Is Cairn Energy an Indian company?

Cairn India was an Indian oil and gas exploration and production company, headquartered in Gurgaon, India. The company was merged with Vedanta Limited.

Is Cairn Energy part of Vedanta?

Cairn Energy PLC, the Scottish oil and gas exploration company that is also commonly referred to as Cairn Energy, will discontinue the use of the brand name ‘Cairn’ as part of its corporate identity by December 2021. The brand ‘Cairn’ is exclusively owned by Vedanta.

What is Cairn tax dispute?

Cairn dragged the government to international arbitration over the levy and enforcement proceedings and on December 22, 2020, got a favourable ruling that asked India to refund the tax collected together with interest and penalty.

What is Cairn Energy arbitration case?

Cairn Energy Plc on Tuesday said it was ready to withdraw all cases it had slapped against the Indian government for enforcing a $1.2-billion arbitration award the company had won in December 2020. This is part of the settlement under recent legislation by Parliament.

What is Cairn Energy dispute with India UPSC?

The claimants in the case were Cairn Energy and Cairn UK Holdings. They argued that up until the amendments were made to tax retrospectively, there was no tax levied on indirect transfers, ie., transfer of shares by a non-resident in non-Indian companies which indirectly owned assets in India.

What is retrospective tax on Cairn Energy?

The Indian government has refunded ₹7,900 crore to Britain’s Cairn Energy Plc after a years-long dispute over the retrospective taxes. Cairn Energy, now known as Capricorn Energy Plc, has said the Indian government has paid the tax refund, and that the “net proceeds of USD 1.06 billion have been received.”

Can energy dispute taxes?

Last December, an arbitral tribunal granted an award in favour of Cairn asking India to pay $1.23 billion plus interest and $22.38 million toward arbitration and legal costs. “Cairn is working collaboratively with the government of India towards expediting the refund within the process of the Tax Amendment Act Rules.

What is Cairn tax case?

The government had demanded Cairn pay a capital gains tax of Rs 10,200 crore plus interest and penalty for a reorganization of assets that the company undertook at its India unit in 2006, ahead of the listing of its shares in 2007.