Cairn ready to settle India dispute, take $1 billion refund
NEW DELHI: Cairn Energy Plc has said it is looking to settle its decade-long tax dispute with the Indian government following the recent amendments to the retrospective tax law.
“The expected near-term resolution of the India tax dispute would result in a refund to Cairn by the Government of India of Rs 7,900 crore (approximately $1.06bn). In accepting the terms of the new legislation in India, Cairn would be required to withdraw its international arbitration award claim, interest and costs and to end all legal enforcement actions in order to be eligible for the refund,” the company said in a filing to the London Stock Exchange, while offering to pay up to $700 million to its shareholders.
