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Shares of Vodafone Idea fell nearly 4.3% in intra-day trade around Friday noon on the BSE. This, after an ET report about the struggling telco’s big fundraising plans hitting an air pocket amid differences with key members of the prospective lenders’ consortium such as Oak Hill Advisors and Varde Partners over funding terms and furnishing of guarantees in case of payment defaults.
Vi shares were subsequently trading 3.6% lower at Rs 10.63 around mid-day on the exchange.
Though talks between the two sides have reportedly not fallen through completely, the telecom JV between UK’s Vodafone Group and Aditya Birla Group is reckoned to be already exploring other potential funding partners and is confident of securing funding by the month-end, say people aware. They added that there is surplus cash with US funds, and the Indian telecom business outlook is looking up amid surging data consumption growth, post-pandemic.
Fundraising plans of Vodafone Idea hit hurdles indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Cairn threatens to seize Indian assets overseas to collect $1.4 billion arbitration award
The British firm has begun identifying overseas Indian assets, including Indian bank accounts, airplanes and other foreign properties, in case the Indian government fails to honour the arbitration award
PTI | January 26, 2021 | Updated 18:38 IST
If India fails to comply with the arbitration award, it would be a violation of international rules commonly called the New York Convention
Just like US oil firm ConocoPhillips grabbed Venezuelan assets overseas to enforce an arbitration award, Indian bank accounts, airplanes and other foreign properties can be seized to collect USD 1.4 billion awarded to UK s Cairn Energy against Indian retro tax, according to a letter seen by PTI.
Cairn Energy s Shareholders Urge India To Honour Rs 10,247 Cr Worth Arbitration Award
This is the second loss the government has suffered in recent months over the retrospective levy of taxes.
PTI 24 January 2021 @CairnEnergy/Twitter PTI 2021-01-24T12:24:17+05:30 Cairn Energy s Shareholders Urge India To Honour Rs 10,247 Cr Worth Arbitration Award outlookindia.com 2021-01-24T12:25:46+05:30
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Some of Cairn Energy Plc s marquee shareholders that include BlackRock, MFS, Franklin Templeton and Fidelity, have asked the Indian government to honour an arbitration award and return USD 1.2 billion to the British oil firm, sources said.
Cairn, which on this day seven years back was first slapped with a retrospective tax assessment, is three-fourth owned by world s top investors with USD 529 billion MFS Investment Management of the US being its largest investor with 14.02 per cent stake.