Cairn Energy to drop cases against India in Tax Dispute as settlement of $1 bn reached

  • Cairn Energy, based in the United Kingdom, announced plans to return up to $700 million to shareholders this year through a special dividend and a share repurchase, indicating that a long-running billion-dollar tax battle with India may be coming to a conclusion.

  • After revisions to a retrospective tax legislation at the core of the controversy, oil and gas firm Cairn, which has substantial operations in the nation, said on Tuesday it was contemplating entering into statutory commitments with the government. India said this month that it will repeal the 2012 law and compensate firms.

  • Last year, a Dutch court judgment awarded Cairn $1.2 billion in damages, which New Delhi disputed.

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