Britain's Cairn Energy Plc has dropped lawsuits against the Indian government and its entities in the US and other places and is in the final stages of withdrawing cases in Paris and the Netherlands to get back about Rs 7,900 crore that were collected from it to enforce a retrospective tax demand. As part of the settlement reached with the government to the seven-year old dispute over levy of back taxes, the company - which is now known as Capricorn Energy PLC - has initiated proceedings to withdraw lawsuits it had filed in several jurisdictions to enforce an international arbitration award which had overturned levy of Rs 10,247 crore retrospective taxes and ordered India to refund the money already collected. Two sources with direct knowledge of the matter said Cairn on November 26 withdrew the lawsuit it had brought in Mauritius for recognition of the arbitration award and took similar measures in courts in Singapore, the UK and Canada.
A special court in Mumbai on Friday declared three family members of late gangster Iqbal Mirchi as 'fugitive economic offenders' under the provisions of a criminal law by the same name, official sources said.
Businessman Raj Kundra was the "main facilitator" in a pornographic content case and he along with other accused exploited young women struggling in the movie industry by filming them in obscene ways, the Mumbai Police claimed in a supplementary charge-sheet filed in a court on Wednesday.
Bhagat Singh was born on September 28, 1907 in Banga village in Lyallpur district, now Faisalabad in Pakistan Punjab.
Offenders will be tried under Prevention of Money Laundering Act
The crackdown on black money has led to seizing of Rs 3,963 crore of smuggled goods in two years.
The government on Tuesday confirmed that a French court has ordered the freezing of certain Indian assets in Paris on a petition by Britain's Cairn Energy, which is seeking to recover $1.72 billion from New Delhi after winning an arbitration against retro tax. Minister of State for Finance Pankaj Chaudhary in a written reply to a question in the Rajya Sabha said the government has filed an appeal against an international arbitration tribunal overturning levy of Rs 10,247 crore in back taxes on Cairn Energy. "Yes sir, an order has been passed by a French Court freezing certain Indian government properties in the case pertaining to Cairn Energy," he said.
If Mallya does not appear before the court, he risks being declared a fugitive economic offender, besides properties linked to him being confiscated.
Violations of the act, made operational from November 1 last year, attract a heavy penalty and rigorous jail term up to seven years.
Britain's Cairn Energy has secured a French court order to seize 20 Indian govt properties to recover arbitration award, it is learnt.
Fugitive diamantaire Nirav Modi's sister and brother-in-law have "turned approvers" in the over $2 billion PNB fraud case against him and they will help the Enforcement Directorate confiscate assets worth Rs 579 crore, including Swiss bank deposits, the agency said on Thursday. Forty-nine-year-old Nirav Modi, who is currently lodged in a London jail, his uncle Mehul Choksi and others are being probed by the Enforcement Directorate (ED) in the Punjab National Bank (PNB) money laundering case since 2018. The diamond merchant's younger sister Purvi Modi (47) is a Belgian national while her husband Maiank Mehta is a British citizen. They are stated to be based abroad and have never joined the probe.
Mayawati recently appointed her brother Kumar as national vice president of the Bahujan Samaj Party.
The Budget has proposed a Benami Transactions (Prohibition) Bill.
Billionaire Anil Agarwal's mining group Vedanta on Monday said it has withdrawn cases in the Delhi high court as well as before an international arbitration tribunal to settle a Rs 20,495 crore retrospective tax dispute with the government. Post slapping of a Rs 10,247 crore tax demand on UK's Cairn Energy Plc for alleged capital gains made on a 2016 internal reorganisation prior to the listing of its India business, the Income Tax Department had sought Rs 20,495 crore in taxes (including penalty) from Cairn India for failing to deduct tax on capital gains made by its British parent. Cairn India was in 2011 bought by Agarwal's group and subsequently, the firm was merged with Vedanta Ltd.
After Air India, Britain's Cairn Energy PLC plans to target assets of state-owned firms and banks in countries from the US to Singapore as it looks to ramp up efforts to recover the amount due from the Indian government after winning an arbitration against levy of retrospective taxes. A lawyer representing the company said Cairn will bring lawsuits in several countries to make state-owned firms liable to pay the $1.2 billion plus interest and penalties that are due from the Indian government. Last month, Cairn brought a lawsuit in the US District Court for the Southern District of New York pleading that Air India is controlled by the Indian government so much that they are 'alter egos' and the airline should be held liable for the arbitration award.
Confiscation of the tycoon's properties will start from February 5.
