UK-based Cairn Energy PLC on Tuesday said it will drop litigations to seize Indian properties in countries ranging from France to the US, within a couple of days of getting a $1-billion refund resulting from the scrapping of a retrospective tax law. The firm termed “bold” the legislation passed last month to cancel a 2012 policy that gave the tax department power to go back 50 years and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India.The offer to return money seized to enforce retrospective tax demand in lieu of dropping all litigations against the government “is acceptable to us,” Cairn CEO Simon Thomson said in an interview from London
Sports News
Formula One terminates contract with Russian GP following Ukraine invasion
Formula One will no longer race in Russia after the sport terminated its contract with the promoter of the Russian Grand Prix, it said on Thursday, in response to the country’s invasion of neighbouring Ukraine. […]
United States
High-end defense tech pact with US: Delhi firm on military ties with Russia
NEW DELHI(TIP): India and the US on Thursday, September 6, inked a vital agreement on seamless exchange of military information — Communications, Compatibility and Security Agreement (COMCASA) — even as New Delhi is clear that […]
Indian Americans
Indian American Ro Khanna named Democratic vice chair of Congressional India Caucus
WASHINGTON (TIP):Indian American Congressman Ro Khanna, who represents the Silicon Valley in the US House of Representatives, has been named as Democratic Vice Chair of the Congressional India Caucus. The seat has been created for […]
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