Cairn tax dispute: IT dept orders recovery of Rs 10K crore

Cairn Energy India dividend claim moves to The Hague as co seeks US$1bn of damages

Cairn Energy India dividend claim moves to The Hague as co seeks US$1bn of damages

Indian company Vedanta has been told to pay United Kingdom company Cairn Energy dividends it is owed from a residual shareholding in its former subsidiary.

Cairn Energy had approached the worldwide panel shortly after the Income Tax Appellate Tribunal (ITAT) turned down its plea in March seeking injunction against coercive action to recover the tax. The I-T department will now proceed to take over the 9.8% shareholding Cairn Energy had in Cairn India.

In a statement to the London Stock Exchange, Cairn said that an global arbitration tribunal had declared that $53m in dividends due to Cairn from its previous Indian subsidiary would be released.

Harry Kane Targets 50-Goal Season With Spurs
And he certainly doesn't intend to slow down any time soon. "I still feel fresh", he added. So there's still a lot to improve and a lot to work on, but I'm looking forward to it".

However, the sale might not happen immediately as the tax department will wait for the best price, the source said, adding that the shares can be sold to LIC or Vedanta whosoever quotes the best price.

Income Tax department holds Cairn Energy liable to pay taxes to the tune of Rs 10,247 crore on alleged capital gain the British firm made when it transferred its India assets to a newly created company Cairn India in 2006.

A $1.6bn tax demand was then issued against Cairn in 2015, which was linked to rules enabling retrospective tax investigations to be undertaken following tax wrangles with Vodafone. This notice followed Cairn Energy losing an appeal in the tax tribunal ITAT against the levy.

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But Pamela was full of praise for the PM's rival Jeremy Corbyn who "could and should be the next prime minister". Model-actress Pamela Anderson has shared a love-filled post for Julian Assange on her official blog.

Cairn Energy PLC on Monday said its claim under the UK-India Bilateral Investment Treaty in an ongoing tax dispute with the government of India is progressing.

According to Cairn, the Indian Income Tax Department has issued an order to Vedanta to pay sums due to the Edinburgh-based company.

Cairn said it was now due a total of $104m from Vedanta, including historical dividends of $53m and a further dividend of US$51m after the merger of CIL and VIL, with release of the dividend payment confirmed via an global arbitration tribunal in March.

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During her visit - which lasted less than an hour - she also spoke to volunteers and community leaders at St Clement's Church. The mayor of London Sadiq Khan has said the Grenfell Tower disaster was a outcome of years of neglect by politicians.

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