Britain’s Cairn NSE 0.81 % Energy on Tuesday said it has complied with all rules of the retro tax repeal law to now become eligible for about Rs 7,900 crore refund of taxes that were collected from it to enforce a retrospective tax demand. As part of the settlement reached with the government in the seven-year-old dispute over the levy of back taxes, the company – which is now known as Capricorn Energy PLC – has withdrawn all cases that were brought to collect the tax refund ordered by an international arbitration tribunal after rescinding retrospective raising of demand, according to an advertisement it issued in Indian newspapers on Wednesday.
