The following is a statement from Jay Newman, senior advisor to Devas Shareholders, in response to reports that the Indian government has introduced legislation to withdraw retrospective tax demands, like those which led to arbitration awards in the Cairn and Vodafone cases:
“The reports of the legislation, if true, are an encouraging sign that India intends to reverse course in its shabby treatment of investors. However, the bill does not address India’s refusal to honor international arbitration awards or bilateral investment treaties. We hope this changes, but until then, Devas shareholders will continue to enforce our legal rights in India and around the world for as long as it takes to obtain justice.”