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4-Traders Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Cairn India Limited    CAIRN   INE910H01017

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Cairn Energy : International panel turns down stay on Cairn arbitration

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04/27/2017 | 02:09am CEST

In a major blow to Government of India, an international arbitration panel, which includes three judges of international reputation, has rejected its demand for a stay on an arbitration, launched by British oil company, Cairn Energy plc against a Rs 10,247 crore retrospective tax notice, mentioned a national news portal. In a major blow to Government of India, an international arbitration panel, which includes three judges of international reputation, has rejected its demand for a stay on an arbitration, launched by British oil company, Cairn Energy plc against a Rs 10,247 crore retrospective tax notice, mentioned a national news portal.

Application by the government for separation of the issue, about tax being covered under India-UK bilateral investment protection treaty, was also turned down by the panel, reported a national news portal.

Income tax department in January 2014 had charged Cairn Energy of incurring capital gains on transfer of assets to a newly established firm, Cairn India. It levied a short-term capital gains tax and slapped a tax demand of Rs 10,247 crore, preventing Cairn Energy from selling its 9.8% remaining stake in Cairn India, which the British company had reportedly sold to Vedanta Group in 2011, mentioned a national news portal.

According to an analyst, Cairn Energy will have to file its rebuttal to India's Statement of Defence by June, and it will be government’s last chance to make further statements on that by October. Thereafter hearings would be scheduled. The arbitration award would be final.

(c) 2017India Infoline Ltd. All rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ( INR)
Sales 2017 88 123 M
EBIT 2017 8 842 M
Net income 2017 21 280 M
Finance 2017 122 321 M
Yield 2017 1,42%
P/E ratio 2017 25,83
P/E ratio 2018 18,63
EV / Sales 2017 4,69x
EV / Sales 2018 3,73x
Capitalization 535 275 M
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Mean consensus HOLD
Number of Analysts 16
Average target price 227  INR
Spread / Average Target -20%
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Managers
NameTitle
Sudhir Mathur Chief Executive & Financial Officer
Navin Kumar Agarwal Chairman
Aman Som Mehta Independent Non-Executive Director
Omkar Mihir Goswami Independent Non-Executive Director
Edward T. Story Independent Non-Executive Director
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