New Delhi: Final hearing in Cairn Energy Plc.’s challenge to a Rs10,247 crore retrospective tax demand raised by India will begin in August in The Hague, the British firm said on Monday. Following the draft assessment order of January 2014, the tax department attached the company’s residual 9.8% shares in its erstwhile subsidiary, Cairn India, and confiscated $104.7 million dividend it was due to receive. Billionaire Anil Agarwal-led Vedanta Group had acquired Cairn India from the British firm in 2011. The company has since merged with Vedanta Ltd, in which Cairn Energy now holds about 5% shares. “In addition to attaching CUHL’s shares in Vedanta Ltd, the tax department has seized dividends due to CUHL from those shares totalling Rs 670 crore.

Source: Mint March 13, 2018 10:18 UTC