India to appeal against arbitration decision questioning authority to tax
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WEDNESDAY, JUNE 29, 2022
India to appeal against arbitration decision questioning authority to tax

Global Economy

Reuters
05 March, 2021, 10:30 pm
Last modified: 05 March, 2021, 10:33 pm

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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

Reuters
05 March, 2021, 10:30 pm
Last modified: 05 March, 2021, 10:33 pm
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 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.

World+Biz

India / tax

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