The company had won the $1.2-billion arbitration award against India in December 2020
Cairn Energy Plc on Wednesday announced that it has given undertakings to the Indian government that it is withdrawing all cases as part of the settlement of the dispute arising from the levy of retrospective taxes.
This will allow the company to get a refund of around Rs 7,900 crore, which it will use to give special dividend to shareholders and offer a share buyback programme.
“Cairn is pleased to announce that it has entered into undertakings with the Government of India in order to participate in the scheme introduced by recent Indian legislation, the Taxation Laws (Amendment) Act 2021, allowing the refund of taxes previously collected from Cairn in India,” the company said in a statement.
First Published: Nov 03 2021 | 7:07 PM IST