Search results for ' Cairns'

Olympic champion Schauffele wins PGA Championship for first major

Olympic champion Schauffele wins PGA Championship for first major

Rediff.com20 May 2024

American Xander Schauffele birdied the final hole to win the PGA Championship by one shot over LIV Golf's Bryson DeChambeau.

Cameron Green Suffers From Kidney Disease

Cameron Green Suffers From Kidney Disease

Rediff.com14 Dec 2023

'I consider myself very lucky that I'm not as affected physically by chronic kidney disease as other people who are affected by the same thing.'

Lenders unlikely to clear Anil Agarwal's Vedanta spinoff in hurry

Lenders unlikely to clear Anil Agarwal's Vedanta spinoff in hurry

Rediff.com11 Oct 2023

Indian lenders are unlikely to clear the vertical split of BSE-listed Vedanta Ltd in a hurry, considering that the demerger would reduce the fungibility of cash flows across businesses and increase their volatility, according to analysts. The demerger plan, which would result in six separate listed entities, would require approval from shareholders, lenders and other statutory bodies. "We believe that a separate listing of different businesses would reduce the fungibility of cash flows across businesses and increase the volatility of cash flows.

Street gives a thumbs up to Anil Agarwal-led Vedanta's demerger plan

Street gives a thumbs up to Anil Agarwal-led Vedanta's demerger plan

Rediff.com11 Oct 2023

Debt management is going to be a worry for the Vedanta group until FY25 at least. However, the restructuring of business divisions in Vedanta India could lead to an unlocking of values. The group structure is fairly complex. Anil Agarwal-led Vedanta Resources (VRL), which is London-listed, has a lot of debt on the balance sheet. It will have to repay $1 billion in secured bonds by January 2024 and at least another $300 million in calendar 2024.

SAT sets aside Sebi penalty on Cairn India in share buyback case

SAT sets aside Sebi penalty on Cairn India in share buyback case

Rediff.com5 Oct 2023

The Securities Appellate Tribunal (SAT) has set aside capital markets regulator Sebi's order that imposed a penalty of Rs 5.25 crore on Cairn India for making a misleading announcement regarding buyback of shares in 2014. Cairn India, which was merged with Vedanta Ltd in 2017, was accused of making a misleading public announcement designed to influence investors' decisions. "We hold that the violations of provisions of... the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations and... the Buyback Regulations are not proved against the company (Vedanta)," a bench consisting of Justice Tarun Agarwala and presiding officer Meera Swarup said.

Anil Agarwal to demerge 5 businesses of Vedanta, restructure zinc unit

Anil Agarwal to demerge 5 businesses of Vedanta, restructure zinc unit

Rediff.com29 Sep 2023

Mining magnate Anil Agarwal's conglomerate on Friday announced a major business shake-up, with flagship Vedanta Ltd approving a spin-off of its metals, power, aluminium and oil and gas businesses into separate listed entities and an overhaul of lucrative zinc unit planned as part of value creation and reducing debt load. Vedanta will issue one share of the five demerged businesses for every share held in the company, the firm said in a statement. The entire exercise, which would require shareholder and lender approval as well as a nod from the stock exchanges and courts, is expected to be completed in 12-15 months, its president for finance Ajay Agarwal said.

Looking at Shriya's Australian Holiday

Looking at Shriya's Australian Holiday

Rediff.com20 Aug 2023

Shriya Pilgaonkar loves to travel.

Boult back as Kiwis prepare for World Cup

Boult back as Kiwis prepare for World Cup

Rediff.com9 Aug 2023

Fast bowler Trent Boult is in line to play his first one-day international in almost a year after being included in New Zealand's 15-man squad for a four-match series against England.

Record Galore For Five-Star Ashwin!

Record Galore For Five-Star Ashwin!

Rediff.com13 Jul 2023

The opening day of the first Test between India and West Indies belonged to senior Indian off-spinner Ravichandran Ashwin.

Why Anil Agarwal-owned Vedanta group companies face high debt risk

Why Anil Agarwal-owned Vedanta group companies face high debt risk

Rediff.com6 Jun 2023

Vedanta group chairman, Anil Agarwal, 69, is well known for his business journey from a scrap dealer from Bihar to a London-based globe-girdling metal and oil and gas conglomerate with revenues of $19 billion. Now his abilities to keep his group from over-leveraging itself will be put to the test. Over the years, Agarwal, now based in London, set up the conglomerate via acquiring iron ore producer Sesa Goa, Cairn's oil producing assets in India, and Electrosteel Steel.

