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
NY/NJ/CT
CHARTER BOOSTS SOUTH ASIAN PROGRAMMING FOR SPECTRUM CUSTOMERS
ADDS ZEE ENTERTAINMENT CHANNELS, NEW VIDEO TIERS New ‘India View’ Video Packages Provide Spectrum TV and Streaming Subscribers Up to 24 New Channels with Greater Flexibility and Value STAMFORD, CT (TIP): Charter Communications, Inc. announced […]
United States
US Tech Layoffs Cruel for Indians on H-1B Visas
The tech industry has long relied on skilled foreign workers to fill IT and engineering jobs. The majority are employed through the H-1B visa programs WASHINGTON, D.C. (TIP): A wave of layoffs at US technology […]
Indian Americans
Indian-American woman to become CFO of US carmaker General Motors
NEW YORK(TIP): Dhivya Suryadevara, currently the vice president of corporate finance, will succeed Chuck Stevens, the GM’s present CFO, on September 1, the company said in a statement. Chennai-born Suryadevara, 39, has been GM’s vice […]
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