The move comes a month after the government enacted a new law to drop Rs 1.1 lakh crore in outstanding claims against multinationals such as telecom group Vodafone, pharmaceuticals company Sanofi, brewer SABMiller and Cairn Energy. The agreement is a major victory for the Modi government’s effort to make India more investor friendly.
Stakeholders of Devas are presently pursuing cases in numerous courts worldwide, comprising those in the US and the UK to push India to pay them $1.3 billion in damages for terminating a 2005 agreement
Incorporation of international best practices in tax law and administration can help place India at the peak of foreign investments, giving a further boost to the aspirations to the 1.2 billion strong nation
The government on August 13 filed a ''Motion to Dismiss'' petition in the US District Court for the District of Colombia, saying it lacked subject matter jurisdiction in the dispute between Cairn and the Indian tax authority