Industry

‘No formal proposal from Cairn to settle dispute’

Cairn India employees work at a storage facility for crude oil at Mangala oil field at Barmer, Rajasthan. File   | Photo Credit: Reuters

Facing a payout of $1.2 billion-plus interest after an arbitration award went against it, the government on Monday said it had not received any formal proposal from Britain’s Cairn Energy plc to resolve the issue within the country’s legal framework.

In a written reply in the Lok Sabha, MoS (Finance) Pankaj Chaudhary said the arbitral tribunal, which had its seat in the Hague, had on December 31, 2020, ruled in favour of Cairn. “It has asked India to pay Cairn an award amount of $1.2328 billion plus interest and $22.38 million towards arbitration and legal costs,” he said.

“An order has been passed by a French court freezing certain Indian Government properties in Paris,” the Minister said.

“The same has been communicated through diplomatic channels.” Asked if Cairn had offered any kind of amicable solution to the dispute, he said, “No formal proposal for a solution within the country’s legal framework has been received.”


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Printable version | Sep 21, 2021 2:36:01 AM | https://www.thehindu.com/business/Industry/no-formal-proposal-from-cairn-to-settle-dispute/article35691442.ece

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