Govt to 'defend' its case legally if Cairn's seizure plan proceeds
New Delhi, May 16, 2021
Amid reports of identification of Indian assets overseas worth $70 billion by UK's Cairn for potential seizure, informed sources in the government said that the Centre is well aware of its legal rights and will defend its case in courts if such proceedings materialise.
The assets identified by the energy major range from Air India's planes to vessels belonging to the Shipping Corporation of India, according to reports.
Sources also said that the government is yet to receive formal notice of any such claims and hence these reports are purely in the realm of speculation.
"It is equally confident of winning its appeal in The Hague," said an informed source.
Sources further pointed out that Cairn did not pay a single rupee tax anywhere in the world in respect of the impugned transactions. Cairn had also lost its appeal before the income-tax tribunal.
As per the reports, Cairn plans to move courts in the US to Singapore for seizure of the assets in absence of Indian government's refusal to honour an international arbitration award.