 "Vedanta Resources CEO Tom Albanese (left) with Cairn India CEO Mayank Ashar announcing a merger between the two firms in Mumbai on Sunday")
The government has asked Vedanta to make a buyback offer for Cairn UK’s 9.8 per cent equity in the company, attached by the tax department for non-payment of dues. The Anil Agarwal-led company is yet to get back to the government, according to sources.
The recovery was initiated after the Edinburgh-based Cairn UK failed to pay Rs 10,247 crore tax by June 15 on capital gains. The claim arose through a retrospective amendment to the Income Tax Act. This comes within four months of the Income Tax Appellate Tribunal (ITAT) upholding the demand of the income tax department.
Cairn UK
