Capricon Energy gets tax refund in retro tax case 

NEW DELHI :

Capricorn Energy PLC., formerly Cairn Energy Plc., said on Thursday it has received $1.06 billion in tax refund from the Indian government after the company withdrew its law suits seeking to enforce a favourable arbitration award in a controversial tax dispute. 

“Capricorn is pleased to confirm that the expected Indian tax refund of Rs79 billion has now been paid and net proceeds of $1.06 billion have been received,” the company said in a statement. 

The British energy major also said that a circular is expected to be issued in early March detailing the shareholder resolutions required in connection with the company’s proposed shareholder return of up to US$700 million. This comprises $500 million tender offer and $200 million ongoing share repurchase programme, the company said. 

The tax refund is made under India’s Taxation (Amendment Act) 2021 which sought to end all the…

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