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According to sources, India filed an appeal against the Cairn Arbitration Award
Sources said on Wednesday that India was in the process of filing an appeal against an arbitration panel, which asked the British oil company Cairn Energy plc to return $ 1.2 billion.
If enforcement proceedings are initiated, India is confident to address them and will vigorously protect its interests, the sources said, adding that it is open to a constructive settlement of tax disputes within the existing legal framework.
India is in the process of filing an appeal in the Cairn Arbitration Award case, he said, adding it was well within India’s sovereign powers to redress the situation of double non-taxation and misuse of tax.
Cairn CEO Simon Thomson last month met then Finance Secretary Ajay Bhushan Pandey to discuss the arbitration award.
Sources said that Cairn is yet to respond based on the discussions.
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