Appeal against tax authority to appeal against arbitration decision to government

The finance minister said on Friday that New Delhi would appeal against the country’s arbitration decision to impose a tax when asked about the retrospective decision on Cairn Energy plc.

Nirmala Sitharaman was talking to reporters in New Delhi. In December, an arbitration body awarded the UK firm more than $ 1.2 billion in interest and cost losses, ruling India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty.