Engaged with Indian government on adherence of tax arbitration award, says Cairn Energy
January 20, 2021
Tribunal had ordered India to return $1.2 billion to the company
Scottish company Cairn Energy on Wednesday said that it is in talk with Indian government for adherence of award in its favour by International Tax Arbitration Tribunal.
According to the company, the tribunal ruled unanimously that India had breached its obligations under the treaty and awarded to Cairn damages of $1.2 billion plus interest and costs (sums up to $1.6 billion), which are now payable.
“A significant milestone was achieved in December 2020 with a unanimous award in favour of Cairn in its arbitration with the Government of India under the UK-India Bilateral Trade Investment Treaty. We have engaged with the Government of India regarding adherence to the tribunal’s ruling and are taking all necessary steps to protect our rights to the award,” the company said in pre-close update ahead of anno
Vodafone retro tax case: All you need to know
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Last Updated: Dec 25, 2020, 09:02 AM IST
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Vodafone International Holdings BV bought the stake of Hutchison Telecommunications International Ltd in Hutchison Essar
Deal between companies based overseas; executed in Cayman Islands
OCT 30, 2009: Income tax dept served notice to Vodafone International Holdings
Notice under Sections 201 and 201 (1A) of the Income Tax Act for non-deduction of tax at source on the $11.2 bn transaction
OCT 30, 2010: IT Dept ordered Vodafone to furnish Rs 11,218 cr under Sections 201 and 201(1A).
APR 29, 2011: Rs 7,900 cr penalty was imposed
LITIGATION
SEPT 8, 2010: The Bombay High Court upheld the tax authorities decision. Dept raised tax demand in the subsequent month