National
Cairn Energy gets Rs.29,000 crore retrospective tax demand
New Delhi: British oil major Cairn Energy said on Tuesday that Indian tax authorities have slapped a tax demand notice of over Rs.29,000 crore, including Rs.18,800 crore in back interest, on it.
“The assessment order is in the amount of Rs.10,247 crore (approximately $1.6 billion) plus interest back dated to 2007 totalling Rs.18,800 crore (approximately $2.8 billion),” Cairn Energy said while announcing its earnings for 2015.
The income tax department last month issued a final assessment order of Rs.10,247 crore on alleged capital gains made by Cairn Energy in a 2006 reorganisation of its India business.
“Cairn strongly contests the basis of this attempt to retrospectively tax the group for an internal restructuring,” the company said adding it has initiated international arbitration to settle the tax dispute.
“The total assets of the Cairn subsidiary against which the tax authorities are seeking to pursue a tax claim are $477 million (including principally the group’s near 10 percent shareholding in Cairn India Ltd) and any recovery by the Indian authorities would be limited to such assets,” it said.
The notice was issued before Finance Minister Arun Jaitley presented the Budget 2016-17 last month, where he made a one-time offer to waive interest and penalty if the companies paid the principal amount to settle their retrospective tax disputes.
Cairn is seeking damages for losses resulting from the tax department’s attachment of its stake in Cairn India.
Cairn Energy, which in 2011 sold majority stake in Cairn India to mining major Vedanta Resources, has said it had to scale back on investments as it was barred by the income tax department from selling its residual 9.8 percent stake.
The demand relates to alleged Rs.24,500 crore capital gains it made in 2006 when it transferred all its India assets to new company, Cairn India, which got listed on the stock exchanges.
“Correspondence received from the income tax department indicates that the assessment stems from amendments introduced in the 2012 Finance Act which seek to tax prior year transactions under retrospective legislation,” Cairn had said in a statement on receipt of the tax demand.
Cairn Energy is the second company to have received a retrospective tax demand this year after another British firm, the Vodafone Group.
National
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.