Cairn India received last month the demand of about 204 billion rupees from Indian tax authorities for an alleged failure to deduct withholding tax on capital gains made by its former parent, Cairn Energy Plc , during a reorganisation ahead of its market listing.
Cairn India Ltd , India's largest private-sector oil producer, said on Monday it had moved the Delhi High Court against a USD 3.3 billion tax demand from Indian authorities related to its listing in 2007.
The company, a unit of London-listed Vedanta Resources Plc , said it had filed a writ petition seeking "quashing/setting aside" of the order passed by the tax authorities.
Cairn India received last month the demand of about 204 billion rupees from Indian tax authorities for an alleged failure to deduct withholding tax on capital gains made by its former parent, Cairn Energy Plc , during a reorganisation ahead of its market listing.
Vedanta said last month it would file a notice of claim against the Indian government under the UK-India bilateral investment treaty.
Cairn Energy, which received a tax demand of more than USD 1.6 billion related to the same case, has also filed a notice of dispute under the bilateral investment treaty.
Cairn India shares had gained 0.3 percent in morning trade on Tuesday in a broader market that was up about 0.2 percent.
Cairn India stock price
On April 07, 2015, at 11:05 hrs Cairn India was quoting at Rs 220.30, down Rs 0.45, or 0.2 percent. The 52-week high of the share was Rs 385.00 and the 52-week low was Rs 209.30.
The company's trailing 12-month (TTM) EPS was at Rs 21.98 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 10.02. The latest book value of the company is Rs 206.66 per share. At current value, the price-to-book value of the company is 1.07.
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