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Cairn Energy said in its statement that it would be required to withdraw its international arbitration award claim, interest and costs and end all legal enforcement actions to be eligible for the refund.(Livemint)

Cairn to drop cases in $1bn refund offer

Livemint | By Gireesh Chandra Prasad, New Delhi
PUBLISHED ON SEP 08, 2021 03:09 AM IST
On Tuesday, the company said it is considering entering into statutory undertakings with the government of India under a new law, clearing the way for the release of its assets seized since 2014.
Union Finance Minister Nirmala Sitharaman speaks in Rajya Sabha during the Monsoon session of Parliament, in New Delhi on Monday. (. ANI Photo/ RSTV)
Union Finance Minister Nirmala Sitharaman speaks in Rajya Sabha during the Monsoon session of Parliament, in New Delhi on Monday. (. ANI Photo/ RSTV)

Taxation Laws (Amendment) Bill passed, nullifies retrospective tax

Written by Shankhyaneel Sarkar | Edited by Meenakshi Ray, Hindustan Times, New Delhi
UPDATED ON AUG 09, 2021 08:50 PM IST
  • Union finance minister Nirmala Sitharaman while replying to the debate on the bill said that India’s sovereign right to tax will remain ‘intact’ and nothing is being ‘diluted’.
The amendment will do away with the provision of retrospective tax.
The amendment will do away with the provision of retrospective tax.

Govt to amend Income Tax Act, no provision for retrospective tax

By hindustantimes.com | Written by Poulomi Ghosh
UPDATED ON AUG 05, 2021 06:23 PM IST
The UPA government in 2012 imposed capital gains tax retrospectively on some companies like Cairn and Vodafone.
Cairn India employees work at a storage facility for crude oil at Mangala oil field at Barmer in Rajasthan.(Reuters file photo)
Cairn India employees work at a storage facility for crude oil at Mangala oil field at Barmer in Rajasthan.(Reuters file photo)

Govt weighs options as Cairn wins Paris assets

By Rajeev Jayaswal, Rezaul H Laskar, New Delhi
PUBLISHED ON JUL 08, 2021 11:28 PM IST
India will “vigorously defend” any move of UK’s Cairn Energy Plc to attach Indian assets overseas, the finance ministry said.
The ministry said India has filed an application on 22 March 2021 to set aside “the highly flawed December 2020 international arbitral award” in The Hague Court of Appeal.(File photo)
The ministry said India has filed an application on 22 March 2021 to set aside “the highly flawed December 2020 international arbitral award” in The Hague Court of Appeal.(File photo)

India will defend right to tax Cairn: Finance ministry

By Rajeev Jayaswal, New Delhi
UPDATED ON MAY 23, 2021 11:47 PM IST
Cairn has been taking legal measures to enforce an international arbitration tribunal’s award of $1.2 billion (plus interest and costs) since December last year.
According to reports that informed sources of the government dismissed as speculations, UK's Cairn Energy has brought a lawsuit in a US court that potentially can lead to seizing of Air India's overseas assets.(PTI)
According to reports that informed sources of the government dismissed as speculations, UK's Cairn Energy has brought a lawsuit in a US court that potentially can lead to seizing of Air India's overseas assets.(PTI)

Not received notice of Cairn identifying Indian assets for seizing: Govt sources

By hindustantimes.com | Edited by Poulomi Ghosh
PUBLISHED ON MAY 16, 2021 06:36 PM IST
Cairn did not pay a single rupee tax anywhere in the world in respect of the impugned transactions, informed sources of the government pointed out.
The body ruled India breached an investment treaty with Britain and said New Delhi was liable to pay.(PTI)
The body ruled India breached an investment treaty with Britain and said New Delhi was liable to pay.(PTI)

Cairn Energy sues Air India to enforce $1.2 billion arbitration award: Report

Reuters | , Mumbai/ New York
PUBLISHED ON MAY 15, 2021 05:18 PM IST
The move ratchets up pressure on India's government to pay the sum of $1.2 billion plus interest and costs that the British firm Cairn was awarded by an arbitration tribunal in December.
The court also observed that the petitioner had not come to the court with clean hands and had filed a false claim to gain unfair advantage and abused the process of the court. (Getty Images/iStockphoto)
The court also observed that the petitioner had not come to the court with clean hands and had filed a false claim to gain unfair advantage and abused the process of the court. (Getty Images/iStockphoto)

Cairn plans to file lawsuits against India in nine countries

PTI | , New Delhi
PUBLISHED ON MAR 29, 2021 07:48 AM IST
The firm has moved courts in the US, UK, Canada, France, Singapore, the Netherlands, and three other countries to register the December 2020 arbitration tribunal ruling that overturned the Indian government’s 10,247 crore demand in back taxes.
According to the government, the transaction in 2006-07 involving entities in Jersey led to capital gains in the hands of Cairn UK Holdings that is taxable in India. India earlier raised a tax demand of around <span class='webrupee'>₹</span>10,400 crore plus an equal amount in penalty and interest accrued. (Representative Image)(Reuters)
According to the government, the transaction in 2006-07 involving entities in Jersey led to capital gains in the hands of Cairn UK Holdings that is taxable in India. India earlier raised a tax demand of around 10,400 crore plus an equal amount in penalty and interest accrued. (Representative Image)(Reuters)

