
The warning, in a letter seen by the Fin...
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