Cairn to seize Indian properties in Paris? Govt says no orders received

Commenting on news reports that Cairn Energy has seized/ frozen state-owned property of the government of India in Paris, the Union Finance Ministry said the government of India has not received any notice, order or communication in this connection from any French court. 

New Delhi: Commenting on news reports that Cairn Energy has seized/ frozen state-owned property of the government of India in Paris, the Union Finance Ministry said the government of India has not received any notice, order or communication in this connection from any French court. However, it said that the government is trying to ascertain the facts, and whenever such an order is received, appropriate legal remedies will be taken, in consultation with its Counsels, to protect the interests of India. Reports from Paris surfaced on Thursday indicating that Cairn has secured a French court order to seize about 20 Indian government properties in France to recover a part of the $1.2 billion arbitration award. According to people in the know and media reports, French courts completed the legal process on Indian asset takeover on Wednesday that started last month when it has ordered the takeover in favour of the energy company.