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Cairn Energy to drop the cases against India by accepting the refund offer of USD 1 billion




Cairn Energy, a UK based company stated that they agreed to drop the litigation for seizure of Indian properties located in countries including US and France within a few days of receiving the refund of USD 1 billion. This was in lieu of the scrapping of the 2012 retrospective amendment. The government had scrapped the amendment to repair India’s international reputation as a destination for investments, and they agreed to refund the firms impacted from the legislation, including Vodafone, Sanofi, Cairn, and AB InBev, if they agreed to drop all the litigation and claims for interest or any other penalties.


Sources

[1] Business Standards, ‘Cairn accepts $1bn refund offer, to drop cases against India: CEO’ (Business Standards, 7 September, 2021) <https://www.business-standard.com/article/companies/cairn-accepts-1-bn-refund-offer-to-drop-cases-against-india-ceo-121090700667_1.html> accessed 7 September 2021.


[2] Economic Times, ‘Cairn accepts $1bn refund offer, to drop cases against India within days, says CEO’ (Economic Times, 7 September, 2021) <https://economictimes.indiatimes.com/news/newsblogs/latest-daily-news-and-updates-september-7/liveblog/85995496.cms?utm_source=ETAppNotification&utm_medium=BreakingNewsNotifications&utm_campaign=Liveblog&frmapp=yes&platform=ios> accessed 7 September 2021.

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