Nick Walker is new CEO of Vedanta Cairn Oil and Gas

Nick Walker is new CEO of Vedanta Cairn Oil and Gas

Rediff.com19 Jan 2023

Vedanta's Cairn Oil & Gas on Thursday announced the appointment of Nick Walker as the new chief executive officer (CEO) of the company. In a statement, the company said the appointment is effective January 5. "Before this appointment, Walker was president and chief executive officer at Lundin Energy, one of the leading European independent E&P companies," it said.

Russia's Gazprom turns off tap, Gail's hunt for LNG may continue for a year

Russia's Gazprom turns off tap, Gail's hunt for LNG may continue for a year

Rediff.com30 Dec 2022

So far, GMTS has defaulted on the supply of more than 20 cargoes or shiploads, 13 of which were set to be received in the second quarter (July-September), officials said.

Australia's Smith feels on top of his game

Australia's Smith feels on top of his game

Rediff.com18 Nov 2022

'It's been nice to score some runs in that time and we're always looking for perfection, and for me (Thursday) was as close to perfection as I will get.'

Travels With Barkha Singh

Travels With Barkha Singh

Rediff.com10 Nov 2022

Barkha's never at a loss for style. Especially while journeying to far away places.

New Zealand tweak 2021 squad for T20 World Cup

New Zealand tweak 2021 squad for T20 World Cup

Rediff.com20 Sep 2022

Martin Guptill will play in his seventh T20 World Cup and Devon Conway will keep wickets in addition to his batting duties at the tournament

Australia sweep ODI series against NZ in Finch farewell

Australia sweep ODI series against NZ in Finch farewell

Rediff.com11 Sep 2022

Steve Smith made 105, his 12th ODI century, to help Australia overcome a sluggish start

Another interesting milestone for ton-man Smith

Another interesting milestone for ton-man Smith

Rediff.com11 Sep 2022

In 136 ODIs, Smith has scored 4,722 runs at an average of 44.13. His best individual score is 164.

PIX: New Zealand's guard of honour for Australia captain Aaron Finch

PIX: New Zealand's guard of honour for Australia captain Aaron Finch

Rediff.com11 Sep 2022

Finch received a grand 'Guard of Honour' from the New Zealand players

Australia captain Finch to retire from ODIs after NZ series

Australia captain Finch to retire from ODIs after NZ series

Rediff.com10 Sep 2022

Australia's One-Day International cricket captain Aaron Finch will retire from the format's international matches following Sunday's final game of a three-match series against New Zealand, Cricket Australia said on Saturday.

PIX: Zampa spins Australia to series win against New Zealand

PIX: Zampa spins Australia to series win against New Zealand

Rediff.com8 Sep 2022

Zampa picked up his maiden five-wicket haul in one-day internationals to help the hosts defeat New Zealand

PIX: Australia ride Green energy to down NZ in 1st ODI

PIX: Australia ride Green energy to down NZ in 1st ODI

Rediff.com6 Sep 2022

Cameron Green braved cramps to smash a career-best 89 not out and secure Australia's nervy two-wicket victory against New Zealand in the opening one-day international in Cairns on Tuesday.

Ryan Burl bags 5 wickets as Zimbabwe shock Australia

Ryan Burl bags 5 wickets as Zimbabwe shock Australia

Rediff.com3 Sep 2022

Leg-spinner Ryan Burl picked up 5 for 10 in just three overs on Saturday as Zimbabwe stunned Australia in the third One-Day International in Townsville, registering an exciting three-wicket victory and denying the hosts a series clean-sweep.

Remembering The Munich Massacre

Remembering The Munich Massacre

Rediff.com2 Sep 2022

Monday, September 5, and Tuesday, September 6, will mark 50 years after 11 members of Israel's Olympic team were killed in what is known as the Munich massacre in history.

