Tuesday, Nov 29, 2022

Cairn Energy

Cairn Energy Ltd.

Selling Shares During Talks To Panama Papers: The Saga Of Cairn Retro Tax

The government late last month refunded about Rs 7,900 crore it had collected from selling residual shares of the British firm in its erstwhile India unit, seizing dividend and withholding tax refunds.

06 March 2022

The UK-based Cairn Energy has completed all steps of retro tax repeal law.

Cairn Energy Eligible For Rs 7,900 Crore Refund Of Retro Tax Repeal Law

The company has concluded all necessary steps under the rules of the India Taxation (Amendment) Act 2021 required for payment by the Government of India of a tax refund of approximately Rs 7,900 crore.

Cairn Accepts $1 Billion Refund Offer, To Drop Cases Against India Within Days: CEO

About Rs 8,100 crore collected from companies under the scrapped tax provision are to be refunded if the firms agreed to drop outstanding litigation, including claims for interest and penalties.

The Indian government has paid Cairn Energy Plc Rs 7,900 crore to settle retro tax disputes.

Indian Government Pays Cairn Rs 7,900 Crore To Settle Retro Tax Dispute

The company, which is now known as Capricorn Energy PLC, in a statement, said it has received "net proceeds of $1.06 billion", of which nearly 70 per cent will be returned to the shareholders.

24 February 2022

Vedanta Clarifies It Has Nothing To Do With Cairn Energy PLC's Retrospective Tax Dispute Case

The tax dispute dates back to 2006-07 when Cairn UK transferred shares of Cairn India Holdings to its Indian arm, Cairn India. It eventually exited the Indian market in 2011.

Retrospective Tax Law: All You Need To Know

A bone of contention since it was passed in 2012, the retro tax has spooked investors for years.

07 August 2021

 Cairn Oil & Gas, a unit of Vedanta Ltd, holds 100 per cent participating interest in the block.

Cairn Vedanta Makes Oil Discovery In Rajasthan block

The block is one of the 41 areas that the company had won in the first round of the open acreage licensing policy (OALP) bid round in October 2018.

21 February 2022


Govt Brings Tax Withdrawal Bill To Lok Sabha To Revoke Tax Demand On Cairn, Vodafone

The bill provides for the withdrawal of tax demand made on "indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012 (i.e. the day the retrospective tax legislation came into being)."

05 August 2021