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The Indian government has denied reports that it has asked state-owned banks to withdraw funds from foreign currency accounts abroad in anticipation of their potential seizure with regard to the Cairn legal dispute, terming such information as "false and baseless". <div type="ExtQuote" text="Condemning all such source-based reports as false, the Government of India said that these are totally incorrect reports which were not based on true facts. Certain vested parties appear to have orchestrated such misleading reporting, which often relies upon unnamed sources and presents a lopsided picture of factual and legal developments in the case." auname="An official statement from the government"></div> It said that the India is "vigorously" defending its case in this legal dispute, and has filed an application on March 22 to set aside the "highly flawed" December 2020 international arbitral award in The Hague Court of Appeal. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[ ]]></cdata></div> "The government has raised several arguments that warrant setting aside the award. This proceeding is pending," the government said, adding that it is committed to pursuing all legal avenues to defend its case in this dispute worldwide. It was also stated that the CEO and the representatives of Cairns have approached the government for discussions to resolve the matter. "Constructive discussions have been held and the Government remains open for an amicable solution to the dispute within the country's legal framework," the Finance Ministry statement said. SEE ALSO: <a href="https://www.businessinsider.in/tech/gadgets/news/apples-2021-ipad-pro-users-will-now-be-able-to-download-ipados-updates-over-5g-connection/articleshow/82883050.cms" data-type="tilCustomLink">Apple's 2021 iPad Pro users will now be able to download iPadOS updates over 5G connection</a> <a href="https://www.businessinsider.in/tech/news/here-are-a-few-interesting-updates-from-google-i/o-2021-to-make-your-life-easier/articleshow/82882620.cms">Here are a few interesting updates from Google I/O 2021 to make your life easier</a> <a href="https://www.businessinsider.in/india/news/officials-in-up-warns-farmers-for-possible-locust-attack/articleshow/82879335.cms">Officials in UP warns farmers of possible locust attack</a>

Indian government denies reports on PSBs withdrawing funds from abroad due to the Cairn dispute, and is strongly defending its stand in the dispute

Former <keyword id="22501" type="COUNTRY" weightage="100" keywordseo="New-Zealand">New Zealand</keyword> allrounder <keyword id="7132" type="PERSON" weightage="100" keywordseo="Chris-Cairns">Chris Cairns</keyword> has been charged with perjury at Charing Cross police station in central London on Thursday. The charges relate to the 2012 libel trial in London's <keyword id="6355392" type="ORGANIZATION" weightage="80" keywordseo="High-Court">High Court</keyword> in which Cairns successfully sued then <keyword id="6354831" type="ORGANIZATION" weightage="100" keywordseo="Indian-Premier-League">Indian Premier League</keyword> boss <keyword id="3257" type="PERSON" weightage="60" keywordseo="Lalit-Modi">Lalit Modi</keyword> over allegations he had been involved in match-fixing. 
 
"I have nothing to hide and I will do whatever it takes to once again prove my innocence," Cairns had told One News earlier this month when he was informed that he would be charged with perverting the course of justice. 
 
"There will now be an opportunity to face my accusers in an open forum, with some rigour and proper process around that, so that I can clear my name once and for all." 
 Cairns has many times described allegations of his involvement in match-fixing as "despicable lies." He was named by former New Zealand Test batsman Lou Vincent as Mister X - the former star player that lured Vincent into match-fixing with promises of substantial cash rewards. He was also reportedly implicated by current New Zealand <keyword id="1411" type="POSITION" weightage="100" keywordseo="captain">captain</keyword> <keyword id="55681" type="PERSON" weightage="60" keywordseo="Brendon-McCullum">Brendon McCullum</keyword> in testimony given to anti-corruption officials and leaked to England media. 
 
Cairns, who represented New Zealand in 62 Tests and 215 ODIs, will attend a hearing next week where he will enter a plea. (With inputs from agencies)

Former New Zealand Allrounder Chris Cairns Charged With Perjury

<a href="http://www.businessinsider.in/searchresult.cms?query=cairn+energy&amp;sortorder=effectivedate">Cairn Energy</a> demanded a compensation of whopping $5.6 billion from the Indian government for raising a <a href="http://www.businessinsider.in/searchresult.cms?query=retrospective+tax+demand&amp;sortorder=effectivedate">retrospective tax</a> demand of Rs 29,047 crore. 
 
The British explorer has filed a claim with an international arbitration panel, seeking withdrawal of the tax demand and declaring India has "failed to uphold its obligations" under the <a href="http://www.businessinsider.in/searchresult.cms?query=UK+India+investment+treaty&amp;sortorder=effectivedate">UK-India Investment Treaty</a> by not giving its investments in the country "fair and equitable treatment." 
 <keyword id="128650" type="COMPANY" weightage="100" keywordseo="Cairn-Energy">Cairn Energy</keyword> has demanded $1.05 billion in compensation for the loss of value its 9.8 per cent shareholding in its erstwhile subsidiary Cairn India suffered following <a href="http://www.businessinsider.in/searchresult.cms?query=income+tax+department&amp;sortorder=effectivedate">Income Tax Department</a> raising the tax demand in January 2014 and attaching the shares. 
 
The total compensation sought is equal to the tax demand raised and the value of Cairn Energy's 9.8 per cent shareholding in Cairn India. 
Meanwhile, the Indian government will file its 'Statement of Defence' by November and evidential hearing is expected to commence in early 2017, sources said. 
 <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">Income Tax</keyword> Department had in January 2014 slapped a draft tax assessment of Rs 10,247 crore on Cairn Energy on alleged capital gain it made when it in 2006 transferred its India assets to a new subsidiary, Cairn India and listed the firm. 
 
The British firm sold majority stake in Cairn India to <a href="http://www.businessinsider.in/searchresult.cms?query=vedanta+resources&amp;sortorder=effectivedate">Vedanta Resources</a> in 2011 but still holds 9.8 per cent stake in the company, which was attached by Income Tax Department. 
 
