The income-tax (I-T) department has sold more of Cairn Energy’s shares in mining major Vedanta to recover a part of the Rs 10,247 crore retrospective tax demand, the British firm said Tuesday.
The I-T department, which had in May and June sold a little under two per cent Cairn’s holding in Vedanta for about $231 million, sold a further one per cent last month when an international arbitration tribunal was holding the final hearing in The Hague against the imposition of a retrospective tax.
Cairn in its half-yearly report announcement on Tuesday reported a loss of $500.5 million as a result of the de-recognition and loss of financial assets in India.Read More
Latest posts by ET Energy World (see all)
- Govt mulls selling its 65% stake in Power Finance Corporation to REC - September 24, 2018
- India Will Register Highest GDP, Energy Growth Among Nations Through 2040: OPEC - September 24, 2018
- Punjab govt approves 4,000 MW thermal plant at Rupnagar - September 22, 2018