British oil explorer Cairn Energy on Wednesday said final hearing in the international arbitration it has initiated against a Rs10,247 crore retrospective tax demand raised by India, has been pushed back by about six months to August 2018.
Cairn initiated arbitration against the government using a new law that gave it powers to impose taxes retrospectively, to slap a tax demand of Rs10,247 crore on a decade old internal reorganisation of its India unit. “The arbitration proceedings are well advanced, and the (arbitration) Tribunal and parties have now agreed the process and timetable for finalising document production, submissions, and hearings.
“This includes some extensions to the previously agreed schedule, and taking into account the Tribunal and parties’ availability, the final hearing has now been scheduled for August 2018,” it said in a regulatory filing. The company, however, did not give reasons for the delay. It had earlier expected responses and counter-responses to be filed with the three-member tribunal by December and final hearing begin sometime early 2018. Read More…
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