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The chequered past of retrospective tax: All you need to know

The chequered past of retrospective tax: All you need to know
business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.

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Explained: Why Cairn Energy is moving to seize Indian assets

Explained: Why Cairn Energy is moving to seize Indian assets
Explained: Why Cairn Energy is moving to seize Indian assets
UK-based oil major Cairn Energy is taking swift steps to seize India s foreign assets. The company recently won a $1.4 billion arbitration award against India. Here is all you need to know.
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UPDATED: May 17, 2021 16:20 IST
The dispute dates back to 2015 when the Indian government sent a notice to Cairn Energy Plc regarding a retrospective tax demand. (Photo: Reuters)
The dispute dates back to 2015 when the Indian government sent a notice to Cairn Energy Plc regarding a retrospective tax demand. Five years later, on December 21, 2020, India was ordered to return up to $1.4 billion (with interest) to the UK company after an international arbitration overturned India s retrospective tax demand. ....

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India's offer to Cairn in $1.4-bn arbitration battle: 'Pay half the dues and move on'

India’s offer to Cairn in $1.4-bn arbitration battle: ‘Pay half the dues and move on’
FE Bureau
© Provided by The Financial Express
In its December 2020 ruling, the Permanent Court of Arbitration at The Hague invalidated India’s $2.74-billion 2015 tax claim on Cairn Energy.
Discussions between finance ministry officials and Cairn Energy CEO Simon Thomson-and his team-continued for the second day on Friday, but it appears the government wants Cairn to settle the dispute using the Vivad se Vishwas scheme; under the scheme, the company will have to pay around half the amount due sans interest and penalties in cases where the tax department has lost a case in a forum and filed an appeal, as the instant one. ....

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Retro tax: Amid stand-off, Cairn Energy holds 'constructive' meeting with Union finance secretary

Retro tax: Amid stand-off, Cairn Energy holds ‘constructive’ meeting with Union finance secretary
FE Bureau
© Provided by The Financial Express
Affirming its jurisdiction over the case, the tribunal said the Cairn case was not just a tax-related, but an investment-related dispute.
Amid Cairn Energy’s reported move to recover a $1.4-billion arbitral award in its favour by attaching and seizing Indian assets overseas and New Delhi’s rumoured plans to contest the award, the Edinburgh-headquartered energy company s chief executive Simon Thomson met Union finance secretary Ajay Bhushan Pandey here on Thursday. While the development kept alive hopes of a reconciliation, Thomson, as he came out of the meeting, said the talks were ‘constructive’, without elaborating. ....

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Cairn Energy CEO Thomson to meet FM next week over arbitration award

With the Indian government deciding to appeal against an international arbitration award that went against it, Cairn Energy Plc will directly knock at the doors of the Indian government for honouring of the award verdict. Cairn Energy CEO Simon Thomson would be meeting Union finance minister Nirmala Sitharaman in Delhi next week.
The arbitration is now finalised and the award has been given and we would request along with others, that the Indian government moves swiftly to adhere to the award that has been given. That s important, it s important for our shareholders, who are global financial institutions and who want to see a positive investment climate in India, said Simon Thomson in a video address to all stakeholders. ....

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