Advertisement
UK markets close in 8 hours 11 minutes
  • FTSE 100

    8,074.96
    +30.15 (+0.37%)
     
  • FTSE 250

    19,803.31
    +3.59 (+0.02%)
     
  • AIM

    756.44
    +1.57 (+0.21%)
     
  • GBP/EUR

    1.1631
    +0.0003 (+0.03%)
     
  • GBP/USD

    1.2433
    -0.0020 (-0.16%)
     
  • Bitcoin GBP

    53,744.71
    +359.29 (+0.67%)
     
  • CMC Crypto 200

    1,417.70
    -6.40 (-0.45%)
     
  • S&P 500

    5,070.55
    +59.95 (+1.20%)
     
  • DOW

    38,503.69
    +263.71 (+0.69%)
     
  • CRUDE OIL

    83.47
    +0.11 (+0.13%)
     
  • GOLD FUTURES

    2,336.00
    -6.10 (-0.26%)
     
  • NIKKEI 225

    38,460.08
    +907.92 (+2.42%)
     
  • HANG SENG

    17,205.71
    +376.78 (+2.24%)
     
  • DAX

    18,183.63
    +45.98 (+0.25%)
     
  • CAC 40

    8,105.78
    0.00 (0.00%)
     

Cairn India takes Indian authorities to court over $3.3 bln tax demand

MUMBAI, April 7 (Reuters) - Cairn India Ltd, India's largest private-sector oil producer, said on Monday it had moved the Delhi High Court against a $3.3 billion tax demand from Indian authorities related to its listing in 2007.

The company, a unit of London-listed Vedanta Resources Plc (Other OTC: VDNRF - news) , said it had filed a writ petition seeking "quashing/setting aside" of the order passed by the tax authorities.

Cairn India received last month the demand of about 204 billion rupees from Indian tax authorities for an alleged failure to deduct withholding tax on capital gains made by its former parent, Cairn Energy Plc (LSE: CNE.L - news) , during a reorganisation ahead of its market listing.

Vedanta said last month it would file a notice of claim against the Indian government under the UK-India bilateral investment treaty.

ADVERTISEMENT

Cairn Energy, which received a tax demand of more than $1.6 billion related to the same case, has also filed a notice of dispute under the bilateral investment treaty.

Cairn India shares had gained 0.3 percent in morning trade on Tuesday in a broader market that was up about 0.2 percent. (Reporting by Aman Shah in Mumbai; Editing by Prateek Chatterjee)