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MENAFN - Khaleej Times - 19/03/2014
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(MENAFN -Khaleej Times) london-listed oil and gas explorer cairn energy has called a halt to a 300 million share buy-back programme until a review of its indian income taxes is resolved, knocking its shares sharply lower on tuesday

India’s tax authorities had contacted cairn energy in january to discuss income tax assessments dating back about seven years, making it the latest foreign firm to be embroiled in the country’s tax crackdown to try to cut its dget deficit.


Other foreign multinational companies have also been targeted, including anglo-dutch oil major shell, south korea’s lg electronics and france’s capgemini .


Cairn energy said it would suspend its buy-back as of march 21 in the light of the tax review, the outcome of which it said would shape the company’s way forward beyond 2014. cairn has completed about one third of the buy-back.


Compiled from agencies

 
 


Khaleej Times




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