Paris: A court in France has ordered to seize 20 Indian government properties in Paris valued at over 20 million euros. The court announced this verdict in favour of British company Cairn Energy Plc in an arbitration case.
The Union government will contest the French court order. ‘There have been news reports that Cairn Energy has seized/frozen State-owned property of Government of India in Paris. However, Govt. of India has not received any notice, order or communication, in this regard, from any French Court. Government is trying to ascertain the facts, and whenever such an order is received, appropriate legal remedies will be taken, in consultation with its Counsel, to protect the interests of India,’ the finance ministry said in an official statement.
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The British company initiated a process to seize Indian assets in May. Cairn registered the arbitration award in many jurisdictions, including the US, the UK, Canada, Singapore, Mauritius, France and the Netherlands. Cairn filed a lawsuit in the US against Air India to enforce the US dollar 1.2-billion arbitration award it won last year against the Indian government in a longstanding tax dispute.
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