“There have been news reports that Cairn Energy has seized/ frozen state-owned property of the government of India in Paris. The finance ministry statement said Cairn’s chief executive officer Simon Thomson and several representatives had approached it for discussions to resolve the matter. Foreign ministry spokesman Arindam Bagchi said on Thursday that the dispute with Cairn is dealt with by the ministry of finance. I would refer you to that for the answers to these queries," Bagchi told reporters when questioned about India’s strategy in view of the Paris court order. Cairn is pursuing efforts to monetize the arbitration award in multiple jurisdictions, primarily focused on regions with high-value assets.

Source: Mint July 08, 2021 19:18 UTC