Ammar Zaidi

All stories by Ammar Zaidi

New York court pauses Cairn tax suit

New York court pauses Cairn tax suit

Rediff.com26 Sep 2021

A New York court has paused Cairn Energy's pursuit of US assets of Air India for the recovery of $1.2 billion arbitral award, so as to allow the British firm to reach a settlement with the Indian government on the long drawn dispute. The New York district court delayed the tax suit to November 18, according to court documents reviewed by PTI. This follows Cairn Energy and Air India jointly asking the court to stay further proceedings in view of the fresh government enacting a fresh law to scrap retrospective taxation in the country.

Cairn, Air India seek stay on New York court proceedings

Cairn, Air India seek stay on New York court proceedings

Rediff.com15 Sep 2021

Cairn Energy and Air India have jointly asked a New York federal court to stay further proceedings in the British firm's US lawsuit targeting the airline for enforcement of a $1.2-billion arbitral award. The move follows the government enacting a law to scrap retrospective taxation in the country, which in effect will result in withdrawal of the Rs 10,247 crore tax demand on Cairn, according to court documents reviewed by PTI. The British company had won an international arbitration award against levy of such taxes and sought to take over Air India assets when the government refused to honour the award and pay it $1.2 billion-plus interest and penalty.

Air India asks US court to dismiss Cairn petition

Air India asks US court to dismiss Cairn petition

Rediff.com29 Aug 2021

Air India has asked a New York court to dismiss a petition filed by Britain's Cairn Energy for seizure of its assets to enforce $1.2 billion arbitral awards against the Indian government, saying the litigation was premature as an appeal against the arbitration award was still pending. The petition by the airline, which is separate to Indian government's plea in a Washington court seeking dismissal of Cairn's lawsuit to seek confirmation of the arbitral award, said the New York district court lacks jurisdiction to adjudicate a "mere hypothetical question" or one that depends upon contingent future events that may or may not occur. Cairn first moved a court in the US District Court for the District of Columbia seeking confirmation of the arbitration award and then filed a petition in the New York court to seek declaration of Air India as "alter ego" of the Indian government and so it should be made liable to pay the $1.26 billion arbitral award.

Global oil majors may be joining race for BPCL

Global oil majors may be joining race for BPCL

Rediff.com26 Aug 2021

Global oil majors may be teaming up with investment funds that are already in the race to acquire Bharat Petroleum Corporation Ltd (BPCL), a document detailing steps needed to complete India's biggest privatisation showed. Billionaire Anil Agarwal's Vedanta group as well as two US funds -- Apollo Global and I Squared Capital - had last year submitted initial bids to buyout the government's entire 52.98 per cent stake in India's third-biggest oil refiner and second-largest fuel retailer. Detailing the 'Next Step', the 'Brief Note on BPCL Disinvestment' said Transaction Advisor and Asset Valuer are to submit an inception report, bidders have to complete due diligence of the company and sale purchase agreement has to be finalised.

India asks US court to reject Cairn's $1.2 bn suit

India asks US court to reject Cairn's $1.2 bn suit

Rediff.com17 Aug 2021

The Indian government has asked a federal court in Washington to dismiss Britain's Cairn Energy suit seeking enforcement of a $1.2 billion arbitral award, saying it had sovereign immunity under US law. Cairn had in May asked a US federal court to force Air India to pay a $1.26 billion arbitration award the firm had won in December. The government on August 13 filed a 'Motion to Dismiss' petition in the US District Court for the District of Colombia, saying it lacked subject matter jurisdiction in the dispute between Cairn and the Indian tax authority, according to a filing seen by PTI.

Was govt's decision to sell Cairn shares flawed?

Was govt's decision to sell Cairn shares flawed?

Rediff.com8 Aug 2021

Faced with prospect of its assets across the globe being seized just like Pakistan and Venezuela, the government decided to scrap retrospective taxation but the international embarrassment could have been avoided had 'attached' shares of Britain's Cairn Energy Plc not been sold, according to tax and legal experts. On Thursday, the government introduced a Bill in Parliament to scrap the tax rule that gave the tax department power to go 50 years back and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India. The 2012 legislation was used to levy a cumulative of Rs 1.10 lakh crore of tax on 17 entities, including UK telecom giant Vodafone, but substantial punitive action was taken only in the case of Cairn.

IOC to build India's first green hydrogen plant

IOC to build India's first green hydrogen plant

Rediff.com20 Jul 2021

India's largest oil firm IOC will build the nation's first 'green hydrogen' plant at its Mathura refinery, as it aims to prepare for a future catering to the growing demand for both oil and cleaner forms of energy. Indian Oil Corporation (IOC) has drawn a strategic growth path that aims to maintain focus on its core refining and fuel marketing businesses while making bigger inroads into petrochemicals, hydrogen and electric mobility over the next 10 years, its chairman Shrikant Madhav Vaidya said. The company will not set captive power plants at all its future refinery and petrochemical expansion projects and instead use the 250 MW of electricity it produces from renewable sources like solar power, he told PTI in an interview.

