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Washington D.C/IBNS: Cairn Energy renamed Capricorn Energy has entered into a scheme with the Indian government seeking a refund in taxes and to conclude the multi-billion dollar dispute between both parties.

The British oil and gas major withdrew their arbitration enforcement cases against the Government of India (GoI).

Capricorn filed for a “notice of voluntary dismissal” on their petitions against India in the District of Columbia District Wednesday, as per court filings.

The London-listed company has also filed for a dismissal of its petition against Air India in New York Southern District Court, according to PaceMonitor, a federal court cases tracking website.

The reason behind the sudden change in stance is India’s move to scrap the retrospective tax law.

On Nov 3, the company said it would start filling required paperwork to expedite the refund process.

Earlier this month, Cairn filed undertakings to indemnify the Government of any possibility of future claims and removal of all legal actions undertaken against India.

Cairn awaits Rs 7,900 crore in tax refunds, Economic Times reported (ET).

The Indian Government had earlier seized the company’s shares, dividends, including tax refunds to meet its tax demand.

The 2014 dispute had begun with the Government seeking capital gains tax worth Rs 10,200 crore, excluding penalty and interest for reorganizing Capricorn’s assets within India in 2006.

The company had sold a controlling stake in its Indian division to Vedanta in 2011 before getting its shares listed in 2007, reported ET.

has anyone seen this ?

https://www.indiablooms.com/finance-details/15022/uk-s-cairn-energy-drops-litigation-against-goi-air-india-in-us.html

does anyone realistically think the cash from GOI be in before the new year ? If it does come in before then, would the share price go up less or more after new year ? I think the board should have updated at least but I guess they are busy buying up cheap shares.

it has gone crazy volitile.. any news ??

who owns the short ? blackrock. Blackrock, state street and vaungaurd are the biggest share holders in the top fortune 1000 companies. Who's funds do they manage and please don't say they are all pension funds lol The rabbit hole goes extemely deep.

anyone know why this has dropped 6% today I can not find anything.

If CNE had even the slightest feeling that GOI would double cross, they would not withdraw their legal cases against GOI. I am not sherlock or colombo but even a monkey with half a brain cell could figure that out... thoughhhhh Legal work and redline takes a while. Why would CNE hurry up when they are in the process of buy backs ? I would want to buy back cheap shares not ones 20% higher so I would on purpose drag it out till at least some of the buy backs at a cheap price have taken place.

Well hopefully the 10th booster will bring everything back to normal lol

Yes agreed. I don't think the Indian money will come in till cne buy up their shares. How many do they have left to buy ?

OPEC planning to freeze oil output increase so only one way oil going and that is up ! how else will the muppets control inflation while they bring in the great reset hmmmm

all, the objective of the dark cult to vaxx everyone till they drop . New supper super varient was expected. However their main objective is to get the needle into everyone right... so obviously they will scare and then say there is another vaxx for the new super super varient. I just hope it isn't marburg virus , I would like to wait till next week and wait to see how this **** develops

thanks for sharing 42trader! excellent. They are right, that is the reason it was down to 165 from 2, becuase of the risk of the risk highlighted in the article.

so is the risk of the commy government already priced into the stock price ?

i doubt if it will go to 160, it wasn't at 160 before all this nonsense and especially with gold and silver dropping this should have gone back to 150. But then again loads of people bought very cheap so they will want to sell so on the other hand it is possble to hit over 160 today.

could open very high

Yes higher taxes and they will pay more for environmental costs etc

break, I agree with you. I think the gov will 100% use this as leverage. The world bank is hardly going to lend money to the current Preu gov so where how will they build their country being commies ? They will add more taxes.. the minster and PM and Pres all have to fill their fat blooby bellies so where is that money going to come from ?

PC I am all for the environment and all for the big companies paying their fair due in taxes. 100% ! But I don’t like these absolute d1kcheads preaching to me about how the world is going to end when they are driving around in their big cars and have massive houses all over the world and flying around in their private friggin jets from place to place. B100dy well Called hypocrisy … A chemical company CEO for DOW preaching about the environment!!!!! How much environmental damage have companies like that done over decades ?? and the manufactures of weapons ? decades of bombing, depleted uranium all over Iraq and Afghanistan ! So they can shove their environmental nonsense up where the sun don’t shine. To them it is a system of control for the peasants, simple as that. Dumb headed peasants need to wake up and sharpen their pitch forks instead of gaming and watching endless box sets. We know the great reset is coming…

interesting read. Thanks for posting PC. They have them over the barrel now. I reckon they will reopen the mines but in return for much higher taxes to offset the envormental damage the HOC and others are appartently causing. I bet plenty of the ministers have gold and silver products. This is worse than the billionaire preaching enviromental bible to the peasanst, yeah the ones with the private jets lol what a laugh...

they are likely still in the meeting scking each other off and laughing at us and saying how they are part of one big cult and how the rest are so stupid and dumb as...