ON ETHICS: In 2004, British oil firm Cairn made a huge oil discovery in India. In 2007, it reorganized its assets and listed them on the Mumbai stock exchange. In 2012, the Indian government presented Cairn with a retroactive tax bill of $1.6 billion for the reorganization. Such retroactive taxation, Cairn argued, violated the UK-India BIT in which India promised to treat foreign investors from the UK in a "fair and equitable manner." In 2020, Cairn won an arbitration award of $1.7 billion in the Netherlands. Refusing to pay, the Indian government withdrew from the BIT. To enforce the award, in 2021 Cairn sued Air India, an Indian government-owned airline, in a New York court, requesting that the New York Convention be invoked, and that Air India aircraft and other assets be seized.