Cairn Energy, Vodafone and 15 companies looking to settle retrospective tax disputes will have to declare details upfront of every “interested party” to the dispute with India and furnish their declaration “irrevocably” withdrawing all litigation and claims as part of proceedings. This would be in addition to their own undertaking to withdraw any pending litigation … Read more
Mumbai: Senior Cairn Energy executives are expected to meet finance ministry officials this week to discuss their tax dispute, days after Parliament approved scrapping of the retrospective clause in the 2012 tax amendment. The UK-based company, which won $1.2 billion in an arbitration award against India, is looking to settle the dispute and could meet … Read more
Reserve Bank Governor Shaktikanta Das on Friday welcomed the government’s decision to end retrospective taxation and termed it as a “timely” move. The career bureaucrat-turned-central banker also welcomed the government’s approach to the pandemic-triggered crisis as a prudent and calibrated one. On Thursday, the government brought a bill in the Lok Sabha to withdraw all … Read more
Cairn Energy has registered in some countries the arbitration award it won against India in a retrospective tax case, a first step before it can petition court to enforce the award against Indian assets overseas, as per people close to the company. In December, an arbitration tribunal ruled in favour of Cairn Energy in a … Read more
British oil firm Cairn Energy said its shareholders, including top financial institutions of the world, expect the use of the company’s “strong powers of enforcement” to recover $1.4 billion from the Indian government should it not keep its word of honouring international arbitration tribunal awards on retrospective taxes. Cairn has already moved courts in the … Read more
India will consider all options including legal recourse after studying the award passed by tribunal in the arbitration case by Cairn Energy Plc, the finance ministry said in a statement on Wednesday. The government will be studying the award and all its aspects carefully in consultation with its counsels, it said. “After such consultations, the … Read more