Cairn India Takes Indian Authorities To Court Over $3.3B Tax Demand

Cairn India Takes Indian Authorities To Court Over $3.3B Tax Demand
Cairn India Takes Indian Authorities To Court Over $3.3B Tax Demand

Reuters

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)

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post 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.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Landman - Midstream Surface Land
Expertise: Landman
Location: The Woodlands, TX
 
Land Specialist - Delaware Basin
Expertise: Landman
Location: Midland, TX
 
Health & Safety Compliance Specialist III
Expertise: Environmental, Safety & Training|HSE Manager / Advisor|Regulatory Compliance
Location: Ignacio, CO
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours