India has time till November to respond to Cairn Energy’s demand for $5.6 billion compensation in the retrospective tax case, said CEO of the British oil firm, Simon Thomson. Cairn has initiated an international arbitration seeking $5.6 billion in compensation from the Indian government in case the retrospective tax demand of Rs.29,047 crore is not quashed. “It is important for the arbitration to continue quickly,” he said, after meeting Revenue Secretary Hashmukh Adhia here. While Cairn has filed its Statement of Claims before a three-member international arbitration panel, the government of India has time till November to respond, he said.
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