RE: India & Cascades updates could come anytime14 Apr 2023 17:50
Article 7
Expropriation and nationalisation
1. Neither Contracting Party shall nationalise, expropriate or subject to measures having effect equivalent to nationalisation or expropriation (hereinafter referred to as "expropriation") the investments of investors of the other Contracting Party except for
a public purpose, on a non-discriminatory basis, in accordance with its laws and against fair and equitable compensation.
2. The compensation referred to in paragraph 1 of this Article shall be computed on the basis of the market value of the investment immediately before the expropriation or impending expropriation became public knowledge. Where that value cannot be readily ascertained, the compensation shall be determined in accordance with generally recognised principles of valuation and equitable principles taking into account the capital invested, depreciation, capital already repatriated, replacement value, and other relevant factors.
3. The compensation shall be paid without undue delay, shall include interest at a normal market rate from the date the measures were taken to the date of payment and shall be freely transferable between the territories of the Contracting Parties. The compensation shall be payable either in the currency in which the investment was originally made or, if requested by the investor, in any other freely convertible currency.
4. An investor whose investment is expropriated may, under the law of the Contracting Party making the expropriation, seek review of the expropriation measures by a judicial or other independent authority of that Party, as appropriate. The Contracting Party making the expropriation shall make every endeavour to ensure that such review is carried out promptly.
5. Where a Contracting Party expropriates a company, investments in a company or the assets of a company, which is incorporated or constituted under the law in force in any part of its own territory, and in which investors of the other Contracting Party own shares, it shall ensure that the provisions of this Article are applied to the extent necessary to ensure compensation in respect of their investments to such investors of the other Contracting Party who are owners of those shares.
Article 8
Compensation for losses
Investors of one Contracting Party whose investments in the territory of the other Contracting Party suffer losses owing to war or other armed conflict, a state of national emergency or civil disturbances shall be accorded by the latter Contracting Party treatment, as regards compensation, restitution, indemnification or other forms of settlement, no less favourable than that which the latter Contracting Party accords to its own investors or investors of any third State.
Article 9
Repatriation of investment and returns
1. Each Contracting Party shall permit all funds of an investor of the other Contracting Party related to an investment in its (CONTINUED).............