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language | Updated: 21 Feb 2021, 05:07:00 PM

New Delhi, Feb 21 (PTI) UK-based company Cairn Energy plc said after three days of talks with top officials of the finance ministry that it expected a amicable settlement on the $ 1.4 billion arbitration decision, but insisted that It will continue to take steps to protect the interests of shareholders. An international arbitration tribunal in its ruling has asked the Indian government to pay $ 1.4 billion to make up for the loss to Cairn. The tribunal unanimously ruled in December that India signed the UK-India Bilateral Investment Treaty in 2014

New Delhi, Feb 21 (PTI) UK-based company Cairn Energy plc said after three days of talks with top officials of the finance ministry that it expected a amicable settlement on the $ 1.4 billion arbitration decision, but insisted that It will continue to take steps to protect the interests of shareholders. An international arbitration tribunal in its ruling has asked the Indian government to pay $ 1.4 billion to make up for the loss to Cairn. The tribunal had unanimously ruled in December that India had imposed a tax of Rs 10,247 crore in 2014 in violation of its obligations under the UK-India Bilateral Investment Treaty. Cairn CEO Simon Thomson held discussions between February 18 and February 20 with over half-a-dozen other senior officials, including Finance Secretary Ajay Bhushan Pandey and CBDT chairman, to seize assets overseas to secure damages to the company. Like don’t have to take extreme steps. The company said that the discussions in Delhi with Finance Ministry officials were cordial and constructive. “Despite the international arbitration decision being in our favor, we discussed several proposals without prejudice, which may be mutually acceptable to the interests of the Government of India and the shareholders of Cairn,” the company said in a statement. Sources familiar with the case said that the government was planning to appeal against the decision of the tribunal and believed that the arbitration tribunal could not question the sovereign rights of taxation of a nation. The Edinburgh-based company wrote to the Indian government last month that if the government fails to pay $ 1.4 billion after losing the case on taxes levied from the earlier date, the company is forced to seize the assets of the Indian government. Can. In a recent statement, Cairn said, “We hope that an acceptable solution can be reached, so that all parties can avoid further prolonging this negative issue.” The company simultaneously said, “However , We have also made it clear that we will take all necessary steps to protect the interests of our shareholders. ”

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