IT dept to recover Rs 10,247 crore from Cairn Energy

India Infoline News Service | Mumbai | June 19, 2017 19:06 IST

The Income Tax department is moving to take coercive action against Cairn Energy Plc to recover Rs 10,247 crore of retrospective tax, as the British oil company was charged with indulging in unfair business practices by an international arbitration panel.

The Income Tax department is moving to take coercive action against Cairn Energy Plc to recover Rs 10,247 crore of retrospective tax, as the British oil company was charged with indulging in unfair business practices by an international arbitration panel.

The IT department has notified that dividend amount worth USD 104 million will be seized from the company that  is due to it from its stake in the erstwhile subsidiary Cairn India, which has now become Vedanta Ltd, along with another Rs 1500 crore tax refund due to the department, according to market reports. Cairn Energy reportedly has 9.8% stake in Cairn India.  

Last week, the international arbitration panel had sent out a directive to not entertain the requests of Cairn Energy that had been trying to seek injunction against the tax recovery actions of the IT department.

Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only. India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible.

 

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