I-T Dept orders taking away of $104 mn dividend due to Cairn Energy

I-T takes action to recover Rs 10,247 cr retrospective tax from Cairn Energy of UK

Cairn Energy Plc said on Monday the Indian income tax (I-T) department had issued an order to Vedanta Ltd, directing it to pay the government any sums that were due to the Edinburgh-based company. 

Cairn said Vedanta owed it $104 million, including historical dividends of $53 million and a further dividend of $51 million after the merger of Cairn India and Vedanta.

The June 16 direction comes even as a tribunal on June 9 issued an order memorialising numerous confirmations from the Indian government that the dividends were no longer restricted and authorising the order be provided to Cairn India,