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BRIEF-Cairn Energy issues update on India tax dispute
June 19, 2017 / 6:32 AM / 3 months ago

BRIEF-Cairn Energy issues update on India tax dispute

June 19 (Reuters) - Cairn Energy Plc:

* Issuing an update on india tax dispute

* On June 16, 2017 Indian Income Tax Department (IITD) issued an order to VIL directing it to pay over any sums due to Cairn

* Sums due to Cairn from VIL now total $104 mln, including historical dividends of $53 mln and a further dividend of $51 mln after merger of CIL and VIL

* Notwithstanding this action by GOI, international arbitration proceedings are progressing in respect of co’s claim under UK-India bilateral investment treaty

* Is seeking full restitution for treaty breaches resulting from expropriation of its investments in India in 2014

* Has a high level of confidence in its case under treaty and its claim seeks damages equal to value of group’s residual shareholding in CIL

* Final hearings for tribunal are scheduled for January 2018 Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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