Udayavni Special

$1.4 bn Cairn arbitration award: FM Sitharaman says its her duty to appeal


PTI, Mar 5, 2021, 4:12 PM IST

New Delhi: Finance Minister Nirmala Sitharaman on Friday indicated the government’s intent to appeal against an arbitration panel asking India to return USD 1.4 billion to UK’s Cairn Energy Plc, saying it is her “duty” to appeal in cases where the nation’s sovereign authority to tax is questioned.

Last year, the government lost two high-profile arbitrations over the levy of taxes on British firms, using legislation that gave it the power to levy taxes with retrospective effect.

While the government has already challenged in a Singapore court an international arbitration tribunal verdict that overturned its demand for Rs 22,100 crore in back taxes from Vodafone Group Plc, it hasn’t yet done so against a December 21 award asking India to return the value of shares seized and sold, divided, confiscated and tax refund stopped to adjust a Rs 10,247 crore tax demand on Cairn.

“We have made our position clear on retrospective taxation. We have repeated it in 2014, 2015, 2016, 2017, 2019, 2020, till now. I don’t see any lack of clarity,” she said, referring to the Modi government’s stand of not raising any new tax demand using the 2012 legislation.

“Where I find arbitration award questioning India’s sovereign authority to tax… if there is a question about the sovereign right to tax, I will appeal, it’s my duty to appeal,” she said. “An arbitration award, which questions the authority of government to tax, I will appeal on that.”

She did not make any direct reference to appealing against the Cairn award.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Modi for utilising industry’s full potential to meet oxygen demand

B’luru pvt hospitals body to challenge order on 80% beds for COVID-19

India closer to building world’s biggest nuclear plant: EDF

States must jointly negotiate uniform Covid-19 vaccine price with manufacturers, says Chidambaram

BSY urges PM to supply 1,471 tonnes of oxygen and two lakh doses of Remdesivir

IAF airlifts empty oxygen containers to filling stations across India

Rahul raises questions on govt’s priorities after bids invited for central vista project




Related Articles More

Markets tumble as COVID woes pile up; post weekly losses

Xiaomi India to divert promotional funds towards COVID-19 relief

Ambani buys Britain’s iconic country club Stoke Park for 57 mn pounds

FM Sitharaman says looking at how best to sort out Cairn arbitration

S&P forecasts 11 per cent growth for India this fiscal, flags ‘substantial’ impact of broader lockdowns

MUST WATCH

UV Exclusive | Increase in covid but why hiring of ventilator operator

Udayavani 23-April-2021 News Bulletin

D.K. district administration will be able to deal with the situation adequately for the next 15 days: Dr. Rajendra K.V

Mangaluru: 1 arrested in Surathkal animal cruelty case

Saligrama town Panchayat Dumping Yard protest

Latest Additions

Modi for utilising industry’s full potential to meet oxygen demand

Modi tempers attack on Mamata as he winds up Bengal campaign, says state needs peace for development

B’luru pvt hospitals body to challenge order on 80% beds for COVID-19

Airlift oxygen, give adequate vaccines, allow Remdesivir imports: Thackeray tells PM

Would have taken part in COVID meeting between PM Modi, CMs had I been invited: Mamata

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.