The residual shareholding was valued at $1 billion on December 31, 2013
Cairn India
New Delhi: Strongly contesting a Rs 10,247 crore tax demand raised on its eight-year old internal business recognition, British oil explorer Cairn Energy on Tuesday said that it will seek damages from the government for the loss in value of its holdings suffered because of the notice.
The firm said it has initiated arbitration for resolution of the tax demand linked to 2006 reorganisation of Cairn India, its one-time Indian subsidiary with oilfields in Rajasthan.
Cairn Energy, which in 2011 sold majority stake in Cairn India (CIL) to mining major Vedanta Resources, had to scale back investments as it was barred by the I-T department from selling its residual 9.8 per cent stake in CIL valued at $526 million as on June 30, 2015. The residual shareholding was valued at $1 billion on December 31, 2013.
( Source : PTI )
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