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Aug 20, 2014
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Working with India to resolve tax row, claims Scottish firm Cairn
Scottish explorer Cairn Energy plc on Tuesday said it is working with the newly elected government to resolve a tax dispute that has stalled sale of its 10 per cent stake in Cairn India Ltd.‘Cairn continues to seek resolution of the tax issue in India and will take all necessary steps to protect shareholders' interests,’ its Chief Executive Simon Thomson said.The company faces a potential tax demand on an alleged Rs 24,500 crore of capital gains it made when in 2006 it transferred all its India assets to a new company, Cairn India and got it listed on stock exchanges.
Source -
http://www.millenniumpost.in
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