In a relief for Cairn Energy, the tax department in India has agreed to lift the freeze on the British oil explorer being paid dividends by its erstwhile subsidiary, Cairn India.
However, the company will still not be able to sell the residual stake, pending resolution of the tax dispute with the authorities. The department had last year made a demand of Rs 29,047 crore on Cairn Energy for alleged capital gains on a 10-year-old internal re-organisation of its India unit.
It barred Cairn Energy from selling the company’s residual 9.8 per cent stake in Cairn India, its erstwhile subsidiary which it had in 2011 sold to mining billionaire Anil Agarwal’s Vedanta group, during the pendency of the dispute. It later also froze payment of dividend by Cairn India to Cairn Energy. Read More…
Credit By : Business Standard.com
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