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ETMarkets Morning Podcast (ETMarkets.com)
06:49 Min | July 09, 2021, 9:21 AM IST
Tune in as we tell you what s happening in the market, what s making news this morning, and look at some of the buzzing stocks.
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Hi there, Good Morning. Welcome to ETMarkets Morning, the show about money, business and markets. I am Nikhil Agarwal. Let s start with the headlines first
· LIC cleaning up books in preparation for IPO
· IPO-bound Zomato says it is recovering well from Covid hit
· Banks may report slowdown in the recovery momentum in Q1
· French court freezes Indian assets on Cairn Energy claim
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NEW DELHI (Reuters) - India s government on Sunday denied asking its state-run banks to withdraw funds from their foreign currency accounts abroad on fears that Cairn Energy may attempt to seize the cash in a tax dispute, adding New Delhi was open to resolve the matter.
London-listed Cairn is involved in a long-drawn out tussle with the Indian government over tax claims and was awarded damages of more than $1.2 billion by an international tribunal late last year.
New Delhi has filed an appeal against the decision it calls highly flawed .
Citing government officials and a banker, Reuters and other media reported on May 6 that the finance ministry had asked state-run banks to withdraw the foreign funds on concern that courts abroad could order that assets in their jurisdiction - including bank accounts - be remitted to Cairn.
(Repeats earlier story with no changes to text)
NEW DELHI, Dec 23 (Reuters) - Cairn Energy said on Wednesday it had won an international arbitration case against the Indian government over a tax dispute that had caused concern among investors over retrospective tax claims on companies.
The tribunal ruled unanimously that India had breached its obligations to Cairn under the U.K.-India Bilateral Investment Treaty and awarded Cairn damages of $1.2 billion plus interest and costs, the company said in its statement.
The amount is nearly equal to London-listed Cairn’s market value of $1.3 billion as of Tuesday’s close.
For India, this is the second setback after losing another international arbitration case in September against Vodafone Plc over a $2 billion retrospective tax dispute.
Cairn Energy wins over $1 2 billion from India in tax arbitration case reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Cairn Energy said on Wednesday it had won an international arbitration case against the centre.
Cairn Energy said on Wednesday it had won an international arbitration case against the centre over a tax dispute that had caused concern among investors over retrospective tax claims on companies.
The tribunal ruled unanimously that the centre had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty and awarded Cairn damages of $1.2 billion plus interest and costs, the company said in its statement.
The amount is nearly equal to London-listed Cairn s market value of $1.3 billion as of Tuesday s close.
For centre, this is the second setback after losing another international arbitration case in September against Vodafone Plc over a $2 billion retrospective tax dispute.