A senior company executive said the company waited for seven years for the verdict and its shareholders needed to know when it would be concluded.
Brokerages put sell notice on Vedanta shares over the company's move to buy Volcan Investments' stake in Anglo American via subsidiary Cairn India Holdings, reports Aditi Divekar.
The government has written to market regulator SEBI saying Cairn Energy Plc's deal to sell majority stake in its Indian arm to Vedanta Resources does not yet have its approval, a condition contingent for the $8.48 billion deal to consummate.
During a series of hectic talks between Cairn Energy and the Indian government over the $1.2-billion arbitration award in favour of the former last week, a slew of options was proposed by the two sides, including computation of capital gains and participation in the Vivad se Vishwas (VsV) dispute resolution scheme. The government is likely to go ahead and appeal against the arbitration award by a Permanent Court of Arbitration at The Hague before March 21, indicated finance ministry officials. Cairn Energy Plc on Sunday said it was hopeful that an acceptable solution to its tax dispute with the Indian government could be found to avoid prolonging and exacerbating the 'negative issue' for all parties.
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Cairn India said it has always been fully compliant with all Indian income tax laws.
On Sunday, angry villagers of Leelala laid their own foundation stone - which had 'aam aadmi' inscribed as the name of the chief guest - still claiming the project was to come up in their village.
Top management of firms should be summoned for a few specified reasons and after written justification at a senior level.
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