Cairn may lose 9.8% in India unit

Cairn Energy’s 9.8 per cent stake in Cairn India, attached by the tax department for non-payment of dues, may be put on the block as part of recovery proceedings initiated late last week. This is among the options being considered by the government. The 200 million shares with the tax department are valued at around Rs5,200 crore.
 

The UK oil major may also face a penalty of around 300 per cent, amounting to Rs30,000 crore. The tax department has till September to impose a penalty on Cairn Energy.
 

Recovery was initiated after the Edinburgh-based company failed to pay Rs10,247 crore