"If Cairn had any idea that India might later change its source rule to impose capital gains tax on routine transfer of shares in non-Indian companies - and retroactively seek to collect an amount of tax that would render the entire IPO transaction value-destructive - cairn would not have undertaken the reorganisation or entrusted its listing to the Indian markets. "It would instead have created a different transactional structure and pursued an IPO on a UK exchange," the British company said in its 'Statement of Claims'. 
 
The company is claiming full compensation for the USD 1 billion value lost following the tax notice and freezing of its 9.8 per cent shares in Cairn India. 
 
Cairn Energy still holds 9.8 per cent in Cairn India which the I-T Department has barred it from selling. 
 
(Image: Thinkstock)

Cairn Energy files claim for $5.6 billion compensation from India over tax demand

<keyword id="28423" type="DOMAIN" weightage="20" keywordseo="vedanta" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta</keyword>'s <keyword id="64469" type="General" weightage="100" keywordseo="cairn" source="Orion">Cairn</keyword> Oil &amp; Gas on Thursday announced the appointment of <keyword id="10020546" type="General" weightage="90" keywordseo="Nick-Walker" source="Orion">Nick Walker</keyword> as the new chief executive officer (CEO) of the company. In a statement, the company said the appointment is effective January 5. "Before this appointment, Walker was president and chief executive officer at <keyword id="9024567" type="General" weightage="50" keywordseo="lundin-energy" source="Orion">Lundin Energy</keyword>, one of the leading European independent E&amp;P companies," it said. Having worked previously in companies like BP, <keyword id="503735" type="General" weightage="50" keywordseo="talisman-energy" source="Orion">Talisman Energy</keyword> and Africa Oil, he has over 30 years of diverse international experience in technical, commercial and executive leadership roles. He will be the sixth CEO of the company since mining billionaire Anil Agarwal-led group bought the company from Scottish explorer Cairn Energy plc, now known as Capricorn Energy plc, in 2011. Walker comes into Cairn Oil &amp; Gas after Prachur Sah quit the firm to join <keyword id="13893871" type="DOMAIN" weightage="20" keywordseo="indus-towers" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="indus towers" meta.entityname="Indus Towers Ltd." meta.entityid="22411" meta.seoname="indus-towers-ltd">Indus Towers</keyword> Ltd (formerly <keyword id="16136085" type="DOMAIN" weightage="20" keywordseo="bharti-infratel-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="bharti infratel ltd" meta.entityname="Indus Towers Ltd." meta.entityid="22411" meta.seoname="indus-towers-ltd">Bharti Infratel Ltd</keyword>) as managing director and CEO effective January 3, 2023. Rahul Dhir, the company's first CEO who oversaw its listing and development of India's biggest oil discovery in Rajasthan, quit the company in August 2012. His successor P Elango resigned in May 2014, while the third CEO <keyword id="2565808" type="General" weightage="50" keywordseo="mayank-ashar" source="Orion">Mayank Ashar</keyword> resigned in May 2016. Thereafter, Sudhir Mathur resigned in April 2018. Sah was appointed deputy CEO in October 2020. Announcing the appointment of the new CEO, Anil Agarwal, Chairman, of <keyword id="2040264" type="General" weightage="50" keywordseo="vedanta-resources-ltd" source="Orion">Vedanta Resources Ltd</keyword>, said, "We welcome Nick as the CEO for Vedanta's Cairn Oil &amp; Gas business and look forward to him driving the company's growth in years to come. Nick's global experience and incredible track record in the energy sector will provide the right expertise as Cairn embarks on the next phase of growth and sustainability." Walker will be leading all aspects of Cairn's strategy, including the development of strategic alliances with global partners to fast-track business delivery. He will drive the adoption and deployment of best-in-class oil and gas technologies and processes, with a focus on innovation and digitalization, for business transformation, the statement said. "Cairn Oil &amp; Gas is committed to increasing India's domestic crude oil and gas production with a vision to contribute 50 per cent of India's production and adding reserves and resources. "As one of the fastest developing economies, India is seeking to achieve energy self-sufficiency through a marked reduction in oil imports which currently account for 85 per cent of national consumption," it said. India produced 22.1 million tonnes or 442,000 barrels per day of crude oil during the first nine months of the current fiscal, according to official data available from the <keyword id="1538751" type="General" weightage="50" keywordseo="union-ministry-of-petroleum-and-natural-gas" source="Orion">Union Ministry of Petroleum and Natural Gas</keyword>. Vedanta in a stock exchange filing on January 3, 2023, giving out production numbers, stated that its oil and gas production during the October-December quarter was 144,789 barrels per day. <keyword id="11969166" type="DOMAIN" weightage="20" keywordseo="vedanta-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta ltd" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta Ltd</keyword> is a subsidiary of Vedanta <keyword id="4217600" type="DOMAIN" weightage="20" keywordseo="resources-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="resources ltd" meta.entityname="Crest Ventures Ltd." meta.entityid="10512" meta.seoname="crest-ventures-ltd">Resources Ltd</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-enterprises-fpo-20000-crore-green-hydrogen-ambitions-and-debt-repayment/articleshow/97123733.cms">Adani Enterprises’ ₹20,000 crore FPO opens on January 27, will fuel its green hydrogen ambitions, repay debt</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/government-bullish-on-railway-assets-monetisation-in-union-budget/articleshow/97123879.cms">Government bullish on railway assets monetisation in Union Budget</a>

