UK energy firm threatens to seize Indian govt assets: Report

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A United Kingdom-based energy firm has threatened to seize Indian government assets following a $1.2bn (£880m) award from a long-running corporate tax case.

According to a report by BBC, Cairn energy was awarded damages by an international tribunal in the high-profile dispute with the Indian government last month.

Cairn has started identifying assets it could seize if the Indian government doesn’t comply with the order.

Sources have said that these could include planes and ships.

The case was filed after income tax officials seized Cairn’s 10% stake in its Indian subsidiary.

In December the tribunal ruled unanimously that Delhi had violated the 2014 UK-India bilateral investment treaty.

It ordered Delhi to pay $1.2bn in damages, plus interest and costs, to compensate Cairn for the shares as well as confiscated dividends.

But since the 582-page judgment was issued, the government has given no indication about whether it intends to honour the verdict, even though payment was due immediately.

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