Cairn case: French court orders go nment’s Paris properties frozen
NEW DELHI: A French court has ordered a freeze on resi ntial properties owned by the Indian go nment in central Paris, in what is seen as a setback for the Centre in its tax dispute with London-listed Cairn Energy Plc.
Tribunal judiciaire de Paris’s ruling based on Cairn Energy’s application will impact some 20 properties, valued at more than 20 million euros (Rs 177 crore), as part of a guarantee of the de t owed to the British company that eted India a few years ago. Some of the properties are in the 16th Arrondissement of Paris, which is one of the wealthiest areas in the city.
"This is the necessary preparatory step to taking ownership of the properties and ensures that the proceeds of any sales would be due to Cairn," said a source familiar with the proceedings.
The action in France is part of Cairn’s enforcement strategy of pushing the go nment to withdraw its appeal ag inst an international tribunal’s award in the retrospective taxation case. The arbitration tribunal had held that the go nment had violated provisions of an investment treaty in seeking capital gains tax from the British company.
The company — which has less than 200 employees and a market capitalisation of £755 million (under Rs 7,800 crore) — has filed cases in several countries to pursue the unpaid international arbitration award of $1.7 billion (Rs 12,750 crore).
The Modi go nment has stuck to the stand and has now challenged the award arguing that bilateral investment treaties cannot override the legislature’s powers.
They instead lost away 20 million euros worth property to foreign. Total useless fellow this modi.
Gopal Raj Kumar
Blame the likes of our po iticians, our media and our celebrities who make Britain their home and worship anything white including their skins and films. Then blame the police for allowing Vijay Mya to escape to that country that prects him.
Don't blame Nehru RaGa or Priyanka Chopra for the fiasco
Nikammi BKP go nment. India had lost face on World state
British Imperialism is coming back in Modern world.
Watch out for those Rafales, in case Cairn makes a grab for these too.
Tadi Paar Shah
We cannot blame British, as they are our beloved masters.
Very shameful - Ideally the govt should pay up and simply close the matter - this will get very embarassing for india if they dont resolve it soon
You cannot fool around with bilateral treaties by bringing laws with retrospective effect. It is unfair, criminal and deserves this.
Loopholes in Indian laws were exploited by clever cheat n run cos. They R helped by corrupt buerocrats.
very embarassing for indian go nment. some IAS jokers pushed for retrospective laws to fine is not justified. po itians are facing the flak for this.
it is a shame that Indian assets all over the world are being seized to pay off de ts. It appears that the national po itical leadership is shameless.
Unfortunately the current administration is held responsible for the shady deals of the dynastic administration with the puppet chief executive. Thwarting an arbitration or court award through retroactive legislation does project us in bad light. Hope the go nment resolves this amicably.
All these happened during Congress misrule- Gandhi Vadra Mouni are responsible. Present govt is facing problems created by these people.
Gets their throat we don't give in to their bullying tactics.
All started when Italian lady was in power ....As usual paid media and Urban Naxals shifting the blame on Modi ......
BJP HAS TO SUFFER FOR THE CONGRESS's SINS in many cases and this is one such case. Cor ion was the root of Congress and we don't know how many more years we have to suffer for their folly
Sell everything Immediately. Get all foreign money back to India. Stop all IMPORTS.
First of all, retrospective tax law was unjust and unfair, leading to the arbitration award ag inst govt. Govt should show some character and settle the issue amicably with the company.
They will anyways recover the their award through seizures if not settles amicably.
Serves the Indian govt for harassing foreign companies by making retrograde tax laws.
Congress did the dge now BJP paying the price.