Nick Walker is new CEO of Vedanta Cairn Oil and Gas

<ul class="summary-list"><li>EXCLUSIVE: Former Welsh Secretary <keyword id="1626589" type="PERSON" weightage="60" keywordseo="Alun-Cairns">Alun Cairns</keyword> takes job with firm owning £500 million of UK government buildings.</li><li>Cairns met with the firm while he was Secretary of State for Wales to discuss "investment opportunities."</li><li>The opposition Labour Party accuse Cairns of using his position "to enrich himself".</li></ul>A Conservative Member of Parliament and former minister in the UK government has taken a job advising a Singapore-based property investment company that owns hundreds of millions of pounds worth of office buildings leased by the British government, an Insider investigation has found.Alun Cairns MP, the former Secretary of State for Wales, is being paid nearly £360 an hour by Elite Partners Capital (EPC), to advise them "on economic and political developments in the UK that could impact the group's international investments."Cairns met with the company during his time in government in order to discuss "investment opportunities" in Wales, official records show.Among the company's "international investments" is the <a href="https://www.elitecreit.com/">Elite Commercial Real Estate Investment Trust</a>. The trust's portfolio consists of 155 properties in the UK, 99% of which are leased by the government.Most of the properties are leased by the Department of Work and Pensions (DWP) and operate as job centres, with the trust listing 123 job centres on <a href="https://www.elitecreit.com/portfolio-overview.html">their website.</a>An <a href="https://investor.elitecreit.com/newsroom/20210518_173650_MXNU_N5IHNOUDSBGCY8RL.1.pdf">investor presentation by the company</a> last month predicted there would be "increasing utilisation of DWP's services" due to the fact that once the government furlough scheme ends, "unemployment is expected to rise".Their <a href="https://investor.elitecreit.com/misc/ar2020.pdf">annual report</a> adds: "Amidst rising uncertainty and unemployment in the UK, demand for social and employment support services administered by DWP's Jobcentres continues to intensify, keeping our properties relevant."The Singapore-based firm also owns properties leased by other parts of government, including the Ministry of Defence and the Environment Agency.Since resigning from the government in November 2019, Cairns has also joined the <a href="https://publications.parliament.uk/pa/cm/cmallparty/210602/singapore.htm">All Party Parliamentary Group on Singapore</a>.<h2>Opponents say Cairns 'used his position to enrich himself'</h2><div type="image" title="Boris Johnson and Alun Cairns" height="1240" width="2480" msid="83614553" hostid="261"></div>There is no suggestion of wrongdoing by EPC.However, campaigners and opposition MPs have raised concerns about the possibility that Cairns' government connections could be improperly benefiting the company.Fleur Anderson MP, Shadow Cabinet Minister in the opposition Labour Party, told Insider: "Under this Government sleaze and cronyism have become so routine and common that it is not surprising that a senior Tory MP appears to have used his position to enrich himself, rather than serve his constituents."It's time to ban MPs with pound signs in their eyes taking private money for lobbying gigs, and urgently reform <keyword id="11311240" type="UNKNOWN" weightage="60" keywordseo="acoba">ACOBA</keyword> - which is standing idly by while our <keyword id="6358883" type="UNKNOWN" weightage="100" keywordseo="politics">politics</keyword> gets polluted. Labour would establish a single Ethics and Integrity Commission with the powers to oversee and enforce anti-corruption and ethics laws and regulations, which are currently fragmented and toothless."Rose Whiffen, Research Officer at Transparency International UK, told Insider: "Inevitably, former ministers will seek gainful employment on leaving public office, but recent scandal demonstrates how easy it is for them to use their privileged connections and insider expertise to provide a competitive advantage to their new employer. "Whilst the ethics watchdog for this <keyword id="3758604" type="PERSON" weightage="60" keywordseo="revolving-door">revolving door</keyword>, ACOBA, can advise past officeholders not to lobby government and use their personal contacts for private gain, there is no meaningful way of it enforcing these restrictions. "To avoid another Greensill saga, or worse, government should heed calls to put ACOBA on a statutory footing and give it real teeth to do its job effectively."Such concerns will be exacerbated by inconsistencies between what Cairns told ACOBA and what his former department has previously said in transparency releases.Cairns told the Advisory Committee on Business Appointments (ACOBA), which advises former ministers on their private sector appointments, that he had "initially met EPC during a seminar organised by the Department for International Trade (DIT) seeking to attract Foreign Direct Investment into the UK in Spring 2019". Cairns's former department, the Wales Office, confirmed this information. Cairns's role at these meetings, the department said, "was to promote investment opportunities rather than conduct specific investment discussions."But <a href="https://www.gov.uk/government/publications/office-of-the-secretary-of-state-for-wales-senior-staff-transparency-april-june-2019">transparency releases from the Wales Office</a> make no mention of a meeting between Cairns and EPC in spring 2019 organised by DIT. They do show, however, <a href="https://www.gov.uk/government/publications/office-of-the-secretary-of-state-for-wales-senior-staff-transparency-july-september-2019">a meeting in the height of summer</a> on 14 August 2019 between Cairns and EPC "to discuss investment opportunities in Wales".Nor is it clear from ACOBA's letter to Cairns if the extent of EPC's investment in UK government leased buildings was made clear to the committee.Insider has asked the Wales Office and DIT for further information on meetings between Cairns and EPC but has not received any response at the time of publication.Insider asked Cairns if he could clarify the number of times he met with EPC or their representatives, or how feasible it was that he would have no contact with the government with relation to the firm's work in the UK, nor that he would ensure no privileged information or contacts would be used to benefit the company, while providing value for money for the company.A spokesperson for Alun Cairns told Insider: "In line with Parliamentary procedure, this role was approved by the independent body ACOBA."It is not parliamentary procedure that requires former ministers to seek advice from ACOBA, but the Ministerial Code set out and adjudicated by the Prime Minister.Parliamentary procedure requires MPs to declare sources of outside income. Cairns's <a href="https://publications.parliament.uk/pa/cm/cmregmem/210614/cairns_alun.htm">entry on the register of members' interests</a> notes the MP is pocketing a further £30,000 a year from another two companies for providing "strategic advice" to their boards.One company, BBI Group, produces coronavirus tests for the UK government, <a href="https://www.walesonline.co.uk/news/politics/alun-cairns-bbi-expenses-claims-18789935">Wales Online reported</a>.

