24th Jan 2014 08:23
LONDON (Alliance News) - Cairn Energy PLC Friday said it has been contacted by the Income Tax Department of India to discuss previous income tax assessments.
The oil and gas exploration company said the discussions are regarding tax assessments from the year ending March 31, 2007.
The company said it is co-operating to provide the necessary documentation and information as requested by the Indian officials.
While the discussions are taking place, the Income Tax Department has instructed Cairn to hold its shares in Cairn India Ltd.
Cairn retains roughly a 10% investment in Cairn India, which the company operated between 1996 and 2007, until it listed on the Bombay Stock Exchange.
The company said it will update the market in due course.
By Tom McIvor; [email protected]; @TomMcIvor1
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