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Arbitration case: Cairn digs in heels, PSBs say prepared for legal battle

Deposits are customers' money and not govt assets, hence can't be attached: Lenders

cairn, oil and gas
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The Scottish firm had invested in the oil and gas sector in India in 1994 and a decade later it made a huge oil discovery in Rajasthan

Abhijit LelePTI Mumbai
Indian public sector banks with substantial presence abroad are legally ready to mount a challenge abroad to counter any efforts by Cairn Energy to attach their assets. The development comes on the back of Cairn Energy saying on Tuesday that it was taking all necessary action to access the $1.7 billion it was awarded by the international arbitration tribunal after overturning the retroactive tax demand slapped by the Indian government.
 
Given that deposits with overseas branches is public money and not a sovereign asset, attaching funds in such accounts is beyond the realm of rights of the said company,

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