Cairn Energy

The government initially refused to honour the award but in August 2021 brought a law to scrap all retrospective tax demands and refund money collected but without any interest or penalty

Britain's Cairn Energy to now be entitled for about Rs 7,900 crore refund of taxes that were collected to enforce a retrospective tax demand

Last month, Cairn said it has agreed to drop litigations to seize Indian properties in several countries as it has accepted India's offer to settle the tax dispute

The government has now issued Cairn a so-called Form-II, committing to refund the tax collected to enforce the retrospective tax demand, two sources with direct knowledge of the development said

It has also commenced an initial share repurchase programme of its ordinary shares up to £20 million as a prelude to the anticipated larger buyback programme

Cairn Energy will become Capricorn Energy from that date, but will retain CNE sticker on London Stock Exchange

Britain oil and gas explorer Cairn Energy PLC will change its company name to Capricorn Energy PLC from mid-December, around the time its over USD 1 billion retrospective tax dispute will be nearing closure. Cairn Energy, which gave India its biggest onland oil discovery, had in 2011 sold the India unit, Cairn India to mining baron Anil Agarwal's Vedanta Group. The sale included the transfer of the Cairn brand name to Vedanta. But both the UK firms and Vedanta kept using the name - while Cairn Energy did not change its name all this while, the mining group continued with Cairn India Ltd till 2018 when the firm was merged with Mumbai-listed Vedanta Ltd. Since then, the oil and gas exploration and production operations of Vedanta Ltd are organised as Cairn Oil & Gas. In a statement, Cairn Energy PLC said it "plans to change its company name from Cairn Energy PLC to Capricorn Energy PLC, effective from December 31, 2021. The LSE stock ticker will remain as CNE". This, it said, ...

This will enable company to get Rs 7,900 crore from govt

Cairn gives in writing to indemnify govt, withdraw cases to get Rs 7,900 cr tax refund

Indemnity bond to be furnished by the firm and other interested party

The New York district court delayed the tax suit to November 18, according to court documents reviewed by PTI.

The move follows the government enacting a law to scrap retrospective taxation in the country, which in effect will result in withdrawal of the Rs 10,247 crore tax demand on Cairn

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Vedanta is also likely to withdraw arbitration

The offer to return money seized to enforce retrospective tax demand in lieu of dropping all litigations against the government 'is acceptable to us', says Cairn CEO Simon Thomson

The oil and gas company said it was considering entering into statutory undertakings with the Indian government.

Air India, unprofitable since a 2007 merger with state-owned domestic operator Indian Airlines Ltd., has total debt of Rs 60,000 crore and loses Rs 20 crore every day

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Air India has asked a New York court to dismiss a petition filed by Britain's Cairn Energy for seizure of its assets to enforce USD 1.2 billion arbitral awards against the Indian government

The draft rules released by the tax department call for a declaration by the companies to "irrevocably withdraw, discontinue and not pursue" any legal proceedings