Britain’s Cairn Energy has identified over US $ 70 billion worth of Indian assets abroad for a 72 1.72 Billion lease from the Government of India. If this initiative of Cairn Energy is successful, India will join the ranks of countries such as Pakistan and Venezuela who will face such a move if they do not follow the arbitration court ruling.
Three people familiar with the matter are said to be involved in the assets of Air India Aircraft, Shipping Corporation of India, public sector oil and gas companies and government banks. Without mentioning the name of the place, he said these assets were in different countries.
Cairn plans to move the courts from the US to Singapore to acquire these assets. If the Government of India refuses to accept the decision of the International Arbitration Court, this action will be taken. A source said, “The Government of India will naturally challenge such a forfeiture, but in order to save its assets, it will have to keep an equal amount of assets as a bank guarantee.” If the Cairn case is not properly considered in court, the Government of India will regain the warranty and if the Indian Government is unable to meet its obligations, the warranty amount will be handed over to Cairn. “
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Cairn has defended her claim and won a lawsuit in an international arbitration tribunal. The Court of Appeal has asked New Delhi to reverse the tax imposed under the amendment to the law, which has been in force from the earliest date in India, to repay the amount of shares sold, dividends seized and tax refund.
The Government of India retains its shares, dividends and repayments to recover from Cairn. Cairn has now begun knocking on the door of the court in order to settle the amount, according to an arbitration tribunal, in which the Government of India is approved if its public sector companies are not paid. The government is considered to be reclaimed. Cairn filed a similar lawsuit in New York court on May 14.
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