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Cairn Energy News
India files appeal in $1.2 billion Cairn arbitration case - sources
Wed, Mar 24, 2021
India has appealed against an order by an international tribunal to pay $1.2 billion in damages, plus other costs, to Cairn Energy in a long-running tax dispute, two sources with direct knowledge of the matter told Reuters
Cairn Energy CEO says discussion on tax dispute with finance ministry was constructive
Thu, Feb 18, 2021
Cairn Energy PLC's CEO Simon Thomson said Thursday that the discussion with finance ministry officials in relation to retrospective tax dispute was constructive.
Tax Dept to sell Cairn Energy's attached shares at 'appropriate time'
Sun, May 27, 2018
The Tax Department will sell at an "appropriate time" the shares owned by British firm Cairn Energy plc which were attached following a Rs 10,247-crore tax demand, a senior tax official said
Indian govt may not accept arbitration orders annulling Cairn, Vodafone tax demands
Tue, May 22, 2018
The government, he said, believes that taxation is not covered under bilateral investment protection treaties, which the two British firm have taken refuge under to initiate arbitration, and as such cannot be arbitrated.
Income Tax Department seizes Rs 440 crore dividend income of Cairn Energy
Sun, Apr 15, 2018
The ITD had previously seized Rs 666 crore of dividends due to Cairn from its 4.95 per cent residual holding in Vedanta Ltd. It has also refused to pay tax refund of Rs 1,594 crore due to Cairn as a result of overpayment of capital gains tax to recover the dues. Sources said Vedanta, owned by billionaire Anil Agarwal, had last month declared for shareholders a Rs 21.2 a share dividend and a 7.5 per cent payment on preference shares
India not to sell Cairn Energy shares to recover tax
Sun, Nov 19, 2017
Cairn Energy holds 4.95% stake in Vedanta Ltd that the income tax department had attached in January 2014 after slapping the British firm with a Rs 10,247-crore tax demand over a decade-old internal reorganisation of Indian business.
Cairn created maze of subsidiaries, taxed Rs 10,247 crore
Sun, Jun 25, 2017
UK's Cairn Energy, which became the first company to face coercive recovery in retrospective tax action, had created a maze of subsidiaries in a span of just six months to transfer Indian assets, an event that led to a demand of Rs 10,247 crore as dues.
Income Tax dept asks Cairn Energy to pay tax of Rs 10,247 crore
Sun, Apr 09, 2017
The Income Tax Department had raised a tax demand of Rs 10,247 crore and another Rs 18,800 crore in interest for 10 years.
Cairn liable to pay Rs 10,247 crore capital gains tax: ITAT
Sat, Mar 11, 2017
The tribunal also said that Cairn India should have withheld tax on capital gains made by its parent company.
Companies must drop retro tax cases to avail settlement scheme: CBDT
Sun, Dec 25, 2016
Vodafone, Cairn Energy and other firms facing retrospective tax demand will have to withdraw legal cases and give up the right to contest constitutional validity of back-dated amendment to Income Tax (I-T) laws if they want to avail of the dispute resolution scheme ending on December 31.
India gets six more weeks to respond to Cairn Energy arbitration
Sun, Nov 20, 2016
Its counsel argued that the government wants the arbitration initiated by Vedanta to be taken up first.
Cairn writes to Modi on tax dispute ahead of UK PM's visit
Mon, Nov 07, 2016
The government, using retrospective tax legislation, had in January 2014 issued a tax notice on Cairn Energy for alleged capital gains it made on a 10-year old internal reorganisation of its India unit.
Delhi High Court dismisses Cairn India plea on crude export
Tue, Oct 18, 2016
Oil and Gas Company Cairn India’s plea to export crude oil from its Barmer oil field in Rajasthan was rejected from Delhi High court on Tuesday. The court said that Cairn can invoke dispute resolution mechanism.
HSBC executive pleads not guilty in US over forex scheme
Mon, Aug 29, 2016
A senior HSBC Holdings Plc executive pleaded not guilty on Monday to charges that he participated in a fraudulent scheme to front-run a $3.5 billion currency transaction by one of the bank's clients.
Vedanta Resources aims to close merger with Cairn India in early 2017
Sat, Aug 06, 2016
The deal, which will give Vedanta access to oil and gas explorer Cairn India`s $3.5 billion cash pile, has faced opposition from some big minority shareholders, including British-based Cairn Energy, but Albanese said he did not foresee obstacles.
Cairn Energy seeks nearly $6 billion compensation from Indian govt
Tue, Jul 12, 2016
British explorer Cairn Energy has sought $5.6 billion in compensation from the Indian government for raising a retrospective tax demand of Rs 29,047 crore on 10-year old internal reorganisation of its India unit.
Cairn India's CEO Mayank Ashar quits
Sat, May 21, 2016
Appointed CEO in October 2014, Ashar "has decided to step down for personal reasons effective June 5, 2016," Cairn said in a statement.