Cairn calls AGM on selling rest of Cairn India stake

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Mumbai | Updated: April 8, 2016 11:20:29 AM

The London Stock Exchange-listed Cairn Energy, which holds a 9.82% stake in Cairn India, has called for an annual general meeting of shareholders on May 12 to approve, among other things, the proposal to dispose its residual stake in Cairn India, reports fe Bureau in Mumbai.

cairn indiaThe London Stock Exchange-listed Cairn Energy, which holds a 9.82% stake in Cairn India, has called for an annual general meeting of shareholders on May 12 to approve, among other things, the proposal to dispose its residual stake in Cairn India. (Photo: Reuters)

The London Stock Exchange-listed Cairn Energy, which holds a 9.82% stake in Cairn India, has called for an annual general meeting of shareholders on May 12 to approve, among other things, the proposal to dispose its residual stake in Cairn India.

As per the release on its official website, Cairn Energy said a special resolution for the “disposals by the Company or any subsidiary undertaking of the Company of any or all shares in Cairn India Limited held by it at or as close as reasonably possible to the prevailing market price if and when the Company considers it appropriate and in the best interests of shareholders as a whole to make such disposals be approved” will be proposed during the AGM.

The proposal comes at a time when the company has received a retrospective tax demand from the IT department in India for Rs 29,000 crore of taxes. The department had on January 22, 2014, issued a draft assessment order of Rs 10,247 crore on alleged capital gains the company made in a 2006 reorganisation of its India business. Two years later, it issued a final assessment order

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