Cairn, Air India seek stay on New York court proceedings
The Hindu
In return for ₹ 7,900 crore, Cairn would drop lawsuits threatening court-ordered seizures of Indian government property abroad.
Cairn Energy and Air India have jointly asked a New York federal court to stay further proceedings in the British firm's U.S. lawsuit targeting the airline for enforcement of .
The move follows the government enacting a law to scrap retrospective taxation in the country, which in effect will result in withdrawal of the ₹ 10,247 crore tax demand on Cairn, according to court documents reviewed by PTI.
The British company had won an international arbitration award against levy of such taxes and sought to when the government refused to honour the award and pay it $ 1.2 billion-plus interest and penalty.
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