India offers Cairn Energy $1billion refund
The lower house of parliament on Friday approved a draft law introduced the previous day, canceling a 2012 policy that enabled New Delhi to tax some foreign investments retrospectively.
The lower house of parliament on Friday approved a draft law introduced the previous day, canceling a 2012 policy that enabled New Delhi to tax some foreign investments retrospectively.
The government is trying to ascertain the facts, and whenever such an order is received, appropriate legal remedies will be taken, in consultation with its Counsels, to protect the interests of India.
The company is targeting assets abroad of more state-run companies in a bid to recover dues from the government.
Official sources said that the government is confident of winning its appeal in The Hague.
The Permanent Court of Arbitration at The Hague in September ruled against India levying retrospective taxes on Vodafone Group.
The Income Tax Department has slapped a fresh notice on British firm Cairn Energy, seeking up to Rs.30,700 crore in…
