Working with Govt to expedite retrospective tax refund: Cairn

U.K.-based Cairn Energy has said it expects the resolution of its retrospective tax dispute with India in the ‘near term’ and will return $700 million to shareholders through special dividends and buy

U.K.-based Cairn Energy has said it expects the resolution of its retrospective tax dispute with India in the ‘near term’ and will return $700 million to shareholders through special dividends and buybacks, out of the expected tax refund of $1.06 billion from the government. “Progress in resolving our Indian tax issue and active portfolio management leave Cairn well-positioned to deliver growth from a sustainable business, focused on generating further value and returns for shareholders,” said Simon Thomson, chief executive of Cairn Energy PLC in its half-yearly report released on Tuesday. The company is ‘working with Government of India to expedite documentation and payment of refund’ which it expects to be $1.06 billion, it said.