Conservative former minister hired by Singapore firm owning £500 million property empire leased to the UK government

<ul class="summary-list"><li><keyword id="13016857" type="UNKNOWN" weightage="60" keywordseo="alun-cairns" source="Orion">Alun Cairns</keyword> met Elite Partners Capital during a holiday in Singapore and discussed the Swansea Bay City Deal.</li><li>The former Secretary of State for Wales later took a £30,000-a-year job with Elite Partners Capital.</li></ul>A former Cabinet minister took a job with a Singaporean private equity firm after giving it advice on securing investments in a £1.3 billion government-backed programme that he had direct oversight of.Documents obtained by Insider shed light on how Alun Cairns, a Conservative MP, got the £30,000-a-year side job, and the work he did to support the firm's goals while in office.They offer an insight into the limited scrutiny of how ministers sell their services after leaving office, and may further the widespread doubts about the effectiveness of the UK system of checks and balances. The Labour Party told Insider Cairns "has serious questions to answer" over whether the work is appropriate.Cairns met Elite Partners Capital in Singapore while on a family holiday in August 2019 to discuss details of the Swansea Bay City Deal, per the documents.The Swansea deal is a £1.3 billion programme of investment projects between the UK Government, the Welsh Government, local authorities, and private investors. As Secretary of State for Wales, the city deal was one of Cairns' <a href="https://webarchive.nationalarchives.gov.uk/ukgwa/20190803065321/https://www.gov.uk/government/ministers/secretary-of-state-for-wales">ministerial responsibilities</a>.Minutes of the meeting, taken by a Department of International Trade official working in Singapore, detail the specific support Cairns gave to Elite. The minutes were obtained by Insider through a Freedom of Information request.Elite was looking to invest in the Swansea City Deal programme, specifically the Swansea City and Waterfront Digital District project, the minutes show. The firm had already visited Swansea twice and was working through its due-diligence process. A meeting objective was for "EPC to be reassured of additional support" from the UK government.Cairns gave Elite details on delays to the Swansea City Deal, and supported its proposal to seek a commitment to become a long-term partner of Swansea Council. He said such a partnership would have "real value".The minutes conclude that the Wales Office would produce a fact sheet for Elite with information on the attractiveness of different projects, along with UK employment data.Cairns' private office — composed of officials working on his diary management and correspondence — was to see if he could provide a tour of Parliament to Elite executives on a visit to the UK later that month. It is unclear if such a tour did go ahead. Further government assistance was to be offered by the Department of International Trade in arranging meetings with senior officials at the Treasury and HMRC (the UK's tax revenue and customs agency) to discuss tax regimes.However, Cairns told the committee responsible for examining ex-ministers' jobs about none of the support he had given Elite in any detail while seeking official approval to take up a second job with Elite some months after quitting the front bench.In March 2021, Cairns told the Advisory Committee on Business Appointments (<keyword id="11946636" type="UNKNOWN" weightage="60" keywordseo="acoba" source="Orion">ACOBA</keyword>) that he had no involvement in policy development, decisions related to the company, contractual, or commercial decisions. The former minister made no reference to the £1.3bn project in Swansea.Cairns told ACOBA his meetings were to "highlight City and Growth Deal policies around Wales and the UK."He said he was unaware of "Elite Partners Capital investing in any City or Growth Deal plan or in seeking government assistance" in documents sent to ACOBA in connection with the role.The Vale of Glamorgan MP also told the arms-length moderating committee his role was to "champion investment opportunities in general", and that he had no role in contractual or commercial decisions.He said that "if any organisation wanted to pursue an investment opportunity further, they were passed to the Welsh Government or to the local City or Growth Deal team to develop further."Cairns's former department, the Wales Office, did not reject Cairns' claim to only ever have promoted investment opportunities in general terms in material it sent to ACOBA.It supported Cairns's claim that he made no regulatory or policy decisions that would have affected the firm, even though he was responsible for the investment programme in question.Cairns's request for approval from ACOBA of his job with Elite was granted. He joined Elite in June 2021 as an advisor to the board on "economic and political developments in the UK that could impact the group's international investments." He declared an annual income from Elite of £30,000 for up to 84 hours work, an hourly rate of at least £357.Cairns' office did not respond to several requests for comment. It is unclear whether Elite has actually invested in the Swansea City Deal programme, but most projects in the Swansea Bay City Deal are not yet at the stage of receiving private investment.A spokesperson for the Wales Office declined to comment. An ACOBA spokesperson told Insider it did "not consider any further action is required." The opposition Labour party said Cairns has "serious questions to answer" after Insider's findings.Jo Stevens MP, the shadow Welsh Secretary, told Insider: "Alun Cairns was cleared by ACOBA to take up his £30k-a-year second job with Elite after he submitted that his previous involvement with the company was very limited.""But the notes of his meeting with Elite whilst on a family holiday in the Far East, and the detailed actions he promised to take up for them afterwards, mean that he has serious questions to answer."These rules exist to ensure that when former ministers take up second jobs, there are no suspicions about improper influence or conduct."Parliamentarians and campaigners have long been critical of ACOBA. On January 11, Lord Jonathan Evans, the chair of the Committee on Standards in Public Life, told a Parliamentary committee that ACOBA "doesn't have the teeth that it needs."The ACOBA chair, Lord Eric Pickles, has conceded how little it can accomplish, saying in April 2021: "ACOBA is not a watchdog, not a regulator. It has a very limited and defined role." It is more than two years since Cairns left his ministerial job, which brings looser rules. He is now free to lobby the UK government on behalf of Elite, and advise them on "work with regard to any policy [Cairns] had specific involvement or responsibility for as Secretary of State of Wales", according <a href="https://www.gov.uk/government/publications/cairns-alun-secretary-of-state-for-wales-acoba-advice/advice-letter-alun-cairns-advisor-elite-partners-capital">to the advice letter stating the committee's approval of the job</a> sent by ACOBA to Cairns in April 2021.There is no suggestion of wrongdoing by Elite. The firm did not respond to requests for a comment.<a href="https://www.businessinsider.com/conservative-former-minister-alan-cairns-hired-firm-uk-government-properties-2021-6?r=US&amp;IR=T">As Insider reported in June 2021</a>, one of Elite's investments in the UK is a £500 million property portfolio of 155 offices across the country, 99% of which are leased to the UK government. The primary occupier is the Department of Work and Pensions, which operates Jobcentres and back offices from the leased buildings. Elite also runs several other funds.

