Responding to studies that Cairn Energy has seized round 20 Indian government-owned properties in France, the Ministry of Finance on Thursday stated that it has not acquired any discover, order or communication, on this regard, from any French court docket.
“Government is trying to ascertain the facts, and whenever such an order is received, appropriate legal remedies will be taken, in consultation with its Counsels, to protect the interests of India,” the finance ministry stated in an official assertion.
It added that the federal government has already filed an software on March 22, 2021, to put aside the December 2020 worldwide arbitral award in The Hague Court of Appeal. “Government of India will vigorously defend its case in Set Aside proceedings at The Hague,” the assertion stated.
“It is also stated that the CEO and the representatives of Cairns have approached the Government of India for discussions to resolve the matter,” it added.
The finance ministry stated that constructive discussions have been held and the federal government stays open for an amicable answer to the dispute inside the nation’s authorized framework.
Earlier within the day, information company PTI reported that Cairn Energy Plc secured a French court docket order to grab some 20 authorities properties in Paris to recuperate part of the $1.7 billion due from the Indian authorities following an arbitration panel overturning levy of retrospective taxes.
The centrally positioned properties principally comprise of flats, valued at greater than EUR 20 million, had been utilized by Indian authorities institution in France, the report stated citing three individuals with direct data of the matter.
The French court docket, Tribunal judiciaire de Paris, on June 11 agreed to Cairn’s software to freeze (by judicial mortgages) residential actual property owned by the Government of India in central Paris, the report stated including that the authorized formalities for a similar was accomplished on Wednesday night.
–with PTI inputs