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
Comments
Government of India continues to play its game to derail farmers movement
Continuing with their tactics of delaying acceptance of the demands of farmers to repeal the farm laws enacted in June, 2020, government of India has once again engaged the agitating farmer leaders in an exercise […]
Asia
15 killed in attack on Myanmar village; military says pro-democracy fighters hit civilians
BANGKOK (TIP): Myanmar’s military-controlled government is accusing pro-democracy fighters of killing 15 civilians in a nighttime mortar attack in a restive central area of the country, charges denied by the guerrilla group. A report on […]
India
Pradhan Mantri Sangrahalay: Modi Inaugurates Hi-Tech Museum
New Delhi (TIP)- Prime Minister Narendra Modi inaugurated Thursday, April 14, the ‘Pradhanmantri Sangrahalaya’ (prime ministers’ museum), which is a tribute to every prime minister since Independence, irrespective of their ideology or tenure. The Prime […]
Be the first to comment