INSUBCONTINENT EXCLUSIVE:
Government of India and Cairn Energy have actually reached a consensus to end the tax disputeCairn Energy has entered into certain endeavors
with Federal government of India, which would permit the refund of taxes under a long-running billion dollar disagreement, sending out the
British business's shares almost 3 percent higher on Wednesday.The news comes after the oil and gas producer stated in September it was
considering endeavors with the Indian federal government after modifications were made to a retrospective tax law at the heart of the
row.London-listed Cairn said it would start filing the essential documents and work with New Delhi to accelerate the refund of roughly 79
billion rupees ($1.06 billion)
Cairn will commence the filing of the needed paperwork
intimating the withdrawal, termination and/or discontinuance of numerous enforcement actions, the business said in a statement.Cairn
included it anticipates to pay by early 2022 the special dividend announced in September.The dividend and a share buyback were contingent on
the settlement of the dispute
In August, India proposed ditching the 2012 retrospective tax law and said it would refund companies including Cairn and Vodafone.
