March 11, 2019 / 8:54 AM / in 3 months

BUZZ-Cairn Energy: Falls 11.4 pct after India tax refund delay

** Oil and gas company Cairn Energy’s shares fall as much as 11.4 pct to 173.9p

** Co says monetary compensation from India’s income tax department unlikely before late 2019

** Cairn due to get $1.4 bln from India’s tax department after proceedings in 2015 under UK-India Bilateral Investment Treaty

** Compensation delayed due to the number of procedural matters that had been brought before tribunal since August 2018 hearings

** Vedanta in 2017 completed buyout of Cairn India, giving Cairn a shareholding of about 5 percent in Vedanta plus an interest in preference shares. The investment was valued at about $1.1 billion at the end of 2017.

** Indian tax authorities seized the shares after issuing Cairn with a $1.3 billion bill in 2014 on capital gains it said it had made on a decade-old reorganisation of its Indian business. (Reporting by Sangameswaran S in Bengaluru)

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