Govt to challenge Cairn Energy’s case in courts

By Gireesh Chandra Prasad
PUBLISHED ON FEB 20, 2021 01:33 AM IST
The move signals the government’s resolve to defend its sovereign rights in taxation. The government has, however, kept open the possibility of a resolution within existing Indian laws, the person said.
The only concession India is willing to offer Cairn is to settle the dispute through its Vivad se Vishwas scheme.(Reuters)
The only concession India is willing to offer Cairn is to settle the dispute through its Vivad se Vishwas scheme.(Reuters)

Government prepares appeal in Cairn Energy tax case

Livemint | By Gireesh Chandra Prasad, Utpal Bhaskar
PUBLISHED ON FEB 18, 2021 07:45 AM IST
At the meeting, finance secretary Ajay Bhushan Pandey will listen to the company’s proposals even as the government prepares to file the appeal in a Dutch court, three people familiar with the developments said, requesting anonymity.
Cairn India employees work at a storage facility for crude oil at Mangala oil field at Barmer in the desert Indian state of Rajasthan.(File Photo / REUTERS)
Cairn India employees work at a storage facility for crude oil at Mangala oil field at Barmer in the desert Indian state of Rajasthan.(File Photo / REUTERS)

Britain's Cairn files case in US to push India to pay $1.2 billion award

Reuters | , New Delhi
PUBLISHED ON FEB 16, 2021 07:43 PM IST
In December, an arbitration body awarded the British firm damages of more than $1.2 billion, plus interest and costs.
Cairn Energy said on Wednesday it had won an international arbitration case against the Indian government over a tax dispute(Cairn on Twitter)
Cairn Energy said on Wednesday it had won an international arbitration case against the Indian government over a tax dispute(Cairn on Twitter)

Cairn Energy wins $1.2 billion from India in tax arbitration case

New Delhi | By Reuters | Posted by Ayshee Bhaduri
PUBLISHED ON DEC 23, 2020 02:58 PM IST
The tribunal ruled unanimously that India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty and awarded Cairn damages of $1.2 billion plus interest and costs, the company said in its statement.
A representational image from Cairn Energy’s official website.(CAIRNENERGY.COM)
A representational image from Cairn Energy’s official website.(CAIRNENERGY.COM)

Energy giant Cairn wins high-profile tax dispute case against India

Hindustan Times, London | By Prasun Sonwalkar
UPDATED ON DEC 23, 2020 02:00 PM IST
The case had gone into arbitration in 2015 when Cairn Energy contested a demand from Indian tax authorities for $1.4 billion owed on capital gains related to the 2007 listing of its Indian unit
While the cost implication in the case is limited to having to pay Rs 85 crore to Vodafone in legal cost, what is weighing on the government mind is a separate arbitration involving UK’s Cairn Energy plc.(PTI photo)
While the cost implication in the case is limited to having to pay Rs 85 crore to Vodafone in legal cost, what is weighing on the government mind is a separate arbitration involving UK’s Cairn Energy plc.(PTI photo)

Govt weighs legal options in Vodafone tax arbitration case

New Delhi | By Press Trust of India | Posted by Prashasti Singh
PUBLISHED ON OCT 04, 2020 09:14 PM IST
Finance Ministry sources said the government will decide on challenging the award before a court in Singapore - which was the seat of the arbitration, after taking legal opinion.
Cairn India employees work at a storage facility for crude oil at Mangala oil field at Barmer, Rajasthan.(Sonu Mehta/HT File Photo)
Cairn India employees work at a storage facility for crude oil at Mangala oil field at Barmer, Rajasthan.(Sonu Mehta/HT File Photo)

Cairn seeks $ 1.4 billion damages from govt

Mint, Mumbai | By Kalpana Pathak
UPDATED ON SEP 30, 2020 01:25 AM IST
The Cairn Energy case is the second most high-profile retrospective tax litigation. Last week, an arbitration court in the Hague ruled that India’s Rs 22,000-crore demand from Vodafone Group Plc violated the bilateral investment treaty (BIT) between India and the Netherlands.
(Photo: Cairn Energy website)
(Photo: Cairn Energy website)

Income tax department seizes Rs 440 crore dividend income of Cairn Energy

Press Trust of India, New Delhi | By Press Trust of India
UPDATED ON APR 15, 2018 11:22 AM IST
The seizure was done to recover a part of the Rs 10,247 crore tax demand it had raised on the British firm using a retrospective tax legislation.
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