Monday, July 26, 2021

Finance Ministry denies news reports that Cairn Energy seizes state-owned property of GoI in Paris

Union Finance Ministry has denied news reports that Cairn Energy has seized or frozen state-owned property of Government of India in Paris. The Ministry in a release said, it has not received any notice, order or communication, in this regard, from any French Court. It further said, the government is trying to ascertain the facts, and whenever such an order is received, appropriate legal remedies will be taken in consultation with its Counsels to protect the interests of India.

Government has already filed an application on 22nd of March this year to set aside the December 2020 international arbitral award in The Hague Court of Appeal. Government will vigorously defend its case in set aside proceedings at The Hague. It is also stated that the CEO and the representatives of Cairns have approached the Government of India for discussions to resolve the matter. Constructive discussions have been held and the government remains open for an amicable solution to the dispute within the country’s legal framework.

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