Cairn Energy Tax Dispute

Britain's Cairn Energy Plc has dropped lawsuits against the government and its entities in the US and other places

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.

Cairn Energy has entered into certain undertakings with the Government, which would allow for tax refunds under a long-running billion dollar dispute

A New York court has paused Cairn Energy's pursuit of US assets of Air India for the recovery of USD 1.2 billion arbitral award, so as to allow the British firm to reach a settlement with the Indian government on the long drawn dispute.

Britain's Cairn Energy pledged to return up to $700 million to shareholders through a special dividend and a share buyback this year.

Cairn Energy Plc shareholders can expect a payback of as much as $700 million once the U.K. oil producer settles a long-running tax dispute with India.

India is in talks with Vodafone Group Plc and Cairn Energy Plc to settle long-running tax disputes with them, a top government official said after the nation last week moved to abolish a rule on retrospective taxation scorned by investors.

The Indian government on Thursday proposed to refund companies in disputes over retrospective tax, including telecoms operator Vodafone and energy giant Cairn, after a string of setbacks in international litigation.

In a huge move to settle international disputes running into billions of dollars, the government on Thursday said it will change tax laws to do away with demands for past payments. Companies like Cairn Energy will get refunds, the government said.

Cairn Energy Arbitration: Centre has said it has not received any formal proposal from British oil major to resolve the tax dispute.

India has challenged an international arbitration tribunal asking it to return $1.2 billion to UK's Cairn Energy Plc on grounds that it had never agreed to arbitrate over a "national tax dispute", the finance ministry said.

Cairn Energy Dispute: Centre said the CEO and representatives of Cairn Energy have approached it for discussions to resolve the matter.

Cairn Energy has sued India's flagship carrier Air India to enforce a $1.2 billion arbitration award that it won in a tax dispute against India, according to a U.S. District Court filing reviewed by Reuters.

Cairn was awarded damages of more than $1.2 billion plus interest and costs in December in a long-drawn-out tussle with the Indian government over its retrospective tax claims.

India has appealed on the grounds that taxation-related matters are not covered in its bilateral investment treaty with the United Kingdom under which the case was filed, and the arbitration tribunal does not have the jurisdiction to rule on the matter

Britain's Cairn Energy Plc has dropped lawsuits against the government and its entities in the US and other places

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.

Cairn Energy has entered into certain undertakings with the Government, which would allow for tax refunds under a long-running billion dollar dispute

A New York court has paused Cairn Energy's pursuit of US assets of Air India for the recovery of USD 1.2 billion arbitral award, so as to allow the British firm to reach a settlement with the Indian government on the long drawn dispute.

Britain's Cairn Energy pledged to return up to $700 million to shareholders through a special dividend and a share buyback this year.

Cairn Energy Plc shareholders can expect a payback of as much as $700 million once the U.K. oil producer settles a long-running tax dispute with India.

India is in talks with Vodafone Group Plc and Cairn Energy Plc to settle long-running tax disputes with them, a top government official said after the nation last week moved to abolish a rule on retrospective taxation scorned by investors.

The Indian government on Thursday proposed to refund companies in disputes over retrospective tax, including telecoms operator Vodafone and energy giant Cairn, after a string of setbacks in international litigation.

In a huge move to settle international disputes running into billions of dollars, the government on Thursday said it will change tax laws to do away with demands for past payments. Companies like Cairn Energy will get refunds, the government said.

Cairn Energy Arbitration: Centre has said it has not received any formal proposal from British oil major to resolve the tax dispute.

India has challenged an international arbitration tribunal asking it to return $1.2 billion to UK's Cairn Energy Plc on grounds that it had never agreed to arbitrate over a "national tax dispute", the finance ministry said.

Cairn Energy Dispute: Centre said the CEO and representatives of Cairn Energy have approached it for discussions to resolve the matter.

Cairn Energy has sued India's flagship carrier Air India to enforce a $1.2 billion arbitration award that it won in a tax dispute against India, according to a U.S. District Court filing reviewed by Reuters.

Cairn was awarded damages of more than $1.2 billion plus interest and costs in December in a long-drawn-out tussle with the Indian government over its retrospective tax claims.

India has appealed on the grounds that taxation-related matters are not covered in its bilateral investment treaty with the United Kingdom under which the case was filed, and the arbitration tribunal does not have the jurisdiction to rule on the matter