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.
The tax department had in January 2014 used a two-year-old retrospective tax law to raise a Rs 10,247-crore demand on alleged capital gains made by Cairn Energy on a decade-old internal reorganisation of India business.
This was followed by attaching the company’s residual 9.8 per cent shares in its erstwhile subsidiary, Cairn India. Cairn India was subsequently merged with its new parent Vedanta Ltd, in which Cairn Energy now holds about 4.95 per cent stake. Read More
Latest posts by ET Energy World (PTI Copy) (see all)
- NLC India Retires 100 MW Unit Of Thermal Power Station-1 In Tamil Nadu - December 23, 2018
- GE Power India Consortium Bags Order For Hydro Power Plant In Malaysia - December 23, 2018
- Higher Demand, Lower Clean Energy Generation Push Power Prices Up In Sept - November 7, 2018