Cairn Energy arbitration: Nirmala Sitharaman says its her duty to appeal over USD 1.4 billion return
The tax department had in January 2014 raised the issue of alleged capital gains Cairn made on reorganising its India business prior to an IPO in 2006-07.
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NEW DELHI: Finance Minister Nirmala Sitharaman on Friday indicated the government s intent to appeal against an arbitration panel asking India to return USD 1.4 billion to UK s Cairn Energy Plc, saying it is her duty to appeal in cases where the nation s sovereign authority to tax is questioned.
Last year, the government lost two high-profile arbitrations over the levy of taxes on British firms, using legislation that gave it the power to levy taxes with retrospective effect.
After three days of talks with top finance ministry officials, UK's Cairn Energy plc on Sunday said it is hopeful of reaching an amicable resolution on USD 1.4 billion that an arbitration award has ordered India to return, but insisted it will continue to take steps to protect shareholder interest.
Synopsis We had a constructive dialogue and the dialogue is ongoing, ThomsonCairn Energy Plc Chief Executive Simon Thomson told reporters after meeting Finance Secretary Ajay Bhushan Pandey, CBDT Chairman P C Mody and other tax officials. He refused to comment on what transpired at the meeting. I can t comment more on the meeting.
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New Delhi: Nearly two months after it won an international arbitration tribunal ruling against the Indian government levying taxes retrospectively, Britain s Cairn Energy Plc Chief Executive Simon Thomson on Thursday met top finance ministry officials in hope of quickly resolving the issue. We had a constructive dialogue and the dialogue is ongoing, Thomson told reporters after meeting Finance Secretary Ajay Bhushan Pandey, CBDT Chairman P C Mody and other tax officials.
Read more about Cairn CEO meets finance secy over tax ruling, says meeting constructive on Business Standard. He refused to comment on what transpired at the meeting
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Cairn Energy CEO meets Indian finance secretary as shareholders impatiently wait for action on the $1.4 billion tax dispute
Cairn Energy CEO meets Indian finance secretary as shareholders impatiently wait for action on the $1.4 billion tax dispute
Navdeep YadavFeb 18, 2021, 16:55 IST
Cairn Energy Twitter
UK-based
Cairn Energy plc CEO Simon Thomson called upon the union finance ministry to see a possible solution outside the legal options to get $1.4 billion in a tax dispute against India.
Cairn Energy plc CEO Simon Thomson told reporters that the meeting with the finance secretary was constructive.
This comes days after the company moved the US, the UK and the Netherlands courts to get $1.4 billion in a tax dispute against India.Days after filing cases in the US, the UK and the Netherlands courts to get $1.4 billion in a tax dispute against India, UK-based Cairn Energy plc called upon the union finance ministry to see a possible solution outside the legal options.