Mealey's (January 22, 2021, 3:41 PM EST) -- THE HAGUE, Netherlands — A Permanent Court of Arbitration (PCA) tribunal on Dec. 21 awarded two United Kingdom oil and gas development companies approximately $1.2 billion in damages and costs after finding that the Republic of India breached the U.K.-India bilateral investment treaty (BIT) by imposing a retroactive tax liability of $1.6 billion on the companies’ capital gains from a 2006 reorganization and then forcing the sale of one company’s equity shares worth approximately $1 billion....