New Delhi: British Energy major Cairn Energy Plc on Tuesday urged India to quickly give effect to an arbitration award the company won against the Indian government in a controversial tax dispute. The finance ministry had informed Rajya Sabha on Monday that India was reviewing the arbitration award. Cairn had moved the arbitration tribunal in connection with India’s 2015 tax demand amounting to $2,740 million over the group’s reorganisation resulting in creation of Cairn India Ltd prior to its initial public offering. The tax demand was made invoking the controversial tax law amendment India made in 2012 with retrospective effect. An email sent to the finance ministry remained unanswered at the time of publishing.

Source: Mint February 09, 2021 17:03 UTC