India to appeal against arbitration decision questioning authority to tax

  • Reuters
  • Stock Market News
India to appeal against arbitration decision questioning authority to tax
Credit: © Reuters.

NEW DELHI, March 5 (Reuters) - India's finance minister on Friday said New Delhi will appeal against the arbitration decision questioning the authority of the country to levy tax, when asked about a retrospective decision on Cairn Energy Plc CNE.L .

Nirmala Sitharaman was speaking to reporters in New Delhi.

In December, an arbitration body awarded the British firm damages of $1.2 billion plus interest and costs, after ruling India had breached its obligations to Cairn under the U.K.-India Bilateral Investment Treaty.

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