The I-T dept has issued 87 notices under section 24 of the said Act
UK's Cairn Energy Plc has offered to forego $500 million and invest that amount in any oil and gas or renewable energy project identified by the Indian government if New Delhi agrees to honour an international arbitration award and returns the value of loss it incurred because of being taxed retrospectively, sources said. The Scottish firm invested in the oil and gas sector in India in 1994 and a decade later it made a huge oil discovery in Rajasthan. In 2006-07, it listed its Indian assets on the BSE. Five years after that the government passed a retroactive tax law and billed Cairn Rs 10,247 crore plus interest and penalty for the reorganisation tied to the flotation.
According to the chargesheet, Shetty told the police that she did not know anything about the HotShots and Bollywood Fame apps, allegedly used by the accused for uploading and streaming obscene content.
Copies of the bill, to be moved by Finance Minister Amit Mitra tomorrow for consideration and passage, were circulated among members on the first day of a two-day special session of the Assembly on Monday.
In a dig at Adityanath's earlier warning that rioters damaging public property will have to pay, the Congress general secretary said saffron denotes Hinduism, a religion that does not advocate violence or 'revenge'.
The Communist Party of India-Marxist on Thursday demanded a CBI probe into the multi-crore chit fund scam in West Bengal and asked the state government to confiscate all properties of Saradha Group to pay off thousands of small investors left in the lurch.
Bihar Chief Minister Nitish Kumar on Friday intensified his fight against corruption in the state by issuing orders to prosecute 11 corrupt officers and confiscate their properties, according to state government officials. The date for the symbolic gesture against corruption was 11/11/11. On the third day of his Seva Yatra in Bettiah, district headquarters of West Champaran, Kumar cleared pending files about corruption cases against the eleven officers.
Paramilitary force personnel and state police force will be deployed and drone cameras will be used to ensure security on Friday.
Finance Minister Piyush Goyal said the instances of people running away and evading the legal process was increasing and this needed to be stopped, as the current laws do not allow fully dealing with the severity of the problem.
What would you do if you have been declared dead in government records and your ancestral property worth a few crores has been confiscated by your closest relatives?
After announcing that the properties of corrupt officials will be confiscated and turned into primary schools, Bihar government plans to upload videos of complaints against officials seeking bribes and any genuine grievances of corruption on YouTube.
As the government faces heat over corruption and black money, it is planning to bring a law to prevent the misuse of benami transactions, a key source of illicit funds.
The Madras high court has directed the Tamil Nadu Crime Branch-CID police to probe the case of 'missing' gold, which left the country's premier investigating agency red-faced.
Vowing to retain power for the second time in a row, they said such 'anti-people' forces must be taught a lesson again by vanquishing them through hardwork, unity and allegiance to the party.
He opined that procedural delays like granting sanction and difficulty in marshalling large number of witnesses were the major hurdles in achieving meaningful convictions.
The sources said the taxman has initiated a country-wide operation to identify suspect bank accounts where huge cash deposits have been made post November 8.
Cairn Energy and Air India have jointly asked a New York federal court to stay further proceedings in the British firm's US lawsuit targeting the airline for enforcement of a $1.2-billion arbitral award. The move follows the government enacting a law to scrap retrospective taxation in the country, which in effect will result in withdrawal of the Rs 10,247 crore tax demand on Cairn, according to court documents reviewed by PTI. The British company had won an international arbitration award against levy of such taxes and sought to take over Air India assets when the government refused to honour the award and pay it $1.2 billion-plus interest and penalty.
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The Indian government has paid Cairn Energy Plc Rs 7,900 crore to refund taxes it had collected to enforce a retrospective tax demand, ending a seven-year-old dispute that had tarred the country's image as an investment destination. The company, which is now known as Capricorn Energy PLC, in a statement said it has received "net proceeds of $1.06 billion", of which nearly 70 per cent will be returned to the shareholders. The tax department had used a 2012 legislation, which gave it powers to go back 50 years and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India, to seek Rs 10,247 crore in taxes from Cairn.
The agency's poor track record in convictions is the only light at the end of a rather long tunnel for the couple, observes Shyamal Majumdar.
If the fear of ED could drive the powerful people of today to be honest or at least be minimally corrupt, will it not be a great thing for our nation?, asks Sudhir Bisht.
The Indian State does not believe in the rule of law. It does not even recognise the need to follow treaties that it itself signed. And so it is refusing to shell out to Cairn; and, as a consequence, has brought on the Paris humiliation, notes Mihir S Sharma.
Cairn has already taken steps to have the arbitration award recognised in nine major jurisdictions such as the US, UK, France, the Netherlands, Singapore and Canada's Quebec province, where Indian sovereign assets have been identified. It hasn't said what it might go after but assets could include Air India's planes, vessels belonging to the Shipping Corporation of India and property owned by state banks.
Post-mortems of 16 more suspected hooch victims were conducted here in the last two days, raising their number to 87, but authorities on Wednesday kept the official death toll in tragedy pegged at 35.
The ED has now seized the property, agency sources said.
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