India has reduced the time period for foreign investors to seek international arbitration from five years to three years as part of the recently signed investment pact with the United Arab Emirates (UAE), a departure from its model Bilateral Investment Treaty (BIT). Under the Investor-State Dispute Settlement (ISDS) mechanism, if the Indian judicial system is unable to resolve a dispute within this shortened period, investors can resort to international arbitration. The investment pact, signed on February 13 in Abu Dhabi, came into force on August 31, replacing the previous pact.
As the government moves to revamp India's securities legislation, unifying three different laws into the Securities Markets Code (SMC), regulatory experts and market insiders have raised concerns on potential funding challenges for the stock market regulator.
Pakistan has reiterated its desire for normal neighbourly relations with India, while also criticizing India's decision to put the Indus Waters Treaty in abeyance. The Foreign Office spokesperson emphasized Pakistan's commitment to diplomacy and regional cooperation.
The lack of mutually acceptable arbitrators has delayed the resolution of the two-and-a-half-year-old dispute between Reliance Industries Ltd and the government of India over the recovery of $2.376 billion worth of investment in the KG-D6 gas block.
Recently, the government had appointed former Chief Justice of India R C Lahoti as arbitrator in the tax dispute case.
Choice of jurisdiction is important as that decides which country's law would apply in settlement of the dispute, says Sudipto Dey.
The government on Wednesday cleared two ordinances for speedy settlement of commercial disputes in the country, giving a fresh impetus to ease of doing business.
ZEE Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India on Tuesday said they have settled their six-month-long dispute related to the failed $10-billion merger and have agreed to withdraw all claims against each other. As part of the "comprehensive non-cash settlement" between ZEEL and Culver Max Entertainment Pvt Ltd (CMEPL), both "have mutually agreed to withdraw all respective claims against each other, in the ongoing arbitration at the SIAC and all related legal proceedings initiated in the NCLT and other forums," said a joint statement.
Experts say Future group will look for an out-of-court settlement with help from Reliance in the Amazon matter.
Vodafone further said it has "always been confident" that no tax is due on the company. The government in August enacted a law to end all retrospective taxation imposed on indirect transfer of Indian assets. The rules under the law seek to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets and also refund the amount paid in these cases without any interest. Asked if the company has filed an application with the Indian government to settle the retrospective tax dispute, a Vodafone spokesperson said, "We can confirm we have filed an application".
The arbitration of any court is legally binding and the government) can approach the Singapore high court.
Officials say telco still keen on process.
Gandhi urged the prime minister to speak out "clearly, boldly and forthrightly" on behalf of the legacy that India has long represented.
Sanjay Kirloskar, promoter of Kirloskar Brothers, moves Supreme Court to enforce a family settlement signed in 2009.
A robust dispute settlement system would help the government unlock tax revenues, and also aid ease of doing business.
The Supreme Court on Monday appointed former apex court judge Justice R V Raveendran as a mediator to settle the family property dispute involving businessman and former IPL head Lalit Modi and his mother Bina Modi. The apex court observed that counsel appearing for both sides agreed that they would go without any pre-condition and with an open mind to settle the dispute in mediation. "....We also think the issue can be resolved by way of mediation," a bench headed by Chief Justice N V Ramana said. "Accordingly, we appoint Justice R V Raveendran, a retired judge of this court, to mediate and settle the dispute," said the bench, also comprising justices Krishna Murari and Hima Kohli.
Vodafone, according to sources, in its response to the Finance Ministry's offer for conciliation, had expressed keenness to settle the long-pending capital gains tax dispute.
India is in the process of filing an appeal against an arbitration panel asking it to return $1.2 billion to British oil firm Cairn Energy Plc, sources said on Wednesday. If enforcement proceedings are initiated, India is confident to address them and will strongly defend its interests, the sources said, adding it is open to a constructive settlement of tax disputes within the existing legal framework. India is in the process of filing an appeal in the Cairn's arbitration award case, they said, adding in this case, it was well within India's sovereign powers to redress the situation of Double Non-Taxation and tax abuse. Cairn chief executive Simon Thomson had last month met the then finance secretary Ajay Bhushan Pandey to discuss the arbitration award.