Former UK Cabinet minister advised private equity firm on £1.3 billion project before taking job as consultant

<keyword id="64469" type="General" weightage="100" keywordseo="cairn" source="Orion">Cairn</keyword> Energy and <keyword id="2573" type="General" weightage="20" keywordseo="Air-India" source="Orion">Air India</keyword> have jointly asked a New York federal court to stay further proceedings in the British firm's <keyword id="174117" type="General" weightage="20" keywordseo="US-lawsuit" source="Orion">US lawsuit</keyword> targeting the airline for enforcement of a USD 1.2-billion arbitral award. The move follows the government enacting a law to scrap retrospective taxation in the country, which in effect will result in withdrawal of the Rs 10,247 crore tax demand on Cairn, according to court documents reviewed by PTI. The British company had won an international arbitration award against levy of such taxes and sought to take over Air <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> assets when the government refused to honour the award and pay it USD 1.2 billion-plus interest and penalty. But, last month, the government enacted the Taxation Laws (Amendment) Act, 2021, that scraps all such retrospective tax demands and has agreed to refund Rs 7,900 crore it had seized from Cairn to enforce such demand. Cairn has indicated that the refund, without interest and penalty, was acceptable to it - opening an avenue to settle the seven-year-old dispute. Cairn and Air India in a joint request to US District Judge Paul Gardephe on September 13 stated that a stay on proceedings would give them "additional time to evaluate the effects and implications" of legislation that repealed the retroactive tax. In return for the Rs 7,900 crore, Cairn would drop lawsuits threatening court-ordered seizures of Indian government property abroad. One of those suits was filed in May against state-owned Air India Ltd, which Cairn has said should be considered alter ego of the Indian government. "The implementing regulations are in the rulemaking process and will take some time," the two said in the petition seeking extension of the October 21 deadline for the presentation of case papers and initial pretrial conference on October 28. They requested the court to "stay any further proceedings in this matter through October 31, 2021, and reschedule the initial pretrial conference and, respectively, the deadline for the parties to submit their Joint Pretrial Letter and Proposed Case Management Plan, for new dates in November 2021." "The Parties have conferred and agreed that the stay will facilitate the efficient resolution of the dispute, conserve the Court's and Parties' resources, and is not intended to obstruct or delay," they added. Cairn had on May 14 brought a lawsuit in the New York district court to hold Air India liable as the alter ego of the Republic of India for the obligations the government owes under a foreign arbitral award. The firm separately filed a petition before the District Court for the District of Columbia to recognise and enforce the arbitration award against India on February 12, 2021. Seeking to repair India's damaged reputation as an investment destination, the government last month enacted new legislation to drop Rs 1.1 lakh crore in outstanding claims against multinationals such as telecom group Vodafone, pharmaceuticals company Sanofi and brewer SABMiller, now owned by AB InBev, and Cairn. About Rs 8,100 crore collected from companies under the scrapped tax provision are to be refunded if the firms agreed to drop outstanding litigation, including claims for interest and penalties. Of this, Rs 7,900 crore is due only to Cairn. An international arbitration tribunal in December overturned a levy of Rs 10,247 crore in taxes on a 2006 reorganisation of Cairn's India business prior to its listing. It also asked the Indian government to return the value of shares seized and sold, dividend confiscated and tax refund withheld. This totalled USD 1.2 billion-plus interest and penalty. The government initially refused to honour the award, forcing Cairn to identify USD 70 billion of Indian assets from the US to Singapore to enforce the ruling, including taking flag carrier Air India Ltd to a US court in May. A French court in July paved the way for Cairn to seize real estate belonging to the Indian government in Paris. All these litigations will be dropped once Rs 7,900 crore is paid, Cairn CEO Simon Thomson had told PTI earlier this month. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-mining-isnt-just-consuming-energy-its-also-generating-272-grams-of-e-waste-with-every-transaction/articleshow/86228818.cms">Bitcoin mining isn't just consuming energy, it's also generating 272 grams of e-waste with every transaction</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ami-organics-ipo-rewarded-investors-with-12288-profit-on-the-second-day-of-listing/articleshow/86228819.cms">Investors who had put money in this IPO made over ₹12,000 profit in 2 days</a>