India, Pak bonhomie at WTO blossoms despite fractious bilateral relations

India, Pak bonhomie at WTO blossoms despite fractious bilateral relations

Rediff.com17 Aug 2022

Even as the bilateral relationship between the two neighbouring countries remains hostile, there is growing coordination between India and Pakistan on one multilateral forum - the World Trade Organization (WTO). Both countries have made two joint submissions at the WTO as co-sponsors in the past two months. In June, Pakistan joined India, Cuba, and 44 African countries, seeking sufficient flexibility in intellectual property rights for developing countries to fight the Covid-19 pandemic.

Shai Hope scores 100 in 100th ODI

Shai Hope scores 100 in 100th ODI

Rediff.com25 Jul 2022

Hope is the fourth West Indies batter to achieve this accomplishment

Australia rest Cummins for Zimbabwe, NZ ODI series

Australia rest Cummins for Zimbabwe, NZ ODI series

Rediff.com18 Jul 2022

Captain Aaron Finch will lead an equally strong batting line-up also featuring the talents of David Warner, Steve Smith, Marnus Labuschagne and Glenn Maxwell.

Windfall tax on fuel to recoup most of Rs 1 lakh cr revenue lost in excise cuts

Windfall tax on fuel to recoup most of Rs 1 lakh cr revenue lost in excise cuts

Rediff.com3 Jul 2022

The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, industry sources said. India on July 1 joined a select league of nations globally that have taxed windfall gains accruing to oil companies from soaring energy prices. The government slapped a Rs 6 per litre tax on the export of petrol and jet fuel (ATF) and Rs 13 a litre on the export of diesel effective July 1. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.

Govt slaps export tax on petrol, diesel, ATF; windfall tax on crude oil

Govt slaps export tax on petrol, diesel, ATF; windfall tax on crude oil

Rediff.com1 Jul 2022

The government on Friday slapped an export tax on petrol, diesel and jet fuel (ATF) while also joining nations like the UK in imposing a windfall tax on crude oil produced locally. A Rs 6 per litre tax on export of petrol and ATF and Rs 13 per litre tax on export of diesel is effective from July 1, finance ministry notifications showed. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.

Domestic crude oil producers get marketing freedom, exports not allowed

Domestic crude oil producers get marketing freedom, exports not allowed

Rediff.com30 Jun 2022

In a move that may boost the Indian hydrocarbon industry and bring more investments into the sector, the Union Cabinet on Wednesday decided to give marketing freedom to domestic crude oil producers, allowing them to sell petroleum to any company in the local market. The move is set to be beneficial for major crude oil producers, such as state-run Oil and Natural Gas Corporation (ONGC) and Oil India, and private sector majors like Vedanta's Cairn Oil and Gas and Reliance Industries. As of May 31, India was dependent on imports for 86 per cent of its crude oil consumption; domestic production sufficed the remaining 14 per cent demand.

Adani group to be India's 2nd-largest cement manufacturer

Adani group to be India's 2nd-largest cement manufacturer

Rediff.com16 May 2022

Billionaire Gautam Adani on Sunday won the race to acquire Swiss cement major Holcim's stake in Ambuja Cements and its subsidiary ACC for $10.5 bn (around Rs 81,361 crore), including the open offers. The Adani family, through an offshore special-purpose vehicle, announced that it had entered into definitive agreements for the acquisition of Holcim Ltd's entire stake in two of India's leading cement companies -- Ambuja Cements and ACC -- the Adani group said in a statement. The group outbid Ultratech and JSW group to enter the cement industry and also emerge as the country's second-largest cement manufacturer, with 70 million tonnes of capacity annually.

Rags to riches tale of mining mogul Anil Agarwal

Rags to riches tale of mining mogul Anil Agarwal

Rediff.com15 May 2022

A reception often reserved for rockstars came the way of mining mogul Anil Agarwal when he started revealing nuggets of his ascent from a scrap-metal dealer to one of India's most prominent self-made industrialists on social media. And now he has been flooded with booking writing proposals and has even been offered money for a biopic. In February this year, Agarwal, 68, started tweeting his journey from Bihar to Mumbai first and then to London to head a globally diversified natural resources company with interests in zinc-lead-silver, iron ore, steel, copper, aluminium, power, oil and gas.

