EDINBURGH (dpa-AFX) - Cairn Energy (CNE.L) confirmed Tuesday that it received notice that the Government of India has petitioned the Dutch Court of Appeal to set aside the arbitration award dated 21st December 2020 issued pursuant to the UK-India Bilateral Investment Treaty which was granted unanimously in favor of Cairn.
Cairn said it has full confidence in its position. The company will continue to take all steps necessary in order to protect the interests of its shareholders.
An international arbitration tribunal in December 2020 ruled in favor of Cairn Energy in a tax dispute with the Government of India.
The tribunal ruled that India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty and awarded to Cairn damages of $1.2 billion plus interest and costs.
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