Cairn Energy and Air India seek stay on New York court proceedings

British oil firm <keyword id="262456" type="COMPANY" weightage="20" keywordseo="Cairn-Energy-Plc">Cairn Energy Plc</keyword> on Tuesday said it has identified Indian sovereign assets overseas, which it can seize in the event of New Delhi failing to return over USD 1.7 billion that an international arbitration tribunal has ordered after rescinding a <keyword id="10021078" type="UNKNOWN" weightage="20" keywordseo="retrospective-tax-demand">retrospective tax demand</keyword>. "<keyword id="64469" type="COMPANY" weightage="20" keywordseo="Cairn">Cairn</keyword> is extremely confident that satisfaction of the award will be achieved either by negotiated settlement or by enforcement against Indian assets," the firm said in its 2020 annual earnings statement. The firm has moved courts in nine countries to get the arbitral award registered and recognised. "The tribunal ruled unanimously that India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty and awarded to Cairn damages of USD 1.2 billion-plus interest and costs, which immediately became payable. The total due at the year-end was USD 1.7 billion," it said. The firm said it has engaged directly with the <keyword id="6377129" type="COMPANY" weightage="20" keywordseo="government-of-india">government of India</keyword> regarding satisfaction of the award, which is also enforceable against Indian-owned assets in more than 160 countries that have signed and ratified the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards. "Cairn has already taken steps to have the Award recognised in certain major jurisdictions in which Indian sovereign assets have been identified," the statement said. had on March 8 reported that the December 21 award from a three-member tribunal at the <keyword id="1056875" type="COMPANY" weightage="20" keywordseo="Permanent-Court-of-Arbitration">Permanent Court of Arbitration</keyword> in the Netherlands has been recognised and confirmed by courts in the US, the UK, Netherlands, Canada and France. Further, the firm has started the process to register the award in Singapore, Japan, the United Arab Emirates and the Cayman Islands. "Cairn's engagement with the Government of India on its arbitration award will continue in parallel with pursuing options of enforcement and monetisation of the Award in order to safeguard shareholders' rights," the statement noted. The registration of the award is the first step towards its enforcement in the event of the government not paying the firm. Once the court recognises an arbitration award, the company can then petition it for seizing any Indian government assets such as bank accounts, payments to state-owned entities, aeroplanes and ships in those jurisdictions, to recover the monies due to it. So far the government has not directly commented on honouring or challenging the Cairn arbitration award, but Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> had last week indicated going in for an appeal. The tribunal had on December 21 ruled that the government breached an investment treaty with the UK and was therefore liable to return the value of shares it had seized and sold, dividend confiscated and tax refund stopped to adjust a Rs 10,247 crore tax demand. Simon Thomson, Chief Executive, Cairn, said: "We have engaged with the Government of India regarding adherence to the ruling and we are pursuing all avenues to protect our shareholders' rights to the value of the award". Cairn said the tribunal ruled that the dispute was within the scope of the Treaty and other relevant legal parameters. "It further ruled that the application to Cairn of the retrospective tax amendment introduced by the Government of India was "grossly unfair", discriminatory and in breach of the "Fair and Equitable Treatment" standard of the Treaty," the statement said. The tribunal, therefore, ordered the withdrawal of the tax demand in India and awarded to Cairn compensation equal to the value of the shares held in Cairn India Limited (subsequently merged with <keyword id="2819168" type="DOMAIN" weightage="20" keywordseo="Vedanta-Limited">Vedanta Limited</keyword>) seized by India in 2014 and withheld tax refunds due on other matters, totalling USD 1.223 billion-plus interest and costs, which is now payable. "Interest is payable based on USD six-month LIBOR plus a semi-annual margin of 1.375 per cent, accruing from 2014, and the costs awarded totalled USD 22 million. The total amount due to Cairn on December 31, 2020, was USD 1.725 billion," it said. 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Cairn says it has identified Indian assets for seizing should it be not paid

After <a href="http://www.businessinsider.in/Tax-demand-against-Vodafone-and-Cairn-Energy-remains-valid/articleshow/51213121.cms">Vodafone</a> Group, UK’s <a href="http://www.businessinsider.in/searchresult.cms?query=cairn+energy">Cairn Energy</a> plc was slapped with a tax demand notice of more than Rs 29,000 crore, including Rs 18,800 crore in back dated interest. 
 This move comes at a time when the Indian government said it will not raise any fresh tax demand using <keyword id="996979" type="UNKNOWN" weightage="20" keywordseo="retrospective-tax">retrospective tax</keyword> legislation. 
 
The notice was however issued before <a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley">Finance Minister Arun Jaitley</a> in his Budget for 2016-17 made a one-time offer to waive interest and penalty if the companies paid the principal amount to settle the retrospective tax disputes. 
 "The assessment order is in the amount of Rs 10,247 crore (approximately USD 1.6 billion) plus interest back dated to 2007 totalling Rs 18,800 crore (approximately USD 2.8 billion)," <keyword id="128650" type="COMPANY" weightage="20" keywordseo="Cairn-Energy">Cairn Energy</keyword> said announcing its earnings. 
 
I-T Department alleges that Cairn Energy made a capital gain of Rs 24,503.50 crore in 2006 when it transferred shares of Indian assets that were held in a subsidiary set up in the tax haven of Jersey, to newly incorporated Cairn India. 
 
It listed Cairn India Ltd on the stock exchanges through an initial public offering (IPO) thereafter. Through the IPO it raised Rs 8,616 crore and then in 2011 went on to sell majority stake in Cairn India to mining giant Vedanta Group for USD 8.67 billion.

Cairn Energy slapped with Rs 29, 000 crore retrospective tax

In a riches to rags story, former star all-rounder of the New Zealand cricket team, <keyword id="7132" type="PERSON" weightage="100" keywordseo="Chris-Cairns">Chris Cairns</keyword>, has resorted to driving a truck to support his family. The 44-year-old cricketer, regarded my many, as the best Kiwi cricketer, drives a truck for $17 an hour, and cleans bus shelters. 
 Cairns faces charge for match-fixing. New Zealand’s test batsman <keyword id="6682890" type="PERSON" weightage="80" keywordseo="Lou-Vincent">Lou Vincent</keyword> had named him as Mister X, the former star player who allegedly tempted Vincent into match-fixing. 
 Cairns retired from Tests in 2004 and ODIs in 2006. Former Australian cricketer and a legend of the game <keyword id="17439" type="PERSON" weightage="80" keywordseo="Shane-Warne">Shane Warne</keyword> had once described Cairns as the best all-rounder in the world.

Ex-Kiwi All-rounder Chris Cairns Resorts To Driving And Cleaning To Sustain Family

