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Polity & Governance
Pradeep Kumar

24/05/21 09:45 AM IST

GOI condemns False Reporting on Cairn Legal Dispute

In news

The Government of India has strongly condemned the false reporting in certain media by some vested interests.

Highlights
  • Government of India has purportedly asked state-owned banks to withdraw funds from foreign currency accounts abroad in anticipation of the potential seizure of such accounts with regard to the Cairn legal dispute.
  • Condemning all such source based reports as false, the Government of India said that these are totally incorrect reports which were not based on true facts.
  • Certain vested parties appear to have orchestrated such misleading reporting, which often relies upon unnamed sources and presents a lopsided picture of factual and legal developments in the case.
Government has raised several arguments that warrant setting aside of the award including but not limited to
  • The arbitral tribunal improperly exercised jurisdiction over a national tax dispute that the Republic of India never offered and/or agreed to arbitrate.
  • The claims underlying the award are based on an abusive tax avoidance scheme that were a gross violation of Indian tax laws, thereby depriving Cairn’s alleged investments of any protection under the India-UK bilateral investment treaty.
  • The award improperly ratifies Cairn’s scheme to achieve Double Non-Taxation, which was designed to avoid paying taxes anywhere in the world, a significant public policy concern for governments worldwide.
Source: PIB

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