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Centre appointed former SC Judge Hemant Gupta as Chairperson of which city's International Arbitration Centre?
  • a)
    Chennai
  • b)
    Hyderabad
  • c)
    Palwal
  • d)
    New Delhi
Correct answer is option 'D'. Can you explain this answer?
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Centre appointed former SC Judge Hemant Gupta as Chairperson of which ...
Centre appointed former SC Judge Hemant Gupta as Chairperson of the New Delhi International Arbitration Centre.
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Read the passage given below and answer the questions based on the available information.The last two years have been a rough ride for the Indian government regarding the bilateral investment treaty (BIT) arbitration cases. In 2012, when the Indian parliament amended the Income Tax Act, 1961, retrospectively through the Finance Act, 2012, in order to circumvent the effect of the Supreme Court’s judgment in the Vodafone v. Union of India. The 2012 amendment clarified that the gains arising from sale of shares of a foreign company were taxable in India if such share, directly or indirectly, derived its value substantially from the assets located in India. Further, it also validated the demands under the Income Tax Act, with respect to cases relating to indirect transfer of assets situated in India.The 2021 Taxation Bill, inter alia, makes two important points. First, that no future tax demands will be made based on the retrospective amendment of 2012 with respect to indirect transfer of Indian assets; and second, that all the demands already raised regarding such transfers will be nullified, on the fulfillment of specified conditions. The conditions involve withdrawal of, or submission of an undertaking to withdraw any appeal before any appellate forum, or writ petition before any high courts or the Supreme Court. Most importantly, where any proceedings for arbitration, conciliation or mediation have been initiated under any BIT, or any other international agreement, or any other law, such claims have to be withdrawn, or an undertaking for such withdrawal has to be submitted.Further, the Bill also provides for the refund of any payments already made, but without the interest which may have accrued thereon. One cannot help but point, however, that neither the investors nor the government benefited from this clearly avoidable and unnecessary legal battle over the course of almost a decade. The only (I)benefactors from the BIT arbitrations in these cases have been the arbitrators and the lawyers. Investment treaty arbitration is a costly business, and the money at stake belongs to the taxpayers.While the Indian government is correct in claiming that taxation is a sovereign right, it did cede a chip of that right away when it signed the older generation BITs with wide provisions, without excluding taxation or tax-related disputes from the jurisdiction of BIT arbitration tribunals. This is a fact clearly known to the government, and pointed out repeatedly by the critics. The expenses of the BIT arbitrations in three cases relating to retrospective taxation – Vodafone, Cairn Energy and Vedanta – could have been clearly avoided.The intention of the government behind this Bill is pretty clear. (

Read the passage given below and answer the questions based on the available information.The last two years have been a rough ride for the Indian government regarding the bilateral investment treaty (BIT) arbitration cases. In 2012, when the Indian parliament amended the Income Tax Act, 1961, retrospectively through the Finance Act, 2012, in order to circumvent the effect of the Supreme Court’s judgment in the Vodafone v. Union of India. The 2012 amendment clarified that the gains arising from sale of shares of a foreign company were taxable in India if such share, directly or indirectly, derived its value substantially from the assets located in India. Further, it also validated the demands under the Income Tax Act, with respect to cases relating to indirect transfer of assets situated in India.The 2021 Taxation Bill, inter alia, makes two important points. First, that no future tax demands will be made based on the retrospective amendment of 2012 with respect to indirect transfer of Indian assets; and second, that all the demands already raised regarding such transfers will be nullified, on the fulfillment of specified conditions. The conditions involve withdrawal of, or submission of an undertaking to withdraw any appeal before any appellate forum, or writ petition before any high courts or the Supreme Court. Most importantly, where any proceedings for arbitration, conciliation or mediation have been initiated under any BIT, or any other international agreement, or any other law, such claims have to be withdrawn, or an undertaking for such withdrawal has to be submitted.Further, the Bill also provides for the refund of any payments already made, but without the interest which may have accrued thereon. One cannot help but point, however, that neither the investors nor the government benefited from this clearly avoidable and unnecessary legal battle over the course of almost a decade. The only (I)benefactors from the BIT arbitrations in these cases have been the arbitrators and the lawyers. Investment treaty arbitration is a costly business, and the money at stake belongs to the taxpayers.While the Indian government is correct in claiming that taxation is a sovereign right, it did cede a chip of that right away when it signed the older generation BITs with wide provisions, without excluding taxation or tax-related disputes from the jurisdiction of BIT arbitration tribunals. This is a fact clearly known to the government, and pointed out repeatedly by the critics. The expenses of the BIT arbitrations in three cases relating to retrospective taxation – Vodafone, Cairn Energy and Vedanta – could have been clearly avoided.The intention of the government behind this Bill is pretty clear. (

Read the passage given below and answer the questions based on the available information.The last two years have been a rough ride for the Indian government regarding the bilateral investment treaty (BIT) arbitration cases. In 2012, when the Indian parliament amended the Income Tax Act, 1961, retrospectively through the Finance Act, 2012, in order to circumvent the effect of the Supreme Court’s judgment in the Vodafone v. Union of India. The 2012 amendment clarified that the gains arising from sale of shares of a foreign company were taxable in India if such share, directly or indirectly, derived its value substantially from the assets located in India. Further, it also validated the demands under the Income Tax Act, with respect to cases relating to indirect transfer of assets situated in India.The 2021 Taxation Bill, inter alia, makes two important points. First, that no future tax demands will be made based on the retrospective amendment of 2012 with respect to indirect transfer of Indian assets; and second, that all the demands already raised regarding such transfers will be nullified, on the fulfillment of specified conditions. The conditions involve withdrawal of, or submission of an undertaking to withdraw any appeal before any appellate forum, or writ petition before any high courts or the Supreme Court. Most importantly, where any proceedings for arbitration, conciliation or mediation have been initiated under any BIT, or any other international agreement, or any other law, such claims have to be withdrawn, or an undertaking for such withdrawal has to be submitted.Further, the Bill also provides for the refund of any payments already made, but without the interest which may have accrued thereon. One cannot help but point, however, that neither the investors nor the government benefited from this clearly avoidable and unnecessary legal battle over the course of almost a decade. The only (I)benefactors from the BIT arbitrations in these cases have been the arbitrators and the lawyers. Investment treaty arbitration is a costly business, and the money at stake belongs to the taxpayers.While the Indian government is correct in claiming that taxation is a sovereign right, it did cede a chip of that right away when it signed the older generation BITs with wide provisions, without excluding taxation or tax-related disputes from the jurisdiction of BIT arbitration tribunals. This is a fact clearly known to the government, and pointed out repeatedly by the critics. The expenses of the BIT arbitrations in three cases relating to retrospective taxation – Vodafone, Cairn Energy and Vedanta – could have been clearly avoided.The intention of the government behind this Bill is pretty clear. (

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Centre appointed former SC Judge Hemant Gupta as Chairperson of which citys International Arbitration Centre?a)Chennaib)Hyderabadc)Palwald)New DelhiCorrect answer is option 'D'. Can you explain this answer?
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