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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. Share Via Email | A+A A- By PTI 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. ....
$1.4 billion Cairn arbitration award: Nirmala Sitharaman says it s her duty to appeal Top Searches $1.4 billion Cairn arbitration award: Nirmala Sitharaman says it s her duty to appeal TIMESOFINDIA.COM / Updated: Mar 5, 2021, 17:10 IST FacebookTwitterLinkedinEMail Union finance minister Nirmala Sitharaman said it is her duty to appeal in cases where the nation s sovereign authority to tax is questioned. (File photo) NEW DELHI: Union finance minister Nirmala Sitharaman on Friday indicated the government will appeal against an arbitration panel asking India to return $1.4 billion to UK s Cairn Energy Plc. When asked about a retrospective decision on Cairn Energy, Sitharaman said it is her duty to appeal in cases where the nation s sovereign authority to tax is questioned. ....
Cairn Energy s Shareholders Urge India To Honour Rs 10,247 Cr Worth Arbitration Award This is the second loss the government has suffered in recent months over the retrospective levy of taxes. PTI 24 January 2021 @CairnEnergy/Twitter PTI 2021-01-24T12:24:17+05:30 Cairn Energy s Shareholders Urge India To Honour Rs 10,247 Cr Worth Arbitration Award outlookindia.com 2021-01-24T12:25:46+05:30 Also read Some of Cairn Energy Plc s marquee shareholders that include BlackRock, MFS, Franklin Templeton and Fidelity, have asked the Indian government to honour an arbitration award and return USD 1.2 billion to the British oil firm, sources said. Cairn, which on this day seven years back was first slapped with a retrospective tax assessment, is three-fourth owned by world s top investors with USD 529 billion MFS Investment Management of the US being its largest investor with 14.02 per cent stake. ....