Tuesday, January 25, 2022

Cairn Energy Plc

Editorial: Belated course correction 

The retrospective taxation, introduced by then Finance Minister Pranab Mukherjee in 2012 as an amendment to the Income Tax Act, proved a costly policy misadventure

Cairn Energy secures French court order to seize 20 Indian govt properties

On June 11, the French court had ordered Cairn Energy's take-over of Indian government properties, mostly comprising flat; and the legal process got completed on Wednesday evening.

Air India has time till mid-July to challenge Cairn lawsuit

With Cairn seeking to recover the award from state-owned entities such as Air India, the government has said it will contest any enforcement.

India challenges $1.2 billion Cairn arbitration award

In December last year, Cairn won an award that held the levy of taxes using the 2012 law unfair on the company and the tribunal asked the Indian government to return $1.2 billion plus cost and interest.

Cairn looks to seize Air India assets to recover $1.7 bn award due from Indian govt

Cairn on May 14 filed a lawsuit in the US District Court for the Southern District of New York seeking declaration of Air India as the 'alter ego of Indian government' by virtue of control and as a state-owned company

Cairn offers to forego USD 500 million if India agrees to pay principal due

The company has in talks with finance ministry officials offered to forego the interest and cost.

Cairn wants India to pay $1.4 bn, shareholders to seek enforcement

Cairn has already moved courts in the US, UK, Netherlands, Canada, France, Singapore, Japan, UAE and Cayman Islands to get the December 21 international arbitration tribunal award registered and recognised

Cairn shareholders ask India to honour arbitration award

Cairn, which on this day seven years back was first slapped with a retrospective tax assessment, is three-fourth owned by world's top investors with $529 billion MFS Investment Management of US being its largest investor with 14.02% stake

Cairn says engaged with Indian govt on adherence to arbitration award

The three-member tribunal, which comprised a judge appointed by India, last month unanimously overturned a Rs 10,247 crore retrospective tax demand on the British oil and gas company

Double whammy

The defeat in Vodafone and Cairn cases at The Hague underscores the need to do away with retrospective taxation

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