The Government on Sunday stated that it may contemplate an amicable answer to the Cairn dispute. It additionally stated that the CEO and the representatives of Cairn Energy have approached the Centre for discussions to resolve the matter.
In a press release issued by the Finance Ministry, it additionally vehemently denied reviews claiming that it requested state-owned banks to “withdraw funds from foreign currency accounts abroad in anticipation of the potential seizure of such accounts with regard to the Cairn legal dispute”.
“Government of India is vigorously defending its case in this legal dispute. It is a fact that the Government has filed an application on March 22, 2021, to set aside the highly flawed December 2020 international arbitral award in The Hague Court of Appeal,” the ministry stated.
After successful the enchantment in an arbitration tribunal in The Hague, the Scottish agency has threatened to grab Indian sovereign belongings abroad which it may achieve this within the occasion of New Delhi failing to return over $1.7 billion that the arbitration tribunal has ordered after rescinding a retrospective tax demand.
The Government has filed an enchantment in opposition to the order however the UK based mostly Energy agency has began figuring out Indian belongings abroad, together with financial institution accounts, that might be seized within the absence of a settlement, which Cairn says it’s nonetheless pursuing.