New Delhi13 minutes ago
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French court allows Cairn Energy to take over Indian government assets on June 11
The Government of India has suffered a major setback in the dispute issued by the British company Cairn Energy. A French court has ordered the confiscation of 20 Indian government properties in Paris. In fact, the arbitration court had given Cairn the right to recover damages of $ 1.7 billion (Rs 12,580 crore) from India.
Failure to comply with this order ordered the confiscation of the property by the French Court. However, according to the Government of India, it has not received any such order yet. While three people associated with the matter said, most of the Indian properties in Paris that have been ordered to be confiscated are flats. Their price is around Rs 177 crore. On June 11, a French court allowed Cairn Energy to take over the assets of the Indian government and on July 7, its legal process was completed.
Government bid – order not received
The Indian government said that it had not received any notice, order or message from any court in France. The facts are being checked by the government. If any notice is received, after discussing with legal experts, we will take further steps. Let us tell you that Cairn introduced IPO in 2007 to list its company in India.
A year before this, it merged several units in India with Cairn India. Seven years later, Cairn was served a capital gains tax notice. It was said that before the IPO, the company had merged many of its units in Cairn India. This made him a capital gain. So he has to pay tax. The company went to court against it.