A day after the Indian government lost to British energy major Cairn Energy  (vodafone stock price)   in the retrospective taxation issue at the International Court of Justice at The Hague, India has challenged the 4.3 million pounds arbitral award in the Vodafone case in Singapore- which is the seat of arbitration.  (vodafone stock price) 


ET Now had reported that the Indian government was in favour of a uniform approach in both the Cairn and Vodafone case. Government sources told ET Now that that Cairn award was a significant hit for the government's finances and not appealing against the Vodafone case would have set a precedent.  (vodafone stock price) 

The decision to challenge the verdict came after deliberations with the government at the highest levels.  (vodafone stock price)

Vodafone in September had won the case against India, ending one of the most high-profile disputes in the country that had caused concern among investors over retrospective tax claims on companies.

An international arbitration tribunal in The Hague had ruled that India’s imposition of tax liability on Vodafone was in breach of an investment treaty agreement between India and the Netherlands. India had 90 days to appeal the ruling.

In its appeal, India has said that ICJ's ruling was against India’s sovereign right to taxation. 

India lost another international arbitration case this week, against Cairn Energy, over a tax dispute. It has been ordered to pay the UK-listed company over $1.2 billion in damages and costs. (vodafone stock price) 

India is expected to challenge this ruling to given the size of the award, said the senior government official.  (vodafone stock price) 

India has faced a string of arbitrations by investors including Deutsche Telekom, Nissan Motor Co, Vodafone, and Cairn Energy over issues ranging from retrospective taxation to payment disputes. (vodafone stock price)