EXCLUSIVE-India asks state banks to withdraw cash held abroad over Cairn dispute, sources say [Reuters]
CAPRICORN ENERGY UNSP/ADR (CRNCY)
NASDAQ:AMEX Investor Relations:
cairnenergy.com/investors
Company Research
Source: Reuters
By Aftab Ahmed , Nupur Anand 4 Min Read * Cairn awarded over $1.2 bln in arbitration decision * India appealed ruling in dispute over retrospective tax * London-listed firm has been identifying Indian assets * Cairn says it is seeking solution with Indian government * Government source says talks with Cairn not progressing NEW DELHI, May 6 (Reuters) - India has asked state-run banks to withdraw funds from their foreign currency accounts abroad, two government officials and a banker said, as New Delhi fears Cairn Energy may try to seize the cash after an arbitration ruling in a tax dispute. Cairn was awarded damages of more than $1.2 billion plus interest and costs in December in a long drawn-out tussle with the Indian government over its retrospective tax claims. While New Delhi has filed an appeal, the London-listed firm has started identifying Indian assets overseas, including bank accounts, that could be seized in the absence of a settlement, which Cairn says it is still pursuing.
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