In a Statement of Claim recently filed with an international arbitration panel, Cairn has sought withdrawal of the tax bill by the Indian government along with its demand for compensation.
Cairn alleged in its statement that India has “failed to uphold its obligations” under the UK-India Investment Treaty by not giving its investments in the country “fair and equitable treatment”.
While Cairn is seeking $1 billion in compensation for the loss of value resulting from the restriction on the sale of its shares in Cairn India, the remaining $4.6
