By Energy major Cairn declared on Wed that the judicature established to rule on its claim against the Indian government over a high-profile tax dispute has nemine contradicente dominated in its favour and has awarded it $1.2billion and interest and prices.
Edinburgh-based Cairn Energy aforesaid its claim was brought below the terms of the UK-India Bilateral Investment accord, the legal seat of the judicature was Kingdom of The Netherlands, and therefore the proceedings were below the written account of the Permanent Court of Arbitration.
The case had gone into arbitration in 2015 once Cairn Energy contested a requirement from Indian tax authorities for $1.4 billion owed on capital gains associated with the 2007 listing of its Indian unit.
