The government has stopped issuing penalties on Reliance Industries and its partner BP plc for natural gas production from eastern offshore KG-D6 fields not matching the targets after the matter went into arbitration, according to an RTI reply by the DGH and sources.
London-listed petroleum explorer Cairn Energy plc today announced the appointment of Catherine Krajicek as an independent non-executive director on the company’s board with effect from 1 July, 2019.
Cairn Energy Plc of the UK on Monday said it expects the long-running arbitration process against the Indian authorities over retrospective taxation to be more protracted than originally anticipated and is unlikely to be concluded before late 2019.
British oil firm Cairn Energy on Tuesday said an international arbitration tribunal is in the process of drafting a final award in its challenge to the Indian government using retrospective legislation to seek Rs 10,247 crore in taxes.
Cairn Energy, a British company, has reported a net half-yearly loss of $500 million and attributed it as a direct result of action of the Indian Income Tax (I-T) Department on the retrospective tax matter, which has now been ongoing for almost five years.
The final hearing in British oil firm Cairn Energy plc’s challenge to India imposing a Rs 10,247 crore retrospective tax demand will begin in The Hague tomorrow, people familiar with the matter said.
It looks set to be an interesting few months for shareholders in Cairn Energy as the finishing line approaches in a long-running $1.6 billion tax dispute.
The Tax Department will sell at an “appropriate time” the shares owned by British firm Cairn Energy plc which were attached following a Rs 10,247-crore tax demand, a senior tax official said.
Final hearing in Cairn Energy Plc.’s challenge to a Rs10,247 crore retrospective tax demand raised by India will begin in August in The Hague, the British firm said on Monday.
The income tax department will not sell the attached shares of Cairn Energy to recover a Rs 10,247-crore retrospective tax demand as it fears that replenishing them in case of an international arbitration going against it will be difficult, a senior official said.