BackCairn to assess impairments relating to India in August
The firm called a halt this year to a $300 million share buyback programme until a review of its income tax is resolved
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London: London-listed oil and gas explorer Cairn Energy Plc will assess impairments on the value of its shareholding in Cairn India Ltd by mid-August, when the company reports the next set of results, it said on Thursday.
Cairn Energy this year called a halt to a $300 million share buyback programme until a review of its Indian income tax is resolved.
“The Indian income-tax department has cited legislation introduced in 2012, with retrospective effect, as the reason for these current enquiries," Cairn said on Thursday.
“While these are being dealt with, Cairn has been denied access to the value of its shareholding in Cairn India (CIL), either through disposal or future dividend income, which will be assessed for impairment at the next reporting date." Reuters
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