Income-tax dept sells Cairn Energy shares in Vedanta for $216 million

The company said it has "been notified by the Indian income tax department that it has sold part of Cairn's shareholding" in Vedanta

London Stock Exchange-listed Cairn Energy on Monday said the income-tax department has sold part of its holding in Anil Agarwal-led Vedanta Ltd for $216 million.
 

Cairn Energy’s holding in Vedanta had been seized by the government following a tax claim on the company.

The Edinburgh-based company has also written off its remaining holding in Vedanta. The income-tax authorities have claimed a principal tax of Rs 102 billion ($1.6 billion), plus applicable interest and penalties. Interest is currently being charged on the principal at a rate of 12 per cent per annum from February 2016.

The company said it has “been notified by