Cairn to target assets of state-owned firms to recover dues worth $1.2 billion

Cairn to target assets of state-owned firms to recover dues worth $1.2 billion

Rediff.com27 Jun 2021

After Air India, Britain's Cairn Energy PLC plans to target assets of state-owned firms and banks in countries from the US to Singapore as it looks to ramp up efforts to recover the amount due from the Indian government after winning an arbitration against levy of retrospective taxes. A lawyer representing the company said Cairn will bring lawsuits in several countries to make state-owned firms liable to pay the $1.2 billion plus interest and penalties that are due from the Indian government. Last month, Cairn brought a lawsuit in the US District Court for the Southern District of New York pleading that Air India is controlled by the Indian government so much that they are 'alter egos' and the airline should be held liable for the arbitration award.

BPCL may sell IGL, Petronet pie to shed promoter status

BPCL may sell IGL, Petronet pie to shed promoter status

Rediff.com25 May 2021

Privatisation-bound Bharat Petroleum Corporation (BPCL) may sell a part of its stake in Petronet LNG and Indraprastha Gas (IGL) to shed its promoter status to obviate the need for its new owner to make open offers for the two gas companies, sources said. BPCL holds 12.5 per cent of shareholding in India's largest liquefied natural gas importer, Petronet, and a 22.5 per cent stake in city gas retailer, IGL. It is a promoter of both the listed companies and holds board positions. As per the legal position evaluated by Department of Investment and Public Asset Management (DIPAM) - the department running the process for sale of government's entire 52.98 per cent stake in BPCL - the acquirer of BPCL will have to make an open offer to the minority shareholders of Petronet and IGL for acquisition of 26 per cent shares, three sources with knowledge of the matter said.

India, Russia ink key pact for 2 nuclear power units

India, Russia ink key pact for 2 nuclear power units

Rediff.com1 Jun 2017

The two countries also asked all nations to stop cross-border movement of terrorists and asserted that a decisive collective response from the international community without 'double standards and selectivity' was required to combat the threat of terrorism.

Putin gets emotional as Modi strikes a personal chord

Putin gets emotional as Modi strikes a personal chord

Rediff.com1 Jun 2017

Putin said India will become a full-fledged member of the SCO in a week.

Russia's Rosneft-led group acquires Essar Oil for nearly Rs 88,000 crore

Russia's Rosneft-led group acquires Essar Oil for nearly Rs 88,000 crore

Rediff.com15 Oct 2016

Rosneft bought a 49 per cent stake in Essar Oil's refinery port and petrol pumps, while Netherlands-based Trafigura Group Pte, one of the world's biggest commodity trading companies, and Russian investment fund United Capital Partners split another 49 per cent equity equally.

India seeks rights to operate Iran oil field

India seeks rights to operate Iran oil field

Rediff.com24 May 2016

Besides IOC, ONGC Videsh Ltd has also sought two discovered fields from the 16 fields that Iran is likely to put on auction shortly

Time to regain past glory, says PM on India-Iran ties

Time to regain past glory, says PM on India-Iran ties

Rediff.com23 May 2016

Invoking the age-old cultural bonds between India and Iran, Prime Minister Narendra Modi on Monday said it was time for the two countries to "march together" by regaining the "past glory" of historical ties

Prime Minister Modi meets Iranian Supreme Leader

Prime Minister Modi meets Iranian Supreme Leader

Rediff.com23 May 2016

Prime Minister Narendra Modi on Monday called on Iranian Supreme Leader Ali Khamenei.

PM talks dosti as India-Iran sign historic Chabahar pact

PM talks dosti as India-Iran sign historic Chabahar pact

Rediff.com23 May 2016

India and Iran on Monday decided to jointly combat terror, radicalism and cyber crime as the two strategic partners signed 12 agreements including a "milestone" pact on developing the key Chabahar port for which India will provide $500 million.

Modi meets Prez Rouhani, Chabahar Port pact on Iran agenda

Modi meets Prez Rouhani, Chabahar Port pact on Iran agenda

Rediff.com23 May 2016

Invoking India's "civilisational ties" with Iran, Prime Minister Narendra Modi flew in to Tehran on Sunday on a two-day visit, saying his talks with the Iranian leadership would provide him an opportunity to advance the "strategic partnership" between the two countries.

PM Modi arrives in Iran; Chabahar port, energy ties high on agenda

PM Modi arrives in Iran; Chabahar port, energy ties high on agenda

Rediff.com22 May 2016

Prime Minister Narendra Modi on Sudnay arrived in Tehran on a two-day visit.

World must act in unison against terrorism: Modi @G20 summit

World must act in unison against terrorism: Modi @G20 summit

Rediff.com16 Nov 2015

Prime Minister Narendra Modi said some countries still use terrorism as "an instrument of state policy" and the world must act against radicalisation without any political consideration

G20 summit: Terrorism, climate change to top Modi's agenda

G20 summit: Terrorism, climate change to top Modi's agenda

Rediff.com14 Nov 2015

The host country has been pressing for a discussion at the 10th G20 Summit on the conflicts in Syria and the worst migrant crisis since World War II.