News Brief

Will Take Appropriate Legal Action After Receiving French Court's Order: Govt On Cairn Seizing Indian Assets In France

Swarajya Staff

Jul 08, 2021, 02:14 PM | Updated 02:14 PM IST

Cairn Energy logo
Cairn Energy logo

Following media reports that British energy major Cairn has seized Indian assets in Paris after a French court's nod, the government on Thursday (8 July) said that it has not received any notice, order or communication in this regard from any French court.

The government is "trying to ascertain the facts, and whenever such order is received, appropriate legal remedies will be taken, in consultation with its counsels, to protect the interests of India", the Finance Ministry said in a statement on Thursday (8 July).

According to the reports, French courts completed the legal process on Indian asset takeover on Wednesday (7 July) that started last month when it had ordered the takeover in favour of Cairn Energy.

The ministry further said that the government has already filed an application earlier on 22 March this year to set aside the December 2020 $1.2 billion international arbitral award in the favour of Cairn, in the Hague Court of Appeal.

The government will vigorously defend its case in Set Aside proceedings at the Hague, the ministry said.

Further, the ministry added that the CEO and the representatives of Cairn have approached the government for discussions to resolve the matter.

"Constructive discussions have been held and the government remains open for an amicable solution to the dispute within the country’s legal framework," it added.

Also Read: UK Energy Major Cairn Gets French Court's Nod To Takeover Indian Assets In Paris To Recover Arbitration Award: Report

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