Skip to content
Search

Latest Stories

Cairn eyes more state firms to recover dues from India

Cairn eyes more state firms to recover dues from India

AFTER Air India, Cairn Energy PLC plans to target other overseas assets of state-owned firms and banks to recover the amount due from the Indian government.

Last month, the British company filed a lawsuit in a US court, demanding the airline to pay a $1.26 billion (£905 million) arbitration award.


The airline is controlled by the Indian government so much that they are “alter egos”, the company argued in the US court.

The company had won the arbitration against the Indian government last year.

In December, a three-member international arbitration tribunal overturned levy of retrospective taxes on Cairn and ordered India to refund shares sold, dividend confiscated and tax refunds withheld to recover such taxes.

The tribunal consisted of one judge appointed by India.

Despite participating in the arbitration proceeding for over four years, the Indian government has not accepted the award and filed a ‘setting aside’ petition in a court in The Netherlands – the seat of the arbitration.

Cairn Energy now aims to bring lawsuits in several countries to make state-owned firms liable to pay the $1.2bn (£864m) plus interest and penalties that are due from the Indian government.

"There are a number of state enterprises which we are considering for enforcement action. Enforcement action will be soon and it may not be in the US," said Dennis Hranitzky, head of the sovereign litigation practice at Quinn Emanuel Urquhart & Sullivan, a law firm representing the company.

Cairn has identified $70bn (£50bn) of Indian assets overseas for potential seizure to collect award, which now totals to $1.72bn (£1.2bn) after adding interest and penalty.

The identified assets range from Air India’s planes to vessels belonging to the Shipping Corporation of India, and properties owned by state banks to oil and gas cargoes of public sector undertakings.

Meanwhile, Air India has time till mid-July to respond to the lawsuit filed by British firm in the US.

More For You

Satya Nadella backs £30bn Microsoft push in UK
Satya Nadella
Satya Nadella

Satya Nadella backs £30bn Microsoft push in UK

MICROSOFT CEO Satya Nadella on Wednesday (17) said the American tech giant is “doubling down” on its investments in Britain as US president Donald Trump began his state visit with the launch of a US-UK Tech Prosperity Deal.

The agreement focuses on advancing fast-growing technologies such as artificial intelligence (AI), quantum computing, and nuclear innovation.

Keep ReadingShow less
Jaguar Land Rover’s factory in Solihull, Britain

FILE PHOTO: A member of staff works on the production line at Jaguar Land Rover’s factory in Solihull, Britain. REUTERS/Phil Noble

Government steps in as JLR cyber attack stalls output

BRITAIN's largest carmaker, Jaguar Land Rover, said a pause in production due to a cyber attack would now stretch to September 24, extending the stoppage at its plants to more than three weeks.

The luxury carmaker, owned by India's Tata Motors, said it shut down its systems in early September to contain the hack that has severely disrupted its retail and manufacturing operations.

Keep ReadingShow less
Modi & Trump

Donald Trump and Narendra Modi shake hands as they attend a joint press conference at the White House on February 13, 2025.

Reuters

India, US to discuss trade issues after tariff hike

INDIA and the United States will hold trade discussions in New Delhi on Tuesday, officials and Indian media reports said, as the two countries look to resolve a tariff dispute.

India currently faces high US tariffs on most of its exports and has not yet been able to reach a trade deal that would ease the pressure.

Keep ReadingShow less
Piyush Goyal

Piyush Goyal recalled that in February, Narendra Modi and Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025. (Photo: Getty Images)

Getty Images

Trade talks with US moving forward positively, says Indian minister Goyal

INDIA’s commerce and industry minister Piyush Goyal on Thursday said that negotiations on the proposed trade agreement between India and the United States, which began in March, are progressing in a positive atmosphere and both sides are satisfied with the discussions.

He recalled that in February, Indian prime minister Narendra Modi and US president Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025.

Keep ReadingShow less
Baiju Bhatt

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)

Baiju Bhatt named among youngest billionaires in US by Forbes

INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.

Keep ReadingShow less