Cairn’s Air India takeover bid to be defended by India

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After reports that filed a lawsuit against Air India making the company capable of using  the assets of India's flagship carrier to enforce a $1.2 billion arbitration award won by the company  in a tax dispute after the case took over at the US District court for the southern district of New York on Friday. In response the Indian government notified the national media that"The government is yet to receive formal notice of any such claims and hence these reports are purely in the realm of speculation. The government is well aware of its legal rights and will defend its case in courts should such proceedings materialise"." It is equally confident of winning its appeal in The Hague. Cairn did not pay a single rupee tax anywhere in the world in respect of the impugned transactions. Cairn had also lost its appeal before the Income-Tax Tribunal," the same added.

Advocates of Cairn claimed that a state-owned company is "legally indistinct from the state itself"." The nominal distinction between India and Air India is illusory and serves only to aid India in improperly shielding its assets from creditors like (Cairn)," their file read. The company EE earlier commented that the required legal steps taking to protect the interest of the shareholders due to absence of any appropriate resolution and the spokesperson said "Cairn remains open to continuing constructive dialogue with the Government of India"

Source:ndtv

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