“Mentor’s Comments”
- https://indianexpress.com/
article/opinion/columns/can- indian-invoke-state- sovereignty-to-prevent- seizure-of-assets-abroad-in- cairn-energy-case-7408514/ - https://indianexpress.com/
article/opinion/editorials/ indian-government-cairn- energy-french-court-7397361/ - https://www.hindustantimes.
com/analysis/india-s- retrospective-taxation- blunder-is-still-extracting- heavy-costs/story- gg6EfPCj02UKZQdflcKhzK.html - In the intro, mention the recent order of a French court to attach Indian assets in France.
- In the body, explain the purpose of retrospective taxation and its implications for investment prospects in India. In the suggestion mention making the law prospective and honouring the judgement of the ISDS as fighting cases will consume an enormous amount of time, money, and resources, in addition to attracting bad press internationally.
Conclude by mentioning the need to avoid damaging the investor’s sentiment at the time when India seeks to attract investment.
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Utkarsha
Frame the introduction better. First define what do you mean by retrospective taxation, also avoid using such harsh terms as monstrosity. In some cases it might be required where tax evasion has been going on for long.
In the next part mention a bit of background about the dispute- India imposed retrospective long term capital gains tax- Cairn Energy filed a case in PCA at Hague, India lost the case as it was found foul of UK-India bilateral treaty-asked to pay nearly $1.7 bn- India didn’t- then the company secured order from local courts to freeze Indian assets.
Implications mentioned are fine, you can also mention that losing such cases can lead to seizure of PSU assets of Air India, Shipping corporation, foreign currency bank accounts etc
In course of action, avoid the 2nd point, in any case India needs to pay the amount due. You can mention that India should avoid using high-handed tactics and settle the dispute amicably.
Conclusion is fine. Keep practicing.
Please review 🙂
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Fauziya
How retrospective taxation led to order of seizure of assets has not been mentioned properly. Keep it concise but mention a bit of background- India imposed retrospective long term capital gains tax- Cairn Energy filed a case in PCA at Hague, India lost the case as it was found foul of UK-India bilateral treaty-asked to pay nearly $1.7 bn- India didn’t- then the company secured order from local courts to freeze Indian assets.
Implications are fine,also mention that fighting and losing such cases can lead to seizure of PSU assets of Air India, Shipping corporation, foreign currency bank accounts etc. Also it gets bad press internationally.
Since you need to mention way forward for current case you can mention a point that India should avoid using high-handed tactics and settle this dispute amicably. Rest both points are fine.
Conclusion is fine. Keep practicing.
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Sehaj
You have started well but after that mention a bit of background of the case to give a clear picture – India imposed retrospective long term capital gains tax- Cairn Energy filed a case in PCA at Hague, India lost the case as it was found foul of UK-India bilateral treaty-asked to pay nearly $1.7 bn- India didn’t- then the company secured order from local courts to freeze Indian assets.
Implications mentioned are fine.
In way forward, since the question is asking about this case exclusively, first mention what should be the course of action here- avoid using high-handed tactics and settle this dispute amicably- then move to other generic points.
Also, instead of writing effects of foreign investment, mention points on how to improve investor confidence- prospective taxation, speedy resolution of disputes, rule of law enforcement etc
Keep writing. 🙂
4.5/10
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