Cairn wins arbitration ruling against India in tax dispute: What is this case?
Like Vodafone, this dispute between the Indian government and Cairn also relates to retrospective taxation. Written by Aashish Aryan , Edited by Explained Desk | New Delhi | Updated: December 29, 2020 9:09:19 am
Worker cycles by machinery at Cairn India, Oil and Gas exploration plant at Barmer in Rajasthan. (Photo via Bloomberg)
The Permanent Court of Arbitration at The Hague has ruled that the Indian government
was wrong in applying retrospective tax on Cairn. In its ruling, the international arbitration court said that Indian government must pay roughly Rs 8,000 crore in damages to Cairn.
economy
Dec 23, 02:12
The decision against the Indian government in the Cairn Energy retrospective taxation arbitration case has put the former in a conundrum.
As the amount involved is huge, India could be forced to challenge the verdict by the International Court of Justice at the Hague, a source told
Moneycontrol. A final decision on the matter is yet to be taken, however, and could take time as the government is still studying the verdict, the source added.
This could also influence the Centre s pending decision on whether to challenge the earlier Vodafone verdict as well. The government will be studying the award and all its aspects carefully in consultation with its counsels. After such consultations, the Government will consider all options and take a decision on further course of action, including legal remedies before appropriate fora, the government said in a press release.
Investors in Vedanta Resources Ltd. are turning their attention to the miner’s longer-term plan to streamline a complex group structure that has kept the parent from easily accessing cash at its units.
Vedanta Resources, controlled by billionaire Anil Agarwal, allayed some immediate concerns this week when it received vital funding by selling $1 billion notes due 2024 at 13.875%, albeit at one of the highest yields for a dollar bond in Asia this year. The company plans to use that cash to finance a buyback offer for $670 million of notes due next year, and the rest to repay other debt or to increase stakes in its Indian units.
Investors Look for Long-Term Plan From Vedanta After Bond Sale
Dec 14 2020, 6:51 PM
December 13 2020, 5:30 AM
December 14 2020, 6:51 PM
(Bloomberg) Investors in Vedanta Resources Ltd. are turning their attention to the minerâs longer-term plan to streamline a complex group structure that has kept the parent from easily accessing cash at its units.
(Bloomberg) Investors in Vedanta Resources Ltd. are turning their attention to the minerâs longer-term plan to streamline a complex group structure that has kept the parent from easily accessing cash at its units.
Vedanta Resources, controlled by billionaire Anil Agarwal, allayed some immediate concerns this week when it received vital funding by selling $1 billion notes due 2024 at 13.875%, albeit at one of the highest yields for a dollar bond in Asia this year. The company plans to use that cash to finance a buyback offer for $670 million of notes due next year, and the rest to repay other debt or to increase stakes in
Investors look for long-term plan from Vedanta after bond sale hindustantimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hindustantimes.com Daily Mail and Mail on Sunday newspapers.