Cairn India Takes Indian Authorities To Court Over $3.3B Tax Demand
MUMBAI, April 7 (Reuters) - Cairn India Ltd, India's largest private-sector oil producer, said on Monday it had moved the Delhi High Court against a $3.3 billion tax demand from Indian authorities related to its listing in 2007.
The company, a unit of London-listed Vedanta Resources Plc, said it had filed a writ petition seeking "quashing/setting aside" of the order passed by the tax authorities.
Cairn India received last month the demand of about 204 billion rupees from Indian tax authorities for an alleged failure to deduct withholding tax on capital gains made by its former parent, Cairn Energy Plc, during a reorganisation ahead of its market listing.
Vedanta said last month it would file a notice of claim against the Indian government under the UK-India bilateral investment treaty.
Cairn Energy, which received a tax demand of more than $1.6 billion related to the same case, has also filed a notice of dispute under the bilateral investment treaty.
Cairn India shares had gained 0.3 percent in morning trade on Tuesday in a broader market that was up about 0.2 percent.
(Reporting by Aman Shah in Mumbai; Editing by Prateek Chatterjee)
New Zealand Offers More Offshore Areas for Bidding in Block Offer 2015
The Oil, Gas Guide to Networking: Young Professionals
Utah: Home of the Next Oil Sands Breakthrough?
Copyright 2016 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you