The Supreme Court on Tuesday said it would consider a joint request for mediation of low-cost airline SpiceJet and media baron Kalanithi Maran and his Kal Airways for amicably settling all pending disputes between them including the row over the share-transfer issue. A bench comprising Chief Justice N V Ramana and Justices J K Maheshwari and Hima Kohli was apprised by senior advocate Mukul Rohatgi, appearing for SpiceJet, that there were three pending issues between the low-cost airline and Maran and out of these, one has been settled on July 29. Initially, Rohatgi sought four to six week time for settling all the issues between the parties.
The company moved the income-tax appellate tribunal and its appeal is pending there.
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The government is likely to file an appeal against the Cairn arbitration award contesting its sovereign rights to tax, sources said.
The dispute arose after Nissan alleged that Tamil Nadu hadn't paid certain incentives under a 2008 agreement to set up a car plant at Oragadam, near Chennai.
Telenor 'yet again surprised', says will challenge order in a higher court
The Indian government has paid Cairn Energy Plc Rs 7,900 crore to refund taxes it had collected to enforce a retrospective tax demand, ending a seven-year-old dispute that had tarred the country's image as an investment destination. 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. The tax department had used a 2012 legislation, which gave it powers to go back 50 years and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India, to seek Rs 10,247 crore in taxes from Cairn.
The Supreme Court on Friday refused to pass any order on a plea alleging that former IPL commissioner Lalit Modi made "scurrilous" remarks against former attorney general and senior advocate Mukul Rohatgi in a social media post.
The sources said India has always been a steadfast supporter and a responsible partner in implementing the IWT in letter and spirit.
Vittorio Colao, who is currently on an India visit, said he would be open to listing his company in the country
The government has signed Bippas with 72 nations.
As Tata and DoCoMo look for out-of-court settlement, here's a blow-by-blow account of the long legal tussle
Chinese President Xi Jinping on Saturday asked the United States to "play a constructive role" in maintaining peace and stability in the disputed South China Sea, asserting that Beijing will "unswervingly" safeguard its sovereignty over the area.
The parties have jointly applied to the Delhi high court, requesting that it accept their agreed terms of settlement, subject to such further orders as the court sees fit, it said.
The Supreme Court has appointed its former judge P V Reddi to mediate the dispute between SpiceJet and its former promoter Kalinithi Maran, the airline said on Wednesday. The dispute dates back to 2015, when Maran sold his stake in SpiceJet of 58.46 per cent, or 50.4 million shares, to Ajay Singh for Rs 2 after the airline suffered financial trouble. A year later, Maran approached the Delhi high court, alleging a breach of agreement by Singh for not issuing him 189 million share warrants and preference shares despite Maran's Rs 679-crore infusion.
The Shia Waqf Board is drafting the terms and conditions of a mutual agreement.
"Companies ideally like to resolve issues across the table through discussions but this requires decisions to be taken by the government and that does not happen often," says a person who is closely associated with one of the high-profile arbitration cases with the UPA government that has now landed in the courts.
A bench headed by Justice H L Dattu, however, allowed the petitioner, former Additional Solicitor General Bishwajit Bhattacharyya, to file fresh petition with all the relevant documents stating what action Centre has so far been taken on the issue.
The Supreme Court had ruled in Vodafone's favour in 2012.
Finance Minister Arun Jaitley, in his Budget speech on Monday, announced a new dispute resolution mechanism for such companies who are in confrontation with the taxman's action.
During a series of hectic talks between Cairn Energy and the Indian government over the $1.2-billion arbitration award in favour of the former last week, a slew of options was proposed by the two sides, including computation of capital gains and participation in the Vivad se Vishwas (VsV) dispute resolution scheme. The government is likely to go ahead and appeal against the arbitration award by a Permanent Court of Arbitration at The Hague before March 21, indicated finance ministry officials. Cairn Energy Plc on Sunday said it was hopeful that an acceptable solution to its tax dispute with the Indian government could be found to avoid prolonging and exacerbating the 'negative issue' for all parties.
In a setback for China, an international arbitration court ruled that it has jurisdiction to hear some territorial claims the Philippines has filed against it over disputed areas in the South China Sea, a ruling rejected by China as null and void.
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