Cairn to take over Indian assets in Paris

UK's Cairn Energy has secured a French court order to seize about 20 Indian government properties in Paris to recover a portion of $1.2 billion from India on the backdrop of the arbitration victory of the company, sources privy to the development said.

According to the people in the know and reports, French courts completed the legal process on Indian asset takeover on Wednesday that started last month when it had ordered the takeover in favour of the energy company. The British energy major has said that it may file lawsuits across several countries to make government firms and banks liable to pay the dues. The company is targeting assets abroad of more State-run companies in a bid to recover dues from the government.

Cairn Energy already moved courts in the US, UK, Canada, France, Singapore, the Netherlands and three other countries to register the December 2020 arbitration tribunal ruling that overturned the Indian government's Rs 10,247 crore demand in back taxes and ordered New Delhi to return $1.2 billion in value of shares it had sold, dividends seized and tax refunds withheld to recover the tax demand.