Cairn identifies $70 billion Indian assets for seizing to recover amount due from govt
The Hindu
Once a court recognises Air India as the alter ego of the Indian government, Cairn can seek attachment or seizure of its assets in the US.
UK's Cairn Energy has identified $ 70 billion of Indian assets overseas for potential seizure to collect $ 1.72 billion due from the government -- a move if successful will put India in league with Pakistan and Venezuela which faced similar enforcement action over failure to pay arbitration awards. The assets identified range from Air India's planes to vessels belonging to the Shipping Corporation of India, and properties owned by state-owned banks to oil and gas cargoes of PSUs, three people familiar with the matter said. These assets are across several jurisdictions, they said without giving further details.
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