By Michele Maatouk
Date: Wednesday 23 Dec 2020
LONDON (ShareCast) - (Sharecast News) - Shares of Cairn Energy surged on Wednesday after the oil and gas exploration and development company won a long-standing tax dispute with the Indian government over backdated charges and said it will receive $1.2bn in damages, plus interest and costs.
Cairn said on Wednesday that a tribunal in The Hague ruled unanimously that India had breached its obligations to the company under the UK-India Bilateral Investment Treaty.
In March 2015, Cairn's Indian subsidiary, Cairn UK Holdings Limited, received a draft tax assessment order from the Indian Income Tax Department arising from the group reorganisation in fiscal year 2006/7, with an initial bill of $1.6bn plus any applicable interest and penalties.
Cairn instructed its lawyers at the time to dispute the bill under the UK-India Investment Treaty.
At 0810 GMT, the shares were up 39.5% at 231.40p.
--More to follow--
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Currency | UK Pounds |
Share Price | 192.40p |
Change Today | 11.40p |
% Change | 6.30 % |
52 Week High | 298.20p |
52 Week Low | 111.80p |
Volume | 326,015 |
Shares Issued | 91.94m |
Market Cap | £176.89m |
RiskGrade | 219 |
Value |
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Price Trend |
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Income |
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Growth |
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Latest | Previous | |
---|---|---|
Special | Special | |
Ex-Div | 06-Oct-23 | 16-May-23 |
Paid | 20-Oct-23 | 23-May-23 |
Amount | 56.00p | 115.00p |
Time | Volume / Share Price |
16:35 | 17,807 @ 192.40p |
16:35 | 96 @ 192.40p |
16:35 | 11 @ 192.40p |
16:35 | 107 @ 192.40p |
16:35 | 12 @ 192.40p |
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