Cairn Energy wins an arbitration in its favour in India

 

Cairn Energy

Cairn Energy PLC, an independent, UK-based oil and gas exploration, development and production company, has won arbitration against the Indian government on Wednesday.

It was over levying Rs 10,247 crore - in Indian currency - or $1.2 billion in retrospective taxes, that the Indian government had claimed during the period, 2006-07, followed by a reorganization of the company’s Indian arm.

A tribunal ruled that the Indian government must release the funds withheld along with the interest to Cairn Energy PLC, the Scottish oil exploring company.

Cairn Energy PLC claims the role it played over a long period of time in exploring, discovering, developing and producing oil and gas in a variety of locations in the world, while involving itself as an avid operator and partner in all stages of the oil and gas life cycle.

The share price of the company surged exponentially at  the news, before falling moderately for an adjustment.

cairn energy share price on wednesday


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