Photo: Shirish Nadkarni Great Eastern Shipping Co and the London-based Foresight Group are among the leading names that have put in bids to buy national carrier Shipping Corporation of India (SCI), which has been put up for sale by the Indian government.
India’s Cabinet had, in November 2019, given an in-principle approval for the strategic divestment of its entire 63.75% equity stake in SCI, and also its shareholding in rail-borne cargo carrier, Container Corporation of India (CONCOR). However, the swift spread of the worldwide Covid-19 pandemic delayed the disinvestment process.
Indian Finance Minister Nirmala Sitharaman, said in her Budget speech for 2021-22, had said that a number of disinvestment transactions for Bharat Petroleum Corp Ltd (BPCL), Air India, Shipping Corp of India, Container Corp of India, IDBI Bank, BEML, Pawan Hans and Neelachal Ispat Nigam, among others, would be completed in fiscal 2021-22.
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.