Cairn Energy Plc News

The company in a statement said it has received "net proceeds of USD 1.06 billion". Cairn had in 2006-07 reorganised its India business, which comprised operations of prolific Rajasthan oilfields, prior to its listing on stock exchanges. The British firm contested the demand, saying all taxes due were duly paid.

Cairn Energy gave India its biggest onland oil discovery. The company had sold the India unit to Vedanta Group in 2011. The sale included the transfer of the Cairn brand name to Vedanta.

The government now has to accept this and issue Cairn a so-called Form-II. The form will commit it to refund the tax collected to enforce the retrospective tax demand. Following the issue of Form-II, Cairn will withdraw legal proceedings and will get a refund of Rs 7,900 crore.

British oil explorer Cairn Energy plc has added another USD 249 million to the compensation it is claiming from India after the government set off a tax refund due to it to settle part of a retrospective tax demand.

Cairn Energy plc has approached an international arbitration panel seeking an injunction against Indian income tax department initiating proceedings to recover Rs 10,247 crore in retrospective tax.

Tax tribunal ITAT as upheld levy of Rs 10,247 crore capital gains tax on UK's Cairn Energy Plc but has held that interest cannot be charged on it as the demand was raised using retrospective tax legislation.

Government has fixed December 31, 2016 as the deadline for companies like Vodafone and Cairn Energy Plc to settle their retrospective tax disputes.

In a setback to mining mogul Anil Agarwal, the government today said it will not allow him to merge subsidiary Cairn India with his flagship firm Vedanta Ltd unless the Rs 10,247 crore tax issue is settled

In a circular to shareholders, the company said it had on February 4 received "a final assessment order from the Indian Income Tax Department in amount of Rs 10,247 crore plus interest back dated to 2007 totalling Rs 18,800 crore.

Cairn India Tuesday told Delhi High Court that a loss of Rs 1400 crore has been caused to the government as the company was forced to sell its share of crude from its Rajasthan oil field to private players at prices 20 percent less than the global rates.

British oil firm Cairn Energy Plc Tuesday said it will seek from India over USD 1 billion in damages for loss it suffered in value of its holding from a Rs 10,247-crore tax demand raised on its eight-year-old internal business recognition.

Geneva-based arbitrator Laurent Levy has been named as the presiding officer of the three-member arbitrator panel to resolve the Rs 10,247-crore tax dispute with British oil firm Cairn Energy plc.

In January 2014, Cairn was slapped with a Rs 10,247 crore assessment notice.

 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.

The Board of mining billionaire Anil Agarwal-controlled Vedanta Ltd will meet on Tuesday amid talks of the company being forced to sweeten its offer for absorbing its cash-rich oil subsidiary Cairn India.

With government refusing to join arbitration to resolve the Rs 10,247-crore tax dispute, British oil explorer Cairn Energy plc has moved The Hague-based International Court of Justice seeking appointment of an arbitrator on behalf of the Indian government.

As the government grapples with its arbitration notice against a Rs 10,247 crore tax demand, British oil explorer Cairn Energy has said a quick judicial resolution to the issue will help restore confidence of retrospective tax-rattled international investors.

Cairn India on Wednesday told the Delhi High Court that the Rs 20,495 crore demand slapped on it by the Income Tax department has been calculated on "wrong" principles and it would come to around Rs 5000 crore.

Delhi High Court today asked Cairn India how it would secure the Rs 20,495 crore demand slapped by the Income Tax department for its alleged failure to pay tax on gains made by its former parent company, Cairn Energy Plc, in a share transfer transaction eight years ago.

Shares of Scottish oil explorer Cairn Energy Plc fell sharply by over 18 percent on the London Stock Exchange after the company yesterday received a tax demand of Rs 10,247 crore (USD 1.6 billion) from Indian authorities.