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India FTAs & ISDS

US court stays confirmation of $111-m award for Devas shareholder
31-Mar-2022 The Hindu BusinessLine
The US District Court of Colombia has decided to grant a temporary stay over the confirmation of $111-million award won by Devas’ Mauritius shareholders against India.
India pays back Cairn Rs 7,900 crore to settle over 7-year-old retro tax dispute
25-Feb-2022 The Times of India
The company, which is now known as Capricorn Energy PLC, in a statement said it has received "net proceeds of $1.06 billion", of which nearly 70 per cent will be returned to the shareholders.
Devas shareholders move another arbitration
4-Feb-2022 The Hindu
The shareholders are seeking compensation commensurate with an arbitration award of $1.3 billion and have demanded that since Devas has been wound up, India must pay the award directly to the claimants.
Cairn says completed all steps of retro tax repeal law, eligible for ₹7,900 cr tax refund
26-Jan-2022 Mint
As part of the settlement reached with the Indian government over the levy of back taxes, the company has withdrawn all cases that were brought to collect the tax refund ordered by an international arbitration tribunal.
Govt to use SC order to counter Devas’ arbitration cases abroad
19-Jan-2022 Mint
Finance minister said the Modi administration would contest multiple arbitration awards won by shareholders of Devas Multimedia Pvt. Ltd over a cancelled contract on the strength of the Supreme Court’s validation of the fraud charges against the company.
Why India’s bilateral investment treaty model needs a rethink
18-Jan-2022 The Wire
A recent report by the Standing Committee on External Affairs shows how there are two missing pieces to the puzzle.
French court orders freezing of Indian property on Devas’ plea
13-Jan-2022 Devdiscourse
Two separate arbitrations were also initiated under the bilateral investment treaty BIT by Mauritius investors in Devas Multimedia under the India-Mauritius BIT and by Deutsche Telekom under the India Germany BIT.
Devas can seize only 50% of Air India’s assets, says Canada court
10-Jan-2022 The Hindu
It quashes order permitting seizure of funds belonging to Airports Authority of India.
Cairn withdraws all lawsuits against India
7-Jan-2022 DT Next
Britain’s Cairn Energy has dropped all lawsuits against the Indian government and its entities in courts from the US to France and to Singapore, to now be entitled for about Rs 7,900 crore refund of taxes.
The failed deal between Antrix and Devas Multimedia
5-Jan-2022 The Hindu
Why has a Canadian court ordered the seizure of more than $30 million worth of AAI’s assets? How can a foreign power issue such an order?
Devas seizes $6.8 million worth of AAI property in Canada
3-Jan-2022 The Hindu
The shareholders had sought the right to seize all sum or moveable property of India and/or AAI being held by the International Air Transport Association.
India’s BITs recalibration is paying off
23-Nov-2021 Lawyer Monthly
India’s steps to better protect itself hasn’t curbed the appetite of foreign investors, suggesting that the perceived correlation between FDI and robust investor protection is overstated.
Cairn Energy moves to settle $1 billion tax dispute with India
4-Nov-2021 Mint
The settlement is under the Taxation Laws (Amendment) Act, introduced this year to put an end to 17 tax disputes India has with multinational companies like Cairn and Vodafone Plc.
Antrix case: Devas says award confirmed by ‘many nations’
4-Nov-2021 The Hindu BusinessLine
Seen as a step for seizure of assets of Indian PSUs abroad.
Devas Multimedia eyeing foreign assets of Indian govt to enforce $1.3 bn arbitral award
19-Oct-2021 The Economic Times
Devas Multimedia’s investors are eyeing several properties owned by the Indian government across the world, as they seek to enforce a $1.3 billion arbitral award the satellite company won against Antri.
Cairn accepts $1 billion refund offer, to drop cases against India within days: CEO
7-Sep-2021 Mint
Cairn Energy will drop litigations to seize Indian properties in countries ranging from France to the US, within a couple of days of getting a $1 billion refund resulting from the scrapping of a retrospective tax law.
India to scrap retrospective tax law in olive branch to global firms
6-Aug-2021 Reuters
India proposed scrapping a controversial law that taxed companies retrospectively, a move that could potentially settle its multi-billion-dollar tax cases with Cairn Energy and Vodafone.
Cairn arbitration: Govt confirms French court order against Indian assets
28-Jul-2021 Mint
The government confirmed that a French court has ordered the freezing of certain Indian assets on a petition by Britain’s Cairn Energy, which is seeking to recover USD 1.72 billion arbitration award.
Britain’s Cairn gets French court order to seize 20 Indian properties in Paris
8-Jul-2021 The Tribune
The centrally located properties mostly comprise flats, valued at more than EUR 20 million, used by the Indian government establishment in France.
Devas investors move US court, tag Air India assets to recover award
30-Jun-2021 The Indian Express
The Mauritius investors is seeking to get Air India declared an alter ego of India in order to pursue assets of the national carrier as a strategy to enforce arbitration awards against the government.