The government has now proposed to refund principal amount in full to the litigants, with certain conditions
The fact that the govt decided to come up with an amendment speaks highly of its commitment towards the international investor community
They, however, say are not sure if the lack of interest and costs payable by govt will satisfy all litigants
This change in retro tax law will reflect well on the govt's efforts to improve the ease of doing business environment
Cairn Energy Plc said it is taking all necessary actions to access the $1.7 bn it was awarded by an international arbitration tribunal after overturning a retroactive tax demand slapped by Indian govt
Govt should end its retrospective tax disputes
This year's budget is due on Monday. All that Finance Minister Sitharaman has to do is to make a provision for the Cairn payment, an insignificant footnote in her $415 billion-plus expenditure plan
It avoids real political issues, refuses to go into details, hides more than it tells, and is therefore a big let-down
The government sticking to its stand that bilateral investment treaties cannot override a nation's sovereign right to tax
Experts mixed on the Indian government response. Some say it will send wrong signal to investors, while others say bilateral investment treaties exclude tax disputes
Here's a selection of Business Standard opinion pieces for the day
Govt must move on, accept retro tax arbitration awards
India lost the Cairn arbitration case. The case was related to the retrospective tax amendment law and the verdict came late night Tuesday. How did the dispute arise? Listen to the podcast for more
Ending "tax terrorism" was the BJP's promise in the 2014 election that brought Narendra Modi to power giving hope to the likes of the UK's Cairn Energy Plc. But the hopes have been belied
The retrospective tax controversy was highlighted by Vodafone, but Cairn Plc's continuing problems point to the impact this law has had on FDI in India's oil and gas sector
Business Standard opinion pieces for the day, among other things, talk about the issues related to Lakshmi Vilas Bank
The international court's ruling shows that a law amended by India's parliament has remained only on paper
Dutt is a senior partner at DMD advocates, the law firm that represented Vodafone at The Hague
Cairn is awaiting its own arbitration award for which the final hearings concluded way back in 2018
Pursuing the matter further will affect investment climate