India to appeal against arbitration decision questioning authority to tax
In December, an arbitration body awarded the British firm damages of $1.2 billion plus interest and costs, after ruling India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty
India's Finance Minister Nirmala Sitharaman attends a joint news conference with U.S. Treasury Secretary Steven Mnuchin in New Delhi, November 1, 2019. REUTERS/Adnan Abidi/Files
India's finance minister on Friday said New Delhi will appeal against the arbitration decision questioning the authority of the country to levy tax, when asked about a retrospective decision on Cairn Energy Plc.
Nirmala Sitharaman was speaking to reporters in New Delhi.
In December, an arbitration body awarded the British firm damages of $1.2 billion plus interest and costs, after ruling India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty.
