According to sources, a French Court has ordered seizure of about 20 Indian government properties in France by Britain’s Cairn Energy Plc.
According to sources, a French Court has ordered seizure of about 20 Indian government properties in France to Britain’s Cairn Energy Plc, to recover a part of USD 1.7 billion arbitration award, PTI reported.
The French Court, on June 11, had ordered Cairn Energy’s take-over of Indian government properties, mostly comprising flat; and the legal process got completed on Wednesday evening.
In December, an arbitration panel had ordered the Indian government to return USD 1.2 billion plus interest and penalty to Cairn Energy after reversing a retrospective tax demand.
Cairn Energy, after Indian government’s refusal to honour the award, has moved in multiple jurisdictions overseas to recover the amount due by seizing Indian government assets.
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