Tuesday’s information revealed $1.4 billion (approximately Rs10,300 crore) is being sought from the Indian Government by British Oil Explorer Cairn Energy Plc, in losses from the expropriation of its investments to enforce a retrospective tax demand.

Further information was that an international arbitral tribunal was expected by Cairn to provide a decree regarding the challenge to the Indian government seeking Rs10,247 crore in retrospective taxes, in the company’s half-yearly earnings statement. Since August 2018’s Treaty conduction in the Hague, regarding primary evidentiary hearing of Cairn’s claim (UK-India Bilateral Investment) the final hearing is now scheduled in December 2018. The tribunal is currently in the award drafting process.

Suggestions are that it will be in a position to issue the award nearing the conclusion of summer 2020, and no further delay following the COVID-19 situation. For over $1.4billion with outcomes from investment expropriation in 2014, Cairn seeks full restitution in losses. This marks the second most high profile retrospective tax litigation. Cairn supplied the country its biggest oil discovery, then was issued a notice from the income tax department in January 2014, raising a preliminary assessment of Rs10,247 crore tax liability about the group reorganization in 2006.