Govt to file appeal against arbitral award in Cairn retro-tax case
The arbitration court unanimously ruled that India breached its obligations to Cairn under the UK-India Bilateral Investment Treaty
Dipak Mondal | February 19, 2021 | Updated 10:17 IST
India to appeal agasint Cairn arbitral award
The government will file an appeal against Cairn arbitration award soon and will contest its sovereign rights to tax, sources in the finance ministry said. The ministry sources said that the government will also strongly contest other suits filed by Cairn Energy at various other international courts.
An international arbitral tribunal had in December 2020 ruled against India s decision to retrospectively tax the capital gains made when Cairn UK Holdings Ltd sold shares in Cairn India Holdings Ltd, a Jersey company, to Cairn India Ltd, an Indian company.
Govt to file appeal against arbitral award in Cairn retro-tax case businesstoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstoday.in Daily Mail and Mail on Sunday newspapers.
Will govt appeal against Cairn order? Response to Vodafone tangle holds clue
Supreme Court lawyer Arvind Datar, who has represented Cairn in this case, says that the government has the right to appeal but he does not know whether they will appeal or not
Dipak Mondal | December 27, 2020 | Updated 12:53 IST
In yet another setback to the government, an international arbitral tribunal has ruled unanimously that India has breached its obligations to Cairn under the UK-India Bilateral Investment Treaty and has awarded to Cairn damages of $1.2 billion plus interest and costs. It has now become payable. This is the second such defeat for the government after a similar order was passed by an international tribunal against the retrospective taxation on Vodafone in September this year.
Investors in Vedanta Resources Ltd. are turning their attention to the miner’s longer-term plan to streamline a complex group structure that has kept the parent from easily accessing cash at its units.
Vedanta Resources, controlled by billionaire Anil Agarwal, allayed some immediate concerns this week when it received vital funding by selling $1 billion notes due 2024 at 13.875%, albeit at one of the highest yields for a dollar bond in Asia this year. The company plans to use that cash to finance a buyback offer for $670 million of notes due next year, and the rest to repay other debt or to increase stakes in its Indian units.
Investors Look for Long-Term Plan From Vedanta After Bond Sale
Dec 14 2020, 6:51 PM
December 13 2020, 5:30 AM
December 14 2020, 6:51 PM
(Bloomberg) Investors in Vedanta Resources Ltd. are turning their attention to the minerâs longer-term plan to streamline a complex group structure that has kept the parent from easily accessing cash at its units.
(Bloomberg) Investors in Vedanta Resources Ltd. are turning their attention to the minerâs longer-term plan to streamline a complex group structure that has kept the parent from easily accessing cash at its units.
Vedanta Resources, controlled by billionaire Anil Agarwal, allayed some immediate concerns this week when it received vital funding by selling $1 billion notes due 2024 at 13.875%, albeit at one of the highest yields for a dollar bond in Asia this year. The company plans to use that cash to finance a buyback offer for $670 million of notes due next year, and the rest to repay other debt or to increase stakes in