Courts in five countries, including the United States and the United Kingdom, have given recognition to an arbitration award that asked India to return $1.4 billion (over Rs 10,234 crore) to British oil and gas exploration company Cairn Energy, The amount includes the arbitration award of $1.2 billion and “significant interest and costs”, according to Cairn Energy. The development opens up the possibility of Cairn Energy seizing Indian assets in those countries if it does not pay the amount. HW news managing editor Sujit Nair and business editor Akhilesh Bhargava discusses on the same.
#CairnEnergy #US #UK #India #Cairn
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