thenewsfacts.com
  • Home
  • Latest News
  • Trending News
  • Entertainment
  • Technology
  • Sports
  • Business
  • Health
thenewsfacts.comthenewsfacts.com
Font ResizerAa
Search
  • Home
  • Latest News
  • Trending News
  • Entertainment
  • Technology
  • Sports
  • Business
  • Health
Follow US
© thenewsfacts : All Rights Reserved.

Home » $1.26 Billion Law Suit clouds Air-India

Business

$1.26 Billion Law Suit clouds Air-India

TheNewsFacts
Last updated: June 20, 2021 2:02 pm
TheNewsFacts
Share
$1.26 Billion Law Suit clouds Air-India
SHARE

Air India has time till mid-July to challenge the lawsuit filed by Britain’s Cairn Energy PLC demanding that a US federal court force the airline to pay a USD 1.26 billion arbitration award it had won against the Indian government in December last year, sources said.

Air India is controlled by the Indian government so much that they are “alter egos”, Cairn had said in the lawsuit filed with the US District Court for the Southern District of New York. The court should hold the airline company liable for the arbitration award, the company had said.

A three-member international arbitration tribunal that consisted of one judge appointed by India had unanimously in December overturned levy of taxes on Cairn retrospectively and ordered refund of shares sold, dividend confiscated and tax refunds withheld to recover such demand.

With Cairn seeking to recover the award from state-owned entities such as Air India, the government has said it will contest any enforcement.

Air India has time till mid-July to file a plea contesting Cairn lawsuit, three sources aware of the matter said.

The airline, which is in the process of being privatised, is likely to argue that it is a separate entity and not the alter ego of the Indian government and cannot be forced to pay for any liability of the government, they said.

Air India spokesperson has not given any comments.

Share This Article
Twitter Email Copy Link Print
Previous Article Saudi Aramco $12.4 billion deal Saudi Aramco strikes $12.4 billion gas pipeline sale
Next Article Debutant Sneh Rana sets new record in Women's Test Match Debutant Sneh Rana sets new record in Women’s Test Match

Your Trusted Source for Accurate and Timely Updates!

We're committed to providing accurate and unbiased news as it unfolds, earning the trust of a large audience. Stay informed with our news updates on the latest events and trends, keeping you ahead of the curve.
FacebookLike
TwitterFollow
InstagramFollow

Popular Posts

Raja Shivaji Biopic: Riteish Deshmukh Takes Helm as Director and Lead Actor

Feb 19: Raja Shivaji Biopic is all set to adorn the screen. In a grand…

By NewsFacts Bureau

Ganapath Review: Tiger Shroff Great Action Flick and Box Office Blues

Ganapath Review: Directed by Vikas Bahl and co-produced by Jackky Bhagnani, Tiger Shroff and Kriti…

By TheNewsFacts

World Water Day 2023: How to Make a Difference in 5 Simple Ways

Today is World Water Day 2023, it is time to think about how we can…

By TheNewsFacts

You Might Also Like

Blip
Business

Cash Crunch Blows Death Knell to Blip’s Fast Fashion Dream

By TheNewsFacts
Jane Street
Business

SEBI Drops Hammer on Jane Street: $566M in Illegal Gains

By NewsFacts Bureau
AM Green Group, Greenko
Business

AM Green Group 17.5% Stake in Greenko to Drive Upstream Integration

By TheNewsFacts
Venture Capital
Business

Venture Capital Investment Outlook Still Cloudy for 2025 in Startups

By NewsFacts Bureau
thenewsfacts thenewsfacts

About US


TheNewsFacts: Brings you the interesting facts, news facts and updates from India an the world across politics, tech, entertainment, business, tending, and more. We deliver what you love to read.
Top Categories
  • Latest News
  • Trending News
  • Paris Olympics 2024
  • Sports
  • Entertainment
  • Business
  • Technology
Usefull Links
  • About The News Facts
  • Latest News
  • Privacy Policy
  • Editorial Policy
  • Disclaimer
  • Contact Us
Follow us
Facebook Twitter Instagram

© thenewsfacts. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?