Courts in five countries including the U.S. and the U.K. have given recognition to an arbitration award that asked India to return $1.4 billion to Cairn . Skip to the content. New Delhi: British energy major Cairn Energy has won an international arbitration case against the Indian government over a tax dispute. Cairn Energy wins arbitration award against India. Cairn Energy wins tax arbitration against India: What the case is all about Finance Minister Nirmala Sitharaman on Friday indicated the government's intent to appeal against an arbitration panel asking India to return USD 1.4 billion to UK's Cairn Energy Plc, saying it is her "duty" to appeal in cases where the nation's sovereign authority to tax is questioned. (With inputs from PTI) Cairn Energy Wins Retro Tax Arbitration, India Directed To Pay $1.4 Bn Cairn Energy was slapped with a tax demand of Rs 10,247 crore in March 2015 … in tax dispute. India has been ordered to return up to USD 1.4 billion to Cairn Energy plc of the UK after the government lost an international arbitration over the … B y Aditi Shah and Aftab Ahmed. My duty to appeal: FM after Cairn wins $1.2 bn arbitration award in tax dispute short by Kiran Khatri / 05:03 pm on 05 Mar 2021,Friday Finance Minister Nirmala Sitharaman on Friday hinted that the government intends to appeal against an arbitration panel's order asking India to pay over $1.2 billion to UK's Cairn Energy in a tax dispute. India set to grow 11.5% in 2021: IMF 3. The ‘controversial’ retrospective tax change lies at the core of the issue in both the cases. Context: Recently, a three-member tribunal at the Permanent Court of Arbitration (PCA) at The Hague ruled in favour of Cairn Energy PLC of the U.K and awarded $1.2 billion in damages against India in the retrospective taxation case. Cairn Energy wins arbitration award D. GS 4 Related E. Editorials INDUSTRIAL GROWTH 1. In 2011, Cairn Energy sold its majority stake in Cairn India to Vedanta Ltd. Pending final award, the tax department sold Cairn Energy's shares in Vedanta to recover part of the tax demand. In News: The Permanent Court of Arbitration (PCA) at The Hague has ruled that the Indian government was wrong in applying retrospective tax on Cairn Energy Plc. It had previously stated that the arbitration panel is expected to issue a binding and internationally-enforceable award. Previously, an arbitration court in the Hague had ruled that India’s Rs 22,000-crore demand from Vodafone Group Plc violated the bilateral investment treaty (BIT) between India and the Netherlands. Cairn Energy on Wednesday said it won an arbitration award against the Indian government in a $1.2-billion tax dispute; Vodafone PLC had won a similar award against India in September. Insights has redefined the way preparation is done in UPSC civil service exam. The tightrope between production and industrial peace POLITY 1. ‘Inclusive reforms must for UNSC to be effective’ 2. India will appeal against the arbitration award issued to Cairn Energy by the international tribunal on the grounds of contesting its sovereign right to tax, while strongly contesting other cases filed by Cairn in other international courts, sources said. In 2015, Cairn Energy Plc had commenced international arbitration proceedings against the government. Cairn Energy wins arbitration award 2. The Edinburgh-based company filed a dispute under the U.K.-India Investment Treaty and sought international arbitration that started later in 2015 for the losses over expropriation of its investments in India from the minority holding. Popular Courses. India has been ordered to return up to $1.4 billion to Cairn Energy PLC of the U.K. after an international arbitration overturned tax demanded retrospectively — an award the government indicated it may challenge. 27 Jan 2021: UPSC Exam Comprehensive News Analysis TABLE OF CONTENTS A. GS 1 Related B. GS 2 Related INTERNATIONAL RELATIONS 1. Cairn Energy had transferred ownership of its Rajasthan oil field, the country’s biggest onshore discovery in two decades, to Cairn India. In the footsteps of the legendary Muktijoddhas C. GS 3 Related ECONOMY 1. Cairn Energy Plc said Wednesday that it has won the arbitration against the Indian government over a tax dispute arising from demand of $1.2 billion from tax department on listing of Indian operations back in 2007. Cairn Energy wins arbitration award best ias academy in bangalore #GS3 #TAXATION India has been ordered to return up to $1.4 billion to Cairn Energy PLC of the U.K. after an international arbitration overturned tax demanded retrospectively - an award the government indicated it may challenge. The oil-major said that the tribunal had announced the award unanimously following which the Indian government will have to pay the UK-based company damages of $1.2 … Key lesson from farmers’ protest is that steamrolling Parliament backfires F. Prelims Facts G. Tidbits H. UPSC Prelims Practice Questions I. UPSC Mains Practice Questions A. GS 1 Related Nothing here for today!!! ; This is the second ruling against the Indian government at international tribunals over the retrospective tax issue in three months. NEW DELHI, Dec 23 (Reuters) - Cairn Energy CNE.L said on Wednesday it had won an international arbitration case … J&K ANTF freezes five bank accounts with links to Kashmir drug cartel . Cairn Energy had filed a case in the US district court to enforce a $1.2 billion arbitration award it won in a tax dispute against India. Breaking News . The Cairn Energy case is the second most high-profile retrospective tax litigation. This topic has been covered in 24 th December 2020 Comprehensive News Analysis. ‘Data privacy can take form of non … British explorer Cairn Energy Plc has won an arbitration against the Indian government, seeking Rs 10,247 crore in retrospective taxes, sources said Wednesday. Cairn wins nod from U.S., U.K., other courts for $1.4 bn award. Cairn Energy had in 2011, sold Cairn India to mining billionaire Anil Agarwal''s Vedanta Group, barring a minor stake of 9.8 per cent. Cairn Energy Wins Over $1.2 Billion From India In Tax Arbitration Case Cairn Energy said on Wednesday it had won an international arbitration case against the Indian government over a tax dispute that had caused concern among investors over retrospective tax claims on companies. Cairn Energy wins arbitration award. Cairn Energy wins arbitration award. B. GS 2 … Cairn Energy wins tax arbitration against India: What the case is all about Govt may be waiting on Cairn case before appealing Vodafone award: Report India loses Cairn case in arbitration; asked to pay Rs 8,842 cr in damages India challenges Vodafone arbitration award, plans the same in Cairn case Arbitration panel cites PM, minister on retro tax to overturn Cairn demand; A month after … India to appeal against Cairn Energy arbitration award Published: February 19, 2021 The Indian government has decided to appeal against the international arbitration award of worth $1.2 billion that was won by Cairn Energy Plc. OGP InstaClasses- Classroom Program - 2021 (Online) OGP InstaClasses - Classroom Program - 2021 (Offline - Bangalore) Integrated Prelims cum Mains (IPM) Program - 2021 ; Year-Long Mains Test … Cairn had challenged the Indian government seeking taxes over an internal business reorganisation using the 2012 retrospective tax law, under the UK-India Bilateral Investment Treaty.