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Cairn's Board of Directors writes to PM Narendra Modi, seeks payment of arbitration award

The UK's Boris Johnson government has also asked the Indian government to respect the arbitration award in favour of Cairn Energy.

January 28, 2021 / 10:01 PM IST

Cairn Energy was awarded damages of over $1.2 billion plus interest and costs in a long drawn-out tussle over a retrospective tax dispute last month.

Cairn Energy was awarded damages of over $1.2 billion plus interest and costs in a long drawn-out tussle over a retrospective tax dispute last month.

Cairn Energy Plc's  Board of Directors has written to Prime Minister Narendra Modi, asking the Indian government to honour an arbitration award and return $1.2 billion to the British oil firm, reported

"A significant milestone was achieved in December 2020 with a unanimous award in favour of Cairn in its arbitration with the Government of India (GoI) under the UK-India Bilateral Trade Investment Treaty. We have engaged with the GoI on adherence and are taking steps to protect our rights," CNBC-TV18 quoted Cairn Energy as saying.

The UK's Boris Johnson government has also asked the Indian government to respect the arbitration award.

The UK-based energy firm was awarded damages by a tribunal at the Permanent Court of Arbitration in The Hague in the retrospective tax case last month.