Seizure of assets overseas

  Syllabus: General studies paper 3 (Economics) Context: Recently, britain’s cairn energy plc has secured an order from a french court authorising the freezing of 20 indian government properties in paris valued at over 20 million euros. About the dispute: The arbitration between india and cairn challenged the india retrospective taxation policy: In 2012, india brought in legislation mandating retrospective tax demands over deals going back to 1962 in which shares in non-indian companies were transferred to an indian holding company. In 2006-07, as a part of internal rearrangement, cairn uk transferred shares of cairn india holdings to cairn india.....Read More