Cairn Energy agrees amended timetable for India tax dispute
Cairn Energy updated the market on its ongoing tax dispute with the Government of India on Wednesday, which was taking place under the UK-India Bilateral Investment Treaty.
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The FTSE 250 company said arbitration proceedings were “well-advanced”, and the tribunal and parties had now agreed the process and timetable for finalising document production, submissions and hearings.
It said that included some extensions to the previously-agreed schedule, and taking into account the tribunal and parties' availability, the final hearing had now been scheduled for August 2018.
“The tribunal stated that it expects the parties to strictly adhere to the deadlines set out in the amended procedural calendar and it will make appropriate arrangements to progress with the drafting of the award as expeditiously as possible,” Cairn’s board explained in its statement.