This deal will see the single-biggest outflow of foreign capital from India

This deal will see the single-biggest outflow of foreign capital from India

Rediff.com11 May 2022

The much-talked-about sale of Ambuja Cement and ACC by Holcim Group will see the single-biggest outflow of foreign capital from the country if the two cement firms are acquired by Indian investors. The deal, valued at nearly $10.35 billion, will put in the shade Cairn Energy Plc's exit from India in 2010, when it sold Cairn India to Vedanta Group for $4.48 billion. According to various reports, big business groups such as AV Birla, JSW Group, and Adani Group are in the fray to acquire Holcim's assets in India.

The bizarre tale of Cairn retro tax

The bizarre tale of Cairn retro tax

Rediff.com6 Mar 2022

The levy of retrospective tax on the UK's Cairn Energy Plc is a tale of bizarre twists and turns that saw its attached shares being sold in May 2018 amid the passing of the baton from a full-time finance minister to interim one and the talks at the highest level to resolve the dispute, to claims that levy of back taxes was a result of an investigation into Panama Papers leak. The government late last month refunded about Rs 7,900 crore it had collected from selling residual shares of the British firm in its erstwhile India unit, seizing dividend and withholding tax refunds, to settle an eight-year-old dispute that had tarred the country's reputation as an investment destination. But, this did not come about easily. For seven years, the establishment vehemently justified in courts and outside seeking of Rs 10,247 crore in back taxes plus interest and penalty from a firm that gave India its biggest onshore oil discovery.

India pays Cairn Rs 7,900 cr to settle retro tax dispute

India pays Cairn Rs 7,900 cr to settle retro tax dispute

Rediff.com24 Feb 2022

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.

Govt to settle almost all retro-tax cases this month

Govt to settle almost all retro-tax cases this month

Rediff.com4 Feb 2022

The government will settle almost all the retrospective tax cases this month, closing a chapter that plagued India's reputation as an investment-friendly destination, a top official said on Friday. A 2012 amendment that gave taxmen powers to go back 50 years and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India, was used to raise Rs 1.1 lakh crore demand against multi-nationals such as telecom group Vodafone, pharmaceuticals company Sanofi and brewer SABMiller, now owned by AB InBev, and Cairn Energy Plc. Such demands brought uncertainty in the minds of investors.

U19 WC: Afghanistan seek history against England

U19 WC: Afghanistan seek history against England

Rediff.com31 Jan 2022

Having punched above their weight, Afghanistan now face England in the Super League semifinals of the U-19 World Cup

Devas shareholders to continue seizing Indian assets abroad

Devas shareholders to continue seizing Indian assets abroad

Rediff.com23 Jan 2022

Unfazed by the Supreme Court upholding winding up of the company, shareholders of Devas Multimedia will continue to seek seizure of Indian government assets abroad to collect $1.2 billion the firm has been awarded by arbitration tribunals for cancellation of a satellite deal but are open for talks to settle the issue, their counsel said. "The decision by the Supreme Court does not change anything. The Modi government and the Indian courts cannot rewrite the facts. "Their flimsy allegations of fraud will never stand up in courts outside of India," said Matthew D McGill, partner at Gibson, Dunn & Crutcher, and lead counsel for several Devas' shareholders.

BPCL privatisation: How long will govt wait for the right suitor?

BPCL privatisation: How long will govt wait for the right suitor?

Rediff.com19 Jan 2022

In 2017, a consortium led by Russian state oil company Rosneft agreed to buy Essar Oil for $12.9 billion in India's biggest foreign acquisition of a homegrown company. Rosneft's buyout of Essar's assets was meant to herald a wave of energy investments in India - over six decades after Esso, Caltex and Shell invested in India's refining sector in the 1950s. But the government has tripped up in its efforts to sell Bharat Petroleum Corporation Ltd (BPCL), formerly Burmah Shell, a blue chip public sector company. Bidders include a couple of global funds and resources firm Vedanta.

Devas wins plea to seize Indian property in cancelled Isro deal

Devas wins plea to seize Indian property in cancelled Isro deal

Rediff.com13 Jan 2022

A French court has ordered freezing of an Indian government property in Paris on a plea by Devas shareholders who are seeking to enforce a USD 1.3 billion arbitration award over a cancelled satellite contract, according to the court order copy.

Retro Tax: Cairn drops lawsuits in US, UK

Retro Tax: Cairn drops lawsuits in US, UK

Rediff.com26 Dec 2021

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.

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