French Court Rules In Favour Of Cairn

A court in France has approved the request of Cairn Energy to freeze several India-owned assets in Paris towards settlement of an international arbitration order. The order will allow Cairn to take over 20 Indian properties in Paris worth more than 20 million Euros. The arbitration order had directed the Indian government to pay Cairn $1.2 billion in damages and costs over a tax dispute. India has refused, saying the arbitration order has challenged the country’s sovereign right to taxation.