MNCs Should Have Rights To Sue India Abroad: U.S.
India and the U.S. have been engaged in giving shape to the Bilateral Investment Promotion and Protection Agreement (BIPPA) for some time now. The recent visit of Manmohan Singh to Washington, for UN General Assembly, may finalize the pact faster.
Many of the MNCs in India have already invoked provisions of bilateral investment pacts. UK-based telecom major Vodafone sent a notice against the retrospective application of capital gains tax in the Finance Act, 2012. Similarly there are such notices have been sent out by global telcos after the cancellation of telecom licenses by Supreme Court.
India has also signed similar pacts with over 70 countries. In 2011, a Singapore-based United Nations Commission on International Trade Law (UNCITRAL), adjudicated a dispute between the public sector Coal India and an Australian firm, White Industries.
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