Cairn Energy Took A Big Step To Get Back Rs 7900 Crore

Cairn Energy took a big step to get back Rs 7900 crore.

In the retrospective tax case, Britain’s Cairn Energy has withdrawn all lawsuits against the Indian government and its entities in courts ranging from the US to France and Singapore, to get a refund of Rs 7,900 crore.

This tax dispute started 7 years ago. The company, now known as Capricorn Energy PLC – has withdrawn all matters that were done for seeking a tax refund.

According to the advertisement published in the newspapers on Wednesday, all the cases have been withdrawn.

The government had earlier refused to honor the arbitration decision of December 2020.

But brought in a law in August 2021 to quash all retrospective tax cases and refund the money collected.

Let us tell you that Britain’s energy company Cairn Energy Plc has accepted the Indian government’s offer to settle the dispute arising out of retrospective taxation, seeking confiscation of Indian properties located in many countries including France and Britain.

Cairn Energy had said that keeping in mind the requirements of the new law to do away with retrospective taxation, the company has given assurance to the Indian government to withdraw the pending legal cases in any part of the world.

Also, will not file any claim in the future also.

After this, the Government of India had issued ‘Form-2’ to Cairn, in which a commitment was made to return the amount collected in lieu of applicable tax with retrospective effect.

After the release of Form-2, Cairn withdrew all its cases and the Government of India will return an amount of about Rs 7,900 crore to Cairn.

Share Market: The stock market continued to rise on the third trading day of the year, Sensex and Nifty closed with gains

Since the beginning of the year 2022, there has been a steady increase in the stock market. The first trading day of this year was on Monday and from Monday till today, there has been a continuous jump in the stock market.

For the third day on Wednesday, the stock market opened sharply and closed rapidly.

The BSE Sensex index opened at 59,921.98 points on Wednesday morning, which went up to 60,332.72 and lowest to 59,661.38 points in the day.