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Retrospective tax

26 Dec 2021

Retro Tax: Cairn drops lawsuits against Indian govt in US, UK

Cairn is in the final stages of withdrawing cases in Paris and the Netherlands. Cairn on November 26 withdrew the lawsuit it had brought in Mauritius. A critical lawsuit in a French court is in the final stages of withdrawal.

27 Aug 2021

US court sets timelines for $1.2 billion Cairn-India legal case

Judge Richard J Leon of the US District Court for the District of Colombia has given Cairn time till September 10 to file a response to the government's 'Motion to Dismiss' petition. Thereafter, the Indian government can file a reply in support of its motion by October 1. This can be countered by Cairn by October 20 and a further two months have been granted to the Indian government to file its reply.

08 Jul 2021

Cairn to seize Indian properties in Paris? Govt says no orders received

CEO and the representatives of Cairn have approached the Government of India for discussions to resolve the matter. The company is targeting assets abroad of more state-run companies. Cairn has reportedly secured a French court order to seize about 20 Indian government properties in France.

08 Jul 2021

Big jolt to Indian government! Cairn Energy freezes 20 state-owned properties

French Court had ordered the takeover on June 11. The legal process regarding the takeover was completed on Wednesday (July 7). Cairn Energy has now filed cases in several jurisdictions.

15 May 2021

Cairn Energy sues Air India to enforce $1.2 billion arbitration award

The move ratchets up pressure on India`s government to pay the sum of $1.2 billion plus interest. Cairn filed the lawsuit on Friday in the U.S. District Court for the Southern District of New York. Air India is the only Indian carrier that flies long-haul flights to destinations such as the United States and Canada.

22 Jan 2019

Cairn says final drafting of arbitration award against retro tax in process

Cairn said it is seeking monetary compensation of USD 1.4 billion from the Indian government in the arbitration proceedings.

Cairn tax dispute

19 Jun 2017

Cairn tax dispute: I-T dept orders recovery of Rs 10,000 crore

The Income Tax Department has ordered coercive action against Cairn Energy Plc to recover Rs 10,247 crore of retrospective tax after the British oil firm lost a challenge to the move before an international arbitration panel.

01 May 2017

Cairn accuses finmin official of ordering dividend freeze

British oil firm Cairn Energy plc has accused a senior finance ministry official of "privately" advising billionaire Anil Agarwal-led Vedanta Group to withhold its dividend income for a potential squaring off of a retrospective tax liability.

26 Apr 2017

Setback to India: International panel rejects stay on Cairn arbitration

The panel, comprising three judges of international repute, has also turned down India’s application for bifurcation of the issue of whether tax is covered under India-UK bilateral investment protection treaty.

20 Apr 2017

I-T seeks Rs 30K crore penalty from Cairn for non-payment of tax

Senior tax department officials said Cairn Energy has sought 10 more days to reply to the show cause seeking levy of penalty.

09 Apr 2017

Tax dept slaps fresh demand note of Rs 10,247 crore on Cairn

Within weeks of tax tribunal ITAT upholding levy of retrospective tax, the Income Tax Department has slapped a fresh demand note of Rs 10,247 crore on British explorer Cairn Energy Plc.

10 Mar 2017

Cairn liable to pay Rs 10,247 crore capital gains tax: ITAT

Tax tribunal ITAT as upheld levy of Rs 10,247 crore capital gains tax on UK's Cairn Energy Plc but has held that interest cannot be charged on it as the demand was raised using retrospective tax legislation.

Income Tax department

08 Mar 2017

I-T dept lifts freeze on Cairn dividend payout, stake bar stays

The tax department has agreed to lift the freeze on British oil explorer Cairn Energy being paid dividend by its erstwhile subsidiary Cairn India, but it still cannot sell the residual stake pending a tax dispute.

25 Jan 2017

Cairn seeks repeal of retro tax law in upcoming Budget

Days before Finance Minister Arun Jaitley is to present his fourth Union Budget, British oil firm Cairn Energy Plc on Wednesday asked him to use the opportunity to repeal the retrospective tax legislation that continues to create a barrier for international investors.

25 Dec 2016

Companies must drop retro tax cases to avail settlement scheme: CBDT

Vodafone, Cairn Energy and other firms facing retrospective tax demand will have to withdraw legal cases and give up the right to contest constitutional validity of back-dated amendment to I-T laws if they want to avail of the dispute resolution scheme ending on December 31.

06 Nov 2016

Cairn writes to Modi seeking resolution to Rs 29,047 crore retrospective tax demand ahead of UK PM's visit

Cairn writes to Modi seeking resolution to Rs 29,047 crore retrospective tax demand ahead of UK PM's visit

British oil explorer

19 Oct 2016

Retrospective tax demand: Govt seeks putting Cairn arbitration on hold

Government has sought putting on hold the arbitration initiated by British oil explorer Cairn Energy against a Rs 29,047 crore retrospective tax demand and instead wants a parallel arbitration initiated by Vedanta Resources to be taken up first.

10 Oct 2016

Cairn India oil and gas output drops 4% in Q2, 2016

Cairn India today reported a 4 percent drop in its oil and gas production during the second quarter ended September 30 after eastern offshore Ravva field output dipped by more than a quarter.

25 Aug 2016

Cairn tax dispute: India has to respond by Nov on $5.6 bn compensation demand, says CEO

India has time till November to respond to Cairn Energy's demand for USD 5.6 billion compensation in the retrospective tax case, said CEO of the British oil firm, Simon Thomson.

12 Jul 2016

Cairn Energy seeks $5.6 billion compensation from India for raising retrospective tax demand

British explorer Cairn Energy has sought USD 5.6 billion in compensation from the Indian government for raising a retrospective tax demand of Rs 29,047 crore on 10-year old internal reorganisation of its India unit.

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