Paris. In an arbitration order, Britain’s Cairn Energy has secured an order from a French court to confiscate India’s government assets to recover USD 1.7 billion in damages. All these 20 properties are present in France.
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On June 11, a French court ordered Cairn Energy to acquire the assets of the Government of India. Most of these include houses. The legal process for this has been completed on Wednesday evening. An arbitration court in December ordered the Indian government to pay Cairn Energy a fine of more than $1.2 billion plus interest.
The Government of India has not accepted this order. After which Cairn Energy appealed in many courts abroad for the recovery of the amount by confiscating the assets of the Government of India.
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The country’s largest oil company had received a notice from the Income Tax Department in January 2017, seeking details of the reorganization of the group company in 2006. In March 2015, the Income Tax Department had asked the company to pay tax of Rs 10,247 crore on capital gains made in the internal restructuring of the group.