Withdraws petition from green tribunal, makes fresh plea for Lanjigarh project.
The CreditWatch action follows Vedanta's announcement that it would acquire a controlling stake in India-based oil and gas company Cairn India Ltd.
Campaigners from Hamburg-based (Germany) think-tank World Future Council, along with British charity ActionAid, protested against the Church of England and Middlesbrough Borough Council on Monday for investing their pension funds in UK-based metals and mining company Vedanta Resources Plc (with an $8-billion group turnover), whose reputation for trampling human rights and alleged unclean mining practices has been questioned before.
Edinburgh-based Cairn said its Alpha-1S1 well in the sea between Greenland and Canada found oil over a 400 meter section and encountered gas reserves, the company said.
UK's Cairn Energy Plc on Tuesday said it will seek shareholder nod for sale of majority stake in its Indian arm, Cairn India, to London-listed Vedanta Resources Plc for up to $8.48 billion on October 7.
After Vodafone, UK-based Vedanta Resources Plc and Aditya Birla group firm Indian Rayon also face a potential tax demand of around Rs 900 crore and Rs 45 crore, respectively, for their failure to deduct taxes on payments to buy Indian assets, said a senior government official.
The Finance Ministry on Monday said Cairn Energy Plc is likely to pay close to $1 billion as capital gains tax on the $8.48 billion it expects to get from selling majority stake in its India arm to Vedanta Resources.
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Cairn India said the company board has accepted Elango's resignation.
The company no longer sees the London listing as necessary to access capital and the deal will simplify Vedanta's corporate structure.
Vedanta to file notice of claim in Cairn India tax case.
Prime Minister Narendra Modi, who won a landslide election victory in May largely on a promise of economic growth, is expected to speed up divestments to bolster revenue generation.
Albanese said India had lost a lot of market share in iron-ore.
The shareholders will also get one redeemable preference share in Vedanta Ltd
Albanese, 56, will take the helm on April 1.
At the bank's current market price, the stake on offer is worth about Rs 5,700 crore
But the company should take extra steps to prevent pollution.
Cairn files notice against India in $1.6 billion tax dispute.
The exploration company will buy back shares from January 23 and extinguish them.
Sun Pharma was the biggest gainer in the Sensex pack, advancing 1.79 per cent.
'The Budget has maintained fiscal prudence while announcing a number of steps to boost growth, particularly in infrastructure and rural sectors.'
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