Cairn Energy

Cairn Energy News

India pays UK's Cairn Energy Rs 7,900 cr to settle 7-year-old retro tax dispute
Business

India pays UK's Cairn Energy Rs 7,900 cr to settle 7-year-old retro tax dispute

In 2012, the UPA government imposed a tax on sale of assets, retrospectively on Cairn. The UK firm contested the demand, saying all taxes due were duly paid at the time of its reorganisation in 2011

Vedanta withdraws cases against Centre to settle Rs 20,495 crore retrospective tax dispute
Business

Vedanta withdraws cases against Centre to settle Rs 20,495 crore retrospective tax dispute

In a statement, Vedanta said it has used a recently enacted law to settle the tax dispute. As conditions for the same, it has withdrawn all legal challenges against the government and given an undertaking to forego all future rights pertaining to the tax demand

Centre introduces Bill in Lok Sabha to withdraw retrospective tax demands on Cairn, Vodafone
India

Centre introduces Bill in Lok Sabha to withdraw retrospective tax demands on Cairn, Vodafone

Nirmala Sitharaman introduced 'The Taxation Laws (Amendment) Bill, 2021'to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets

Cairn tax dispute exposes major shortcomings in India’s economic policy
India

Cairn tax dispute exposes major shortcomings in India’s economic policy

Revenue maximization can never be the goal of economic policy. It ought to be prosperity and not a bloated exchequer at the expense of intimidated wealth creators.

After Air India, Britain's Cairn Energy to target more govt-owned companies to recover money
India

After Air India, Britain's Cairn Energy to target more govt-owned companies to recover money

A three-member international arbitration tribunal that consisted of one judge appointed by India had unanimously in December overturned levy of taxes on Cairn retrospectively and ordered refund

Cairn Energy identifies Indian assets worth $70 billion in bid to recover amount due from Centre
India

Cairn Energy identifies Indian assets worth $70 billion in bid to recover amount due from Centre

Cairn also plans to move courts in the US and Singapore to seize the assets in face of the Centre's refusal to honour an international arbitration award

Cairn tax dispute: Hopeful of reaching resolution on $1.4 billion arbitration award with Centre, says company
World

Cairn tax dispute: Hopeful of reaching resolution on $1.4 billion arbitration award with Centre, says company

The company held three rounds of talks with top finance ministry officials in an attempt to resolve the issue without having to resort to seizing Indian assets overseas

Nissan settles dispute with Tamil Nadu over unpaid dues, damages; begins process to withdraw international arbitration: Report
Business

Nissan settles dispute with Tamil Nadu over unpaid dues, damages; begins process to withdraw international arbitration: Report

The dispute arose after Nissan said Tamil Nadu hadn’t paid certain incentives under a 2008 agreement to set up a car plant in the southern state.

Vodafone Idea presses for Rs 7,000 cr tax refund; Income Tax Department hesitant in view of fresh liability
Business

Vodafone Idea presses for Rs 7,000 cr tax refund; Income Tax Department hesitant in view of fresh liability

Sources said Vodafone has to receive an aggregate of about Rs 1,000 crore from Mumbai unit of the Income Tax department and another Rs 6,000 crore from its Delhi office for multiple assessment years dating back to 2004-05

Arbitration Tribunal delays Rs 10,247 cr award in Cairn retro tax case to mid-2020; no reasons given for delay
Business

Arbitration Tribunal delays Rs 10,247 cr award in Cairn retro tax case to mid-2020; no reasons given for delay

Cairn said it is seeking full restitution for losses totalling more than $1.4 billion resulting from government expropriation of its investments in India in 2014.

Coca-Cola India appoints Nishi Kulshreshtha Chaturvedi as new HR head for India and South West Asia
Business

Coca-Cola India appoints Nishi Kulshreshtha Chaturvedi as new HR head for India and South West Asia

Coca-Cola said Chaturvedi, who joined the company in 2012 as National Head - Human Resources as part of HCCB, has risen through the ranks within the compnay

Final hearing in British oil firm Cairn's arbitration against retro tax of Rs 10,247 crore to begin today
Business

Final hearing in British oil firm Cairn's arbitration against retro tax of Rs 10,247 crore to begin today

India in April submitted its final rejoinder to Cairn's claim for full restitution for losses resulting from the expropriation of its investments in India in 2014 and continued attempts to enforce retrospective tax measures.

I-T Department sells part of Cairn shares in Vedanta to recover part of Rs 10,247 cr retrospective tax
Business

I-T Department sells part of Cairn shares in Vedanta to recover part of Rs 10,247 cr retrospective tax

The income tax department has sold roughly 40 percent of Cairn Energy plc's shareholding in Vedanta to recover a part of the Rs 10,247 crore retrospective tax it had raised against the British firm

Apple acknowledges swelling of iPhone 8 and iPhone 8 Plus and says that they are looking into the problem
News & Analysis

Apple acknowledges swelling of iPhone 8 and iPhone 8 Plus and says that they are looking into the problem

iPhone 8 and 8 Plus went on sale on 22 September. Apple was yet to release figures for the early sales of iPhone 8 and 8 Plus.

Cairn Energy says final arbitration hearing in Rs 10,247 cr tax dispute case in Aug 2018
Business

Cairn Energy says final arbitration hearing in Rs 10,247 cr tax dispute case in Aug 2018

Cairn initiated arbitration against the government using a new law that gave it powers to impose taxes retrospectively, to slap a tax demand of Rs 10,247 crore on a decade old internal reorganisation of its India unit

Cairn's Rs 10,247 cr tax dispute: How co created maze of subsidiaries to make capital gains
Business

Cairn's Rs 10,247 cr tax dispute: How co created maze of subsidiaries to make capital gains

Cairn's case is that none of the 2006 transactions was taxable in India according to the law in force at the time,

Cairn tax dispute: I-T dept orders coercive action against co to recover Rs 10,000 cr tax payment
Business

Cairn tax dispute: I-T dept orders coercive action against co to recover Rs 10,000 cr tax payment

I-T order follows an international arbitration panel last week deciding not to entertain a plea by Cairn Energy seeking injunction against the coercive action to recover the tax

I-T department seeks Rs 30,000 cr penalty from Cairn for non-payment of tax
Business

I-T department seeks Rs 30,000 cr penalty from Cairn for non-payment of tax

The Income Tax Act provides for penalties of 100 percent to 300 percent of the tax due, the official said, adding that the notice sent does not mention of the quantum of penalties the tax department is seeking.

Cairn liable to pay Rs 10,247 cr capital gains tax but not interest on it, says tax tribunal ITAT
Business

Cairn liable to pay Rs 10,247 cr capital gains tax but not interest on it, says tax tribunal ITAT

ITAT held that Cairn Energy was liable to pay the tax on share transfer it did through an internal reorganisation of its India business in 2006, prior to getting Cairn India listed on stock exchanges

UK raises Vodafone tax dispute; wants early resolution
World

UK raises Vodafone tax dispute; wants early resolution

Britain's minister for international trade Liam Fox, during his bilateral meeting with Commerce and Industry Minister Nirmala Siatharaman, flagged the Cairn Energy and Vodafone issues, demanding they be resolved expeditiously.