State-run Oil and Natural Gas Corporation is expecting a resolution to the contentious royalty payment issue with Cairn India --for the Barmer oil fields--before it goes for a follow-on public offer (FPO) early next year.
ONGC, which is 30 per cent partner in Cairn India- operated Rajasthan oilfields, is obliged to pay royalty on entire crude oil produce from the blocks, even though its share is just 30 per cent.
Chandigarh Lions captain Chris Cairns and middle order batsman Dinesh Mongia have been suspended by the Executive Board of the Indian Cricket League on disciplinary grounds. South African all-rounder Andrew Hall will take over as Lions skipper, an ICL statement said, without elaborating the reasons behind the step.
The Securities and Exchange Board of India (Sebi) is unlikely to clear Vedanta Resources and Sesa Goa's open offer to the shareholders of Cairn India till the government approves the Cairn-Vedanta deal, according to officials familiar with the matter.
The Supreme Court on Monday issued notices on a public interest suit challenging the role of the central government and state-owned Oil and Natural Gas Corporation in the deal between Cairn India and Vedanta Resources.
ONGC sought opinion from the second highest law officer of the country after its partner Cairn Energy Plc stated that the UK firm's sale of majority stake in Cairn India to Vedanta Resources will not trigger pre-emption rights of the state- owned firm, a top oil ministry official said.
ONGC, which is a 30 per cent partner with Cairn India in the giant Rajasthan oil field, had claimed that it had preemption or right of first refusal in Cairn India assets, like the Rajasthan block.
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.
Apparently making amends to past slip-ups, UK's Cairn Energy on Thursday courted the government and ONGC to clear-up "misgivings" on sale of majority stake in its Indian arm to Vedanta Resources.
Cairn Energy Plc's deal to sell a majority stake in its Indian arm to Vedanta Resources for up to $8.48 billion is contingent upon the billionaire Anil Agarwal-led group completing an open offer to minority shareholders of Cairn India, a senior official said.
British energy firm Cairn Energy Plc on Thursday said it will pay all taxes due, both in India and the United Kingdom, on the $8.48 billion it will gain from selling a majority stake in its Indian arm to Vedanta Resources.
Market regulator SEBI has not yet approved the open offer made by Vedanta Group to Cairn India shareholders, even as the target company formed a two-member panel to look into the offer made to minority shareholders.
More than three weeks after it announced the sale of a majority stake in its Indian arm to Vedanta Resources, UK's Cairn Energy Plc has formally applied to the government for approvals, saying it will meet all contractual requirements needed to fructify the deal.
The company sent the reminder on September 10, ONGC said in a filing to the Bombay Stock Exchange. Vedanta is offering $8.48 billion to buy up to a 51 per cent stake in Cairn India, which has 10 oil assets in the country, including the giant Rajasthan oilfield.
While UK's Vodafone Group fights its tax liability in courts, British firm Cairn Energy Plc on Wednesday said it will pay all taxes due, both in India and the United Kingdom, on the $8.48 billion sale of a majority stake in its Indian arm to Vedanta Resources.
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.
State-owned Oil and Natural Gas Corp on Monday said UK's Cairn Energy Plc cannot sell a majority stake in Cairn India to Vedanta Resources without its consent.
With Cairn Energy Plc voluntarily offering to meet government conditions, the Oil Ministry may find it difficult to nix its deal to sell majority stake in Cairn India to Vedanta Resources.
UK's Cairn Energy has informed Oil Ministry that it will comply with all contractual obligations in selling majority stake in its Indian arm and that London-listed Vedanta Resources was a fit candidate to take over operations.
The Supreme Court on Friday refused to restrain Vedanta Resources' subsidiary Sesa