News

India Arbitration Update

28 Oct 2019

India Arbitration Update

Cairn is announcing an update on its proceedings against India under the UK-India Bilateral Investment Treaty.

The Arbitral Tribunal has indicated that, whilst it is not yet able to commit to a specific award release date, it expects to be in a position to issue the Award in the summer of 2020. In compliance with direction from the Tribunal, the relevant text is reproduced in full below.*

Cairn continues to have a high level of confidence in the merits of its claims in the arbitration and is seeking full restitution for losses of more than US$1.4 billion.

* “The Arbitral Tribunal has indicated that it expects to be in a position to issue the Award in the summer of 2020, but has clarified that to avoid any misunderstanding, the Tribunal did not intend firmly to commit to a specific Award-release date, nor is it yet in a position to do so.”

 

Background

Cairn commenced proceedings against India in 2015 following retrospective taxation actions undertaken by the Indian Income Tax Department (“IITD”) in 2014. Final merits hearings for the arbitration concluded during 2018.

 

Enquiries to:

Analysts / Investors
David Nisbet, Corporate Affairs
Tel: 0131 475 3000

Media
Linda Bain, Corporate Affairs
Cairn Energy PLC
Tel: 0131 475 3000

Patrick Handley, David Litterick
Brunswick Group LLP
Tel: 0207 404 5959

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