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Jun 20, 2017
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I-T Lays Claim to Cairn Dividends as Part of Retro Tax Payment
The income tax department has demanded all dividends due to Cairn Energy Plc from Cairn India (renamed Vedanta Ltd) against part of the Rs 10,247-crore tax levied on the company in the wake of the controversial retrospective tax amendment. The company was required to pay the amount by June 15, failing which the department had said it would start recovery proceedings.Vedanta said late on Monday that money held in escrow for this purpose will be paid to the tax department.“Vedanta Ltd has advised the banks holding approximately Rs.666 crore in the dividend account to be transferred to the IT authorities,” the company said in its release. “It may be recalled that the dividends due to Cairn Energy Plc for the last three years were lying in an unpaid dividend account as initially they were subject to an attachment order under Section 281B by the tax department and were not available for use by Cairn (now Vedanta Ltd).”
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https://www.pressreader.com
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