Giant Scottish energy company Cairn Energy has seized several Indian properties in Paris. After a tax dispute with the Indian government, an arbitrage court asked the Indian government to pay $1.7 billion in damages. But the Indian government denied this. During the trial in the US court, Cairn had sought an order to confiscate the overseas assets of Air India. The company said that since Air India is a Government of India-owned company, its assets can be confiscated. Meanwhile, official sources in the Government of India have said that the government has not received any information about this. The government is ascertaining the facts. Legal action will be taken as soon as the formal notification of this decision is received from the French court.
Cairn Energy also wants to seize Air India planes
According to the news of the Financial Times, Cairn Energy will transfer the ownership of these properties worth 20 million euros. The process has already started after the French court ordered the seizure. Earlier, Cairn Energy had said that following a court order, it has identified $70 billion worth of Indian assets abroad that are to be confiscated. This price is inclusive of interest and penalty. Reports said that the Indian government assets that Cairn Energy has identified for confiscation include Air India aircraft and Shipping Corporation India ships.
Most of the 20 properties are flats
According to the news of PTI, Cairn Energy had obtained an order from a French court to confiscate 20 properties of the Indian government in France. On June 11, a French court ordered Cairn Energy to acquire the assets of the Indian government. Most of these flats are involved, and the legal process in this regard was completed on Wednesday evening. An arbitrage court ordered the Indian government in December to pay Cairn Energy more than $1.2 billion in interest and fines. The Government of India did not accept this order, after which Cairn Energy appealed in several courts abroad for recovery by confiscating the assets of the Government of India.