The Supreme Court also sought CBI probe in the case.
Net profit in 2012 was $72.6 million, compared with $4.56 billion profit in 2011, Cairn said in a statement.
An emotional Chris Cairns has said he is '100 per cent in the dark' about the ICC's allegations of match-fixing against him and would co-operate with the anti-corruption unit's investigators to come out clean.
Cairn faces a potential tax demand on an alleged Rs 24,500 crore of capital gains it made when in 2006-07 it transfered all its India assets to a new company, Cairn India.
The Oil Ministry, which had been sitting on the proposal for over a year, wrote to the Directorate General of Hydrocarbons earlier this week saying that it has been decided to permit exploration in already producing oil and gas fields, sources privy to the development said.
The companies want to drill exploration wells in already producing oil and gas fields.
Former Indian Premier League chairman Lalit Modi failed in his appeal against a 90,000 pounds (approx Rs 74 lakh) libel award to former New Zealand captain Chris Cairns over match-fixing allegations.
The consortium has identified a high-value, high-risk prospect at the site.
Its three-year compounded growth rate is 119.8 per cent.
There is considerable speculation as to whether this award would have any bearing on another Vodafone-type case, namely, the ongoing tax-related arbitration proceedings with Cairn Energy.
Weak production outlook, low crude oil prices and regulatory issues could keep the scrip in check
Cairn Energy Plc chief executive Bill Gammell described the 30-minute meeting as 'positive and constructive'.
Cairn India had written to the petroleum ministry about its plans for the block, said a person close to the development.
The government may be waiting for the outcome of an arbitration initiated against its levy of Rs 10,247 crore retrospective tax on UK's Cairn Energy Plc before deciding on appealing against losing a tax case against Vodafone Group, sources said. An international arbitral tribunal is expected to give a decree within next few days on Cairn Energy Plc's challenge to the Indian government seeking Rs 10,247 crore in retrospective taxes. If the arbitration award in the Cairn cases goes against India, the government has to pay the British firm over Rs 7,600 crore to reverse the dividend and tax refund it had ceased and shares it sold to recover part of the tax demand.
Relieved after winning a libel suit against axed IPL Commissioner Lalit Modi, who had accused him of match-fixing, former New Zealand all-rounder Chris Cairns said he feels "complete vindication".
Lalit Modi's cup of woes seems to be overflowing. The axed IPL Commissioner lost a libel case to former New Zealand cricketer Chris Cairns on Monday and will have to pay 90,000 pounds (app Rs 73 lakh) in damages to the all-rounder.
The Vedanta group on Wednesday confirmed putting in a preliminary expression of interest (EoI) for buying the government's stake in Bharat Petroleum Corp Ltd (BPCL).
Former New Zealand cricketer Chris Cairns has sued former IPL Chairman Lalit Modi in a London court claiming that his career was turned into "dust" because of the latter's tweet accusing him of corruption.
Former New Zealand cricketer Chris Cairns' libel suit against sacked Indian Premier League Commissioner Lalit Modi will come up for hearing in the London High Court on March 5.
Vedanta has acquired 58.5 per cent in Cairn India for a total consideration of $8.67 billion, the third-largest acquisition ever by an Indian enterprise globally.
ONGC, which partners Cairn India in its crown jewel oilfields in Rajasthan and seven other properties in India, has waived its preemption rights over the deal and given a no-objection certificate, sources privy to the development said.
The Home Ministry, while giving the security no-objection certificate (NOC), highlighted eight areas of concern, including 64 legal proceedings against Vedanta and its subsidiaries in various courts, sources privy to the development said.
Describing Ricky Ponting as the "elephant in the room", former New Zealand captain Chris Cairns has said that Cricket Australia (CA) needs to end his 16-year long Test career in order to move forward.
Cairn Energy Plc, which has 50 production blocks across the world, holds 10% in Cairn India.
Cairn has slashed its planned capital expenditure (capex) by 60 per cent to $500 million against the earlier $1.2 billion.
Government wants Cairn India to agree to pay royalty and cess on its all important Rajasthan block.
Mining conglomerate Vedanta Resources has completed the purchase of a 10 per cent stake in Cairn India from Cairn Energy, taking its total stake in the company to 28.5 per cent.
ONGC's return on investment becomes positive after govt makes Barmer block royalty cost-recoverable.
The retrospective tax controversy was highlighted by Vodafone, but Cairn Plc's continuing problems point to the impact this law has had on FDI in India's oil and gas sector.
The announcement came just ahead of the meeting of a ministerial panel, headed by Finance Minister Pranab Mukherjee, to look into the Cairn-Vedanta deal which was struck in August.
Company will also launch a global road show from May 23 for the bond placement.
A Group of Ministers headed by Finance Minister Pranab Mukhejree is likely to meet on Monday to vet London-listed mining group Vedanta Resources' $ 9.6 billion acquisition of Cairn India.
22 companies won bids for the 31 contracts on offer; 15 were new entrants to the oil and gas business. Three years on, none of them have started production.
A CCEA meeting is scheduled for tomorrow but the approval for the Cairn-Vedanta deal is not listed on its agenda so far.
Cairn, which is sitting on a cash pile of about $3 billion, in a statement said its board has approved buying 17.09 crore shares or 8.9 per cent of the total shareholding, from open market at no more than Rs 335 apiece.
The government will reserve the right to decide on the cost recoverability of royalty from Cairn India's block in Barmer while clearing Cairn Energy's sale of its Indian subsidiary to Vedanta Resources.
Vedanta had proposed to buy a 51 per cent stake in Cairn India for $9.6 billion in the middle of last year. The Cabinet Committee on Economic Affairs is expected to take up the issue next week.
RIL wants to drill an exploration well on the D1&D3 gas fields in the KG-D6 block, Cairn on the Rajasthan block.
Cairn India produces 125,000 barrels of crude oil per day (6.25 million tonnes a year) from Mangala oilfield, the largest among the 15 discoveries in the Rajasthan block RJ-ON-90/1.
Reader Ravi Chandok sent us these pictures from Dubai.
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