India is preparing to appeal a $1.2 billion arbitral award granted to Cairn Energy in a Dutch court, in connection with a retrospective tax demand case, Mint reported.
Cairn Energy's Chief executive officer (CEO) Simon Thomson will meet Finance Secretary Ajay Bhushan Pandey and other senior officials on February 18, the report said.
Also, read | Cairn Energy wants India to solve tax dispute 'swiftly': What is the issue all about?
The only relief the Indian government might offer to Cairn Energy is to waive interest and penalty on the principal tax demand through the Vivad Se Vishwas Scheme, the report added.
Moneycontrol could not independently verify the story.
The Ministry of Finance had not yet responded when contacted by Mint, and a spokesperson for Cairn Energy declined to comment.
Cairn Energy has filed a case in a US district court to enforce the arbitration award, Reuters reported citing a February 12 court filing.
In December 2020, the Permanent Court of Arbitration (PCA) at The Hague, Netherlands had ruled that the Indian government should pay damages worth $1.2 billion to Cairn Energy.
The Centre is currently in a similar dispute with British telecom major Vodafone after the PCA granted the company an arbitration award in 2020. the Indian government has challenged the tribunal’s verdict.
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