UK-based Cairn Energy PLC on Tuesday said it will drop litigations to seize Indian properties in countries ranging from France to the US, within a couple of days of getting a $1-billion refund resulting from the scrapping of a retrospective tax law. The firm termed “bold” the legislation passed last month to cancel a 2012 policy that gave the tax department power to go back 50 years and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India.The offer to return money seized to enforce retrospective tax demand in lieu of dropping all litigations against the government “is acceptable to us,” Cairn CEO Simon Thomson said in an interview from London
Business & Economics
As Big Tech is firing employees by thousands, what is driving layoffs and how worried should we be
Durham (TIP)- Tech companies are always in the news, usually touting the next big thing. However, the tech news cycle recently hasn’t been dominated by the latest gadget or innovation. Instead, layoffs are in the […]
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