What is the issue with Cairn Energy in India?

The Income Tax Department in India imposed on Cairn a tax demand of ₹20,495 crore (equivalent to ₹260 billion or US$3.4 billion in 2020), comprising tax of ₹10,248 crore and interest of ₹10,247 crore.

Is Cairn owned by Vedanta?

Cairn Energy PLC, the Scottish oil and gas exploration company that is also commonly referred to as Cairn Energy, will discontinue the use of the brand name ‘Cairn’ as part of its corporate identity by December 2021. The brand ‘Cairn’ is exclusively owned by Vedanta.

Why did Cairn Energy sue India?

As part of the settlement reached with the government in the seven-year-old dispute over the levy of back taxes, the company – which is now known as Capricorn Energy PLC – has withdrawn all cases that were brought to collect the tax refund ordered by an international arbitration tribunal after rescinding retrospective …

Is Cairn India listed?

The Listing Page of Cairn India Ltd. presents the Incorporation Date, Public Issue Date, Book Closure dates, Face Value, Key Listing information, Indices it is a part of, and the Exchanges where the company is listed. National Stock Exchange of India Ltd.

What is Cairn Energy tax Case?

Cairn Energy, renamed Capricorn Energy last month, has withdrawn all litigations in the retrospective tax case, which will allow the Government of India to nullify previous tax demand and refund the taxes collected in this regard to the company.

What is Cairn tax issue?

The government had demanded Cairn pay a capital gains tax of Rs 10,200 crore plus interest and penalty for a reorganization of assets that the company undertook at its India unit in 2006, ahead of the listing of its shares in 2007.

When did Vedanta buy Cairn?

17.70 per equity share as approved by the board of Vedanta on 30 March 2017. No shares will be issued to Vedanta or any of its subsidiaries for their shareholding in Cairn India.

Which company merged with Vedanta?

Cairn India
Mumbai: Metals and mining group Vedanta Ltd, controlled by London-based non-resident Indian businessman Anil Agarwal, said the merger with its oil and gas subsidiary Cairn India Ltd has become effective as of Tuesday.

What is Cairn Energy dispute with India UPSC?

The claimants in the case were Cairn Energy and Cairn UK Holdings. They argued that up until the amendments were made to tax retrospectively, there was no tax levied on indirect transfers, ie., transfer of shares by a non-resident in non-Indian companies which indirectly owned assets in India.

What happened to Cairn Energy?

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, follows an agreement at the time of the Cairn India IPO in 2006 that the name would ultimately be changed.

What is the share price of Reliance Petroleum?

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What is retrospective taxation?

Hence, retrospective tax means creating an additional charge or levy of tax by way of an amendment from specified date in the past.