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Friday, August 6, 2021

Cairn Energy wins big lawsuit: Government of India to pay USD 1.2Billion

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Recently, Britain’s Cairn Energy has won a big lawsuit against the Government of India. Now, the Government has to pay Rs 8800 crore to Cairn. Actually, this case was going on since March 2015. Meanwhile after some time, Cairn Energy filed a lawsuit against the government’s tax department in March 2015.

The whole case was worth 1.2 billion dollars (8800 crores rupees). Now that the Company has won the case, the Government of India will have to pay about 8800 crore rupees with interest. The retro tax dispute was related to the listing of its Indian company at that time in 2007.

This is the second loss the government has suffered in three months over the retrospective levy of taxes. In September, UK’s Vodafone Group won an international arbitration against the demand of Rs 22,100 crore in taxes.

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