Cairn, which last year won an arbitration award for $1.7 bn over a controversial retrospective tax demand, has called Air India 'an alter ego' of the Indian govt.
Retrospective taxes are just one facet of arbitrary state action. MNCs that have committed billions of dollars have many other legal minefields awaiting them.
Decision will end India’s dispute with Vodafone Plc and Cairn Energy Plc, and in 15 other similar cases. FM Sitharaman notes that the retrospective tax became a ‘sore point’ with investors.
A tax dispute stemming from a 15-year old transaction has adversely impacted India’s efforts to project itself as an investor friendly destination. ThePrint explains
China patiently invested capital, skill and technology in coal gasification. Unlike it, we won’t move from words to action. As crude prices decline, we lose interest.
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