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Cairn Energy Plc News

Retrospective tax

24 Feb 2022

Retro Tax Case: India pays Cairn Rs 7,900 crore to settle dispute

The company in a statement said it has received "net proceeds of USD 1.06 billion". Cairn had in 2006-07 reorganised its India business, which comprised operations of prolific Rajasthan oilfields, prior to its listing on stock exchanges. The British firm contested the demand, saying all taxes due were duly paid.

Cairn Energy Plc

05 Nov 2021

Cairn Energy changes its name to Capricorn Energy

Cairn Energy gave India its biggest onland oil discovery. The company had sold the India unit to Vedanta Group in 2011. The sale included the transfer of the Cairn brand name to Vedanta.

Cairn Energy Plc

03 Nov 2021

Cairn agrees to withdraw cases against India to get Rs 7,900 crore refund

The government now has to accept this and issue Cairn a so-called Form-II. The form will commit it to refund the tax collected to enforce the retrospective tax demand. Following the issue of Form-II, Cairn will withdraw legal proceedings and will get a refund of Rs 7,900 crore.

Cairn Energy Plc

22 Aug 2017

Cairn adds another $249 million to compensation claim from India

British oil explorer Cairn Energy plc has added another USD 249 million to the compensation it is claiming from India after the government set off a tax refund due to it to settle part of a retrospective tax demand.

Cairn Energy Plc

08 Jun 2017

Cairn approaches international panel for injunction against I-T dept

Cairn Energy plc has approached an international arbitration panel seeking an injunction against Indian income tax department initiating proceedings to recover Rs 10,247 crore in retrospective tax.

10 Mar 2017

Cairn liable to pay Rs 10,247 crore capital gains tax: ITAT

Tax tribunal ITAT as upheld levy of Rs 10,247 crore capital gains tax on UK's Cairn Energy Plc but has held that interest cannot be charged on it as the demand was raised using retrospective tax legislation.

27 Jul 2016

Govt fixes December 31 deadline for retro tax settlement scheme

Government has fixed December 31, 2016 as the deadline for companies like Vodafone and Cairn Energy Plc to settle their retrospective tax disputes.

11 Apr 2016

Cairn India, Vedanta merger only after tax liability settled: Government

In a setback to mining mogul Anil Agarwal, the government today said it will not allow him to merge subsidiary Cairn India with his flagship firm Vedanta Ltd unless the Rs 10,247 crore tax issue is settled

Cairn Energy Plc

07 Apr 2016

Cairn faces Rs 10,247-crore fine on top of Rs 29,000 crore tax demand

In a circular to shareholders, the company said it had on February 4 received "a final assessment order from the Indian Income Tax Department in amount of Rs 10,247 crore plus interest back dated to 2007 totalling Rs 18,800 crore.

19 Jan 2016

Govt lost Rs 1400 crore as Cairn not allowed to export oil: HC told

Cairn India Tuesday told Delhi High Court that a loss of Rs 1400 crore has been caused to the government as the company was forced to sell its share of crude from its Rajasthan oil field to private players at prices 20 percent less than the global rates.

Cairn Energy Plc

19 Jan 2016

Will seek $1 billion from India in damages: Cairn Energy

British oil firm Cairn Energy Plc Tuesday said it will seek from India over USD 1 billion in damages for loss it suffered in value of its holding from a Rs 10,247-crore tax demand raised on its eight-year-old internal business recognition.

18 Jan 2016

Cairn tax case: Laurent Levy named third arbitration

Geneva-based arbitrator Laurent Levy has been named as the presiding officer of the three-member arbitrator panel to resolve the Rs 10,247-crore tax dispute with British oil firm Cairn Energy plc.

09 Jan 2016

British MP nudges Jaitley on Cairn Energy tax dispute

In January 2014, Cairn was slapped with a Rs 10,247 crore assessment notice.

25 Oct 2015

Cairn tax row: Will appoint arbitrator to resolve issue, India tells ICJ

India has told the International Court of Justice that it will soon appoint an arbitrator to resolve the Rs 10,247-crore tax dispute with British oil explorer Cairn Energy Plc.

23 Oct 2015

Vedanta may discuss on sweetening Cairn India deal next week

The Board of mining billionaire Anil Agarwal-controlled Vedanta Ltd will meet on Tuesday amid talks of the company being forced to sweeten its offer for absorbing its cash-rich oil subsidiary Cairn India.

Cairn Energy Plc

23 Sep 2015

Tax issue: Cairn moves int'l court for appointment of arbitrator

With government refusing to join arbitration to resolve the Rs 10,247-crore tax dispute, British oil explorer Cairn Energy plc has moved The Hague-based International Court of Justice seeking appointment of an arbitrator on behalf of the Indian government.

12 Aug 2015

Cairn seeks quick resolution to tax row

As the government grapples with its arbitration notice against a Rs 10,247 crore tax demand, British oil explorer Cairn Energy has said a quick judicial resolution to the issue will help restore confidence of retrospective tax-rattled international investors.

29 Apr 2015

Rs 20K crore tax calculated on wrong principles: Cairn to HC

Cairn India on Wednesday told the Delhi High Court that the Rs 20,495 crore demand slapped on it by the Income Tax department has been calculated on "wrong" principles and it would come to around Rs 5000 crore.

16 Apr 2015

What security can you give on Rs 20K cr tax demand: HC to Cairn

Delhi High Court today asked Cairn India how it would secure the Rs 20,495 crore demand slapped by the Income Tax department for its alleged failure to pay tax on gains made by its former parent company, Cairn Energy Plc, in a share transfer transaction eight years ago.

Cairn Energy Plc

11 Mar 2015

Cairn Energy Plc shares tank over 18% on tax notice in India

Shares of Scottish oil explorer Cairn Energy Plc fell sharply by over 18 percent on the London Stock Exchange after the company yesterday received a tax demand of Rs 10,247 crore (USD 1.6 billion) from Indian authorities.

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