May 05, 2021 10:16 AM IST
After winning the appeal in an arbitration tribunal in The Hague, the Scottish firm has threatened to seize Indian sovereign assets overseas which it can do so in the event of New Delhi failing to return over $1.7 billion.
- Mar 23, 2021 08:59 PM IST
Finance Minister Nirmala Sitharaman had earlier this month indicated the government's intent of appealing against the award on grounds of it questioning the sovereign powers of India to levy taxes.
- Mar 19, 2021 02:45 PM IST
The award from a three-member tribunal at the Permanent Court of Arbitration at The Hague invalidating India's Rs 10,247 crore tax claim on Cairn Energy and ordering the government to return the value of shares it had sold, dividends seized and tax refunds withheld, was registered in the Netherlands on January 8, two people aware of the matter said.
- Mar 09, 2021 04:46 PM IST
"Cairn is extremely confident that satisfaction of the award will be achieved either by negotiated settlement or by enforcement against Indian assets,” the firm said in its 2020 annual earnings statement.
- Mar 05, 2021 04:02 PM IST
In December, an arbitration body awarded the British firm damages of $1.2 billion plus interest and costs, after ruling India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty.
- Mar 12, 2019 04:53 PM IST
The company reported a net loss of $1.1 billion in the year ending December 31, 2018 'resulting principally from a write-down of Cairn's investments in India', it said.
- Jun 19, 2017 12:25 PM IST
The department ordered taking away USD 104 million dividend due to it from its remaining stake in the erstwhile subsidiary Cairn India (now called Vedanta Ltd) and another Rs 1,500 crore of tax refund due to it, a top source said.
- Jan 25, 2017 03:26 PM IST
"Cairn Energy would like the Government of India to take the opportunity to repeal the legislation on retrospective taxation in the forthcoming budget.
- Dec 29, 2016 09:55 PM IST
In an interview with CNBC-TV18, Vedanta's Anil Agarwal said that he has asked Cairn Plc to avail of the benefits of Income Tax department's dispute resolution scheme in over Rs 10,000 crore tax dispute.
- Sep 12, 2016 11:38 AM IST
Cairn Energy Plc and Mondrian's vote, at this moment, is counted crucial to make the more than 50 percent consent.
- May 20, 2016 06:08 PM IST
Cairn India Chief Executive Mayank Ashar has quit the job, the third CEO to resign from the company ever since it was taken over by billionaire Anil Agarwal-led Vedanta Group four-and-a-half-years back
- Apr 20, 2016 07:00 PM IST
Vodafone had got favourable verdicts from the Bombay High Court in two tax cases last year.
- Apr 07, 2016 08:41 PM IST
Cairn Energy has called for an annual general meeting on May 12 to seek shareholder approval to sell its entire residual stake in Cairn India.
- Jan 18, 2016 08:31 PM IST
Levy was approved as the neutral arbitrator on the panel last week after appointees of Cairn and the Government agreed to his name, sources said.
- Oct 27, 2015 10:11 PM IST
In June, India's largest private miner Vedanta Ltd had announced it will absorb oil firm Cairn India in a USD 2.3 billion all-share deal to create the country's largest diversified natural resources firm.
- Oct 25, 2015 01:44 PM IST
India has told the International Court of Justice that it will soon appoint an arbitrator to resolve the Rs 10,247-crore tax dispute with British oil explorer Cairn Energy Plc.
- Oct 23, 2015 08:18 PM IST
According to the deal proposed by Vedanta, minority shareholders of Cairn India will receive one equity share in Vedanta for each share held, along with one 7.5 percent redeemable preference share with Rs 10 face value.
- Aug 07, 2015 07:11 PM IST
Finance Minister Arun Jaitley on Friday discussed with his ministry officials the arbitration notices served by foreign firms ahead of the IMG meeting next week. Revenue Secretary Shaktikanta Das said IMG will meet next week and put forth its views to Jaitley.
- Jul 23, 2015 08:14 AM IST
Cairn Energy's objections were over "fundamental disagreements over valuations", and its preference for "holding an investment in an energy company rather than a distributed resources group," the newspaper said, citing one person with direct knowledge of the matter.
- Jun 22, 2015 08:31 PM IST
US-based private equity firm Carlyle Group on Monday said it will invest USD 500 million in Magna Energy Ltd, an India-focused oil firm founded by Mike Watts, the man who saw oil in Rajasthan's Thar desert where global giant Royal Dutch Shell saw none.
- Jun 16, 2015 08:49 PM IST
Minority shareholders of Cairn, who have seen share prices almost halve to Rs 170-180 in past one year on back of the company cutting exploration expense and falling oil prices, have criticised the offer of one Vedanta Ltd share and one 7.5 percent preference share in Vedanta Ltd for every share they hold.
- Apr 15, 2015 09:44 AM IST
"FIIs went to a tribunal, which is called Authority for Advance Rulings (against levy of 20 percent Minimum Alternate Tax on capital gains). They got a judgement against themselves".
- Apr 07, 2015 10:29 AM IST
Cairn India received last month the demand of about 204 billion rupees from Indian tax authorities for an alleged failure to deduct withholding tax on capital gains made by its former parent, Cairn Energy Plc , during a reorganisation ahead of its market listing.
- Mar 13, 2015 11:21 AM IST
Cairn India said it does not agree with the tax demand and will pursue all possible options to protect its interest.
- Mar 12, 2015 09:54 AM IST
A day after the tax department was learnt to have issued a notice to London-based Cairn Energy in a three-year-old case, sources told CNBC-TV18 government officials believe the issue is a â€œlegacy of the previous governmentâ€ and that the incumbent regime is committed to ending the era of retrospective taxation.