Cairn Energy withdraws all litigations in retrospective tax case

Cairn NSE 0.81 % Energy, renamed Capricorn Energy last month, has withdrawn all litigations in the retrospective tax case, which will allow the Government of India to nullify previous tax demand and refund the taxes collected in this regard to the company.

Cairn Energy “has entered into the final stage in its undertakings with the Government of India by withdrawing Indian and global appellate and enforcement proceedings,” the company said in a notice published in a newspaper on Wednesday. “This action is the final necessary step by the company under the rules of India’s Taxation (Amendment Act) 2021.”