NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Cairn India takes Indian authorities to court over $3.3 billion tax demand

Published 07/04/2015, 06:46
Updated 07/04/2015, 06:51
© 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
VED
-
CNE
-
CAIL
-

MUMBAI (Reuters) - Cairn India Ltd (NS:CAIL), India's largest private-sector oil producer, said on Monday it had moved the Delhi High Court against a $3.3 billion (2.21 billion pounds) tax demand from Indian authorities related to its listing in 2007.

The company, a unit of London-listed Vedanta Resources Plc (L:VED), said it had filed a writ petition seeking "quashing/setting aside" of the order passed by the tax authorities.

Cairn India received last month the demand of about 204 billion rupees from Indian tax authorities for an alleged failure to deduct withholding tax on capital gains made by its former parent, Cairn Energy Plc (L:CNE), during a reorganisation ahead of its market listing.

Vedanta said last month it would file a notice of claim against the Indian government under the UK-India bilateral investment treaty.

Cairn Energy, which received a tax demand of more than $1.6 billion related to the same case, has also filed a notice of dispute under the bilateral investment treaty.

© 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

Cairn India shares had gained 0.3 percent in morning trade on Tuesday in a broader market that was up about 0.2 percent.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.