<ul><li><keyword id="64469" type="General" weightage="20" keywordseo="Cairn" source="Orion">Cairn</keyword> Energy has accepted the Indian government's $1 billion <keyword id="12044719" type="General" weightage="20" keywordseo="refund-offer" source="Orion">refund offer</keyword>.</li><li>The company had earlierstarted seizing Indian assets, beginning with 20 of them in France amounting to $23 million.</li><li>The company has said that it will drop litigations to seize diplomatic apartments in Paris and <keyword id="2573" type="General" weightage="20" keywordseo="Air-India" source="Orion">Air India</keyword> airplanes in the US.</li></ul> UK-based <keyword id="262456" type="General" weightage="20" keywordseo="cairn-energy-plc" source="Orion">Cairn Energy PLC</keyword> on Tuesday said it will drop litigations to seize <keyword id="3658" type="General" weightage="20" keywordseo="India" source="Orion">India</keyword>n properties in countries ranging from France to the US, within a couple of days of getting a USD 1 billion refund resulting from the scrapping of a retrospective tax law. The firm, which gave India its biggest onland oil discovery, termed "bold" the legislation passed last month to cancel a 2012 policy that gave the tax department power to go back 50 years and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India. The offer to return money seized to enforce retrospective tax demand in lieu of dropping all litigations against the government "is acceptable to us," Cairn CEO Simon Thomson told PTI in an interview from London. Cairn will drop cases to seize diplomatic apartments in Paris and Air India airplanes in the US in "a matter of a couple of days" after the refund, he said adding Cairn's shareholders are in agreement with accepting the offer and moving on. "Some of our core shareholders likes BlackRock and Franklin Templeton agree (to this). Our view is supported by our core shareholders (that) on balance it is better to accept and move on and be pragmatic. Rather than continue with something negative for all parties which could last for many years," he said. Seeking to repair India's damaged reputation as an investment destination, the government last month enacted new legislation to drop Rs 1.1 lakh crore in outstanding claims against multinationals such as telecoms group Vodafone, pharmaceuticals company Sanofi and brewer SABMiller, now owned by AB InBev, and Cairn. About Rs 8,100 crore collected from companies under the scrapped tax provision are to be refunded if the firms agreed to drop outstanding litigation, including claims for interest and penalties. Of this, ₹7,900 crore is due only to Cairn. "Once we get to final resolution, part of that resolution is us dropping everything in terms of litigation. We can do that within a very short period of time, just a matter of a couple of days or something," Thomson said. "So we are preparing on the basis of getting this resolution quickly, all these cases being dropped, and putting all this behind." He said all enforcement proceedings brought because of the Government of India's refusal to honour an international arbitration award asking it to return the value of money seized to enforce the retrospective tax demand, will be dropped. "Everything will be dropped. There will be no more litigation, that will be it. It will clear the matter up," he said. Cairn in its half-yearly report on Tuesday said it will return up to USD 700 million out of the ₹7,900 crore (USD 1.06 billion) it is supposed to get from the Indian government, to "shareholders via special dividend and buyback." "Payment of the tax refund would enable a proposed return to shareholders of up to USD 700 million, via a special dividend of USD 500 million and a share buyback programme of up to USD 200 million. The remainder of the proceeds would be allocated to further expansion of the low-cost, sustainable production base," it said. Thomson said Cairn has had a "good, open and transparent line of communications with the Government of India" on finding a resolution to the retro tax issue. "Our aim was to get to a resolution... something which would be acceptable to our shareholders." "We were pleased when the Government of India made what we thought was a pretty bold move, in terms of enactment of the legislation," he said. "The intention of the government, we are obviously aligned with it, is to get this resolved as quickly as possible. Hopefully, that means within the next few weeks. It is good not only for us and our shareholders but also importantly for India." The resolution will bury the ghost of retro tax and help move on. "We are keen to get back to Cairn being talked about in terms of success in Rajasthan. I think moving on from this will allow us to do that," he said referring to the prolific oil discovery the firm made in Barmer. In accepting the terms of the new legislation in India, Cairn would be required to withdraw its international arbitration award claim, interest and costs and to end all legal enforcement actions in order to be eligible for the refund. "It will mean we will forego interest and penalty in terms of the original arbitration award. The important thing for us is it returns the value that was taken from us. From our perspective it is the right thing to do, be pragmatic, put this behind us, move on," he said adding this would help wipe away a factor negatively impacting investment for many years to come. The 2012 legislation was used to levy a cumulative of ₹1.10 lakh crore of tax on 17 entities including UK telecom giant Vodafone but nearly 98 per cent of the ₹8,100 crore recovered in enforcing such a demand was only from Cairn. An international arbitration tribunal in December overturned a levy of Rs 10,247 crore in taxes on a 2006 reorganisation of Cairn's India prior to its listing, and asked the Indian government to return the value of shares seized and sold, dividend confiscated and tax refund withheld. This totalled USD 1.2 billion-plus interest and penalty. The Indian government initially refused to honour the award, forcing Cairn to identify USD 70 billion of Indian assets from the US to Singapore to enforce the ruling, including taking flag carrier Air India Ltd to a US court in May. A French court in July paved the way for Cairn to seize real estate belonging to the Indian government in Paris. All these litigations will be dropped, he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/vietnam-market-saw-drop-in-sales-of-crypto-mining-rigs-but-is-seeing-a-resurgence-now/articleshow/86003080.cms">Crypto mining rigs selling with a ‘vengeance’ in Vietnam despite regulatory gray zones</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/mx-takatak-instagram-josh-moj-and-snapchat-are-most-downloaded-social-and-entertainment-apps-in-india-as-per-app-annie/articleshow/86003516.cms">India accounts for the highest number of social app downloads globally: App Annie</a>

Cairn accepts India's $1 billion refund offer, says will drop all cases against the government

UK's <keyword id="128650" type="COMPANY" weightage="20" keywordseo="Cairn-Energy">Cairn Energy</keyword> has identified USD 70 billion of Indian assets overseas for potential seizure to collect USD 1.72 billion due from the government -- a move if successful will put India in league with Pakistan and Venezuela which faced similar enforcement action over failure to pay arbitration awards. The assets identified range from <keyword id="2573" type="COMPANY" weightage="20" keywordseo="Air-India">Air India</keyword>'s planes to vessels belonging to the Shipping Corporation of India, and properties owned by state-owned banks to oil and gas cargoes of PSUs, three people familiar with the matter said. These assets are across several jurisdictions, they said without giving further details. <keyword id="64469" type="COMPANY" weightage="20" keywordseo="Cairn">Cairn</keyword> 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. "The Indian government naturally will challenge such seizure but to save the assets it may have to pawn money equivalent to the value of assets in some financial security such as bank guarantee. The court will return such a guarantee to India if it does not find merit in Cairn's case. But the surety will be passed on to Cairn if the court finds that India had failed to honour its obligation," a source said. Cairn has got an international arbitration award -- which overturned levy of retrospective taxes and ordered New Delhi to return the value of shares it had sold, dividends seized and tax refunds withheld to recover such taxes -- registered in the US, UK, France, the Netherlands, Singapore, Mauritius, Canada's Quebec province, Japan and UAE. Now it has started moving courts to get a declaration that state-owned entities are alter egos of India and they should be held liable for discharge of the arbitration award in absence of the government making payments. Cairn on May 14 filed a lawsuit in a New York court to get Air India recognised as the alter ego of India and that "it should be held jointly and severally responsible for India's debts, including from any judgment resulting from recognition of the award". Once a court recognises Air India as the alter ego of the Indian government, Cairn can seek attachment or seizure of its assets in the US such as airplanes, immovable assets and bank accounts to recover the amount it was awarded by the arbitration tribunal. The move is similar to a court in the British Virgin Islands ordering in December last year that <keyword id="6368036" type="COMPANY" weightage="20" keywordseo="hotels">hotels</keyword> in New York and Paris owned by Pakistan International Airlines would be used to settle a claim against Pakistan's government by a Canadian-Chilean copper company. Crystallex International Corp had brought a similar lawsuit to attach property of Petroleos de Venezuela, S.A (PDVSA), the state-owned oil company of Venezuela, in Delaware couple of years back after the Latin American country failed to pay the firm USD 1.2 billion that an arbitration tribunal had ordered to pay in lieu of the 2011 seizing gold deposits held and developed by the firm. In 2012, Elliott Management, a buccaneering American hedge fund which held distressed Argentine bonds, seized a handsome tall ship belonging to Argentina's navy. Recently, French courts ruled that a stifled creditor could seize a business jet belonging to the government of Congo-Brazzaville while it was being serviced at a French airport, as well as USD 30 million from a bank account of the country's state oil company. While the finance ministry has so far not commented on the Cairn move, sources said India will take all necessary steps to defend against any such "illegal enforcement action". India, they said, will contest the move on grounds that the government has challenged the arbitration award in the appropriate court in The Hague and it is confident that the award will be set aside. Sources said the government has also engaged a counsel team which is ready to defend against any enforcement action. While they maintained that neither the government nor any PSU has received any such notice, people aware of the Cairn lawsuit said the case has been brought only on Friday and notices in due course will come to the concerned authorities. The sources said as and when any such notice is received, the government/ concerned organisation shall take all necessary steps to defend against "any such illegal enforcement action". "Cairn is taking the necessary legal steps to protect shareholders' interest in the absence of a resolution of the arbitral award," a company spokesperson said commenting on the issue. "Cairn remains open to continuing constructive dialogue with the <keyword id="6377129" type="COMPANY" weightage="20" keywordseo="government-of-india">Government of India</keyword> to arrive at a satisfactory outcome to this long-running issue." The Scottish firm invested in the oil and gas sector in India in 1994 and a decade later it made a huge oil discovery in Rajasthan. In 2006 it listed its Indian assets on the BSE. Five years after that the government passed a retroactive tax law and billed Cairn ₹10,247 crore plus interest and penalty for the reorganisation tied to the flotation. The state then expropriated and liquidated Cairn's remaining shares in the Indian entity, seized dividends and withheld tax refunds to recover a part of the demand. Cairn challenged the move before an arbitration tribunal in The Hague, which in December awarded it USD 1.2 billion (over ₹8,800 crore) plus costs and interest, which totals USD 1.725 million (₹12,600 crore) as of December 2020. The company, which previously said the ruling was binding and enforceable under international treaty law, has been since then courting Indian government officials to get the money paid. But the government has not agreed to pay. Finance Minister Nirmala Sitharaman had last month reiterated that international arbitration ruling on India's sovereign right to taxation sets wrong precedent, but had said that the government is looking at how best it can sort out the issue. The government, which participated in an international arbitration brought by the Scottish firm against being taxed retrospectively, has appealed against The Hague based tribunal's ruling. Sources said the appeal does not inhibit the company from seeking seizure of Indian assets. "It may not go for seizure of assets in the Netherlands during pendency of the appeal, but it can go after assets elsewhere," a source said. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/after-ditching-bitcoin-elon-musk-is-now-working-on-making-dogecoin-efficient/articleshow/82628521.cms">After ditching Bitcoin, Elon Musk is now working on making Dogecoin efficient</a> <a href="https://www.businessinsider.in/cryptocurrency/news/four-reasons-why-cryptocurrency-ethereum-has-been-on-a-bull-run/articleshow/82606761.cms">Four reasons why cryptocurrency Ethereum has been on a bull run</a> <a href="https://www.businessinsider.in/science/health/news/covid-19-a-couple-from-chennai-has-come-up-with-this-innovation-of-a-surgical-mask-vending-machine-/articleshow/82605058.cms">Even small initiatives during a pandemic can help save a thousand lives, these people are doing their bit</a>

You Searched For "Cairn" and got 12 results

Indian government denies reports on PSBs withdrawing funds from abroad due to the Cairn dispute, and is strongly defending its stand in the dispute

IANS

Former New Zealand Allrounder Chris Cairns Charged With Perjury

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Cairn Energy files claim for $5.6 billion compensation from India over tax demand

BI India Bureau

Nick Walker is new CEO of Vedanta Cairn Oil and Gas

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Conservative former minister hired by Singapore firm owning £500 million property empire leased to the UK government

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Former UK Cabinet minister advised private equity firm on £1.3 billion project before taking job as consultant

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Cairn Energy and Air India seek stay on New York court proceedings

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Cairn says it has identified Indian assets for seizing should it be not paid

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Cairn Energy slapped with Rs 29, 000 crore retrospective tax

BI India Bureau

Ex-Kiwi All-rounder Chris Cairns Resorts To Driving And Cleaning To Sustain Family

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Cairn accepts India's $1 billion refund offer, says will drop all cases against the government

PTI

UK's Cairn Energy identifies $70 billion Indian assets for seizing to recover amount due from government

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