NEW DELHI: Government has sought putting on hold the arbitration initiated by British oil explorer Cairn Energy against a Rs 29,047 crore retrospective tax demand and instead wants a parallel arbitration initiated by Vedanta Resources to be taken up first. Cairn Energy and Vedanta, which had bought Cairn India from the Scottish firm in 2011, had initiated separate arbitrations against the tax demands. Cairn Energy had initiated the arbitration in March 2015 and the three-member arbitration panel had been constituted. Its counsel argued that the government wants the arbitration initiated by Vedanta to be taken up first. For the other arbitration, Vedanta Resources has named London-based arbitrator James Spigelman to represent its case.

Source: Economic Times October 19, 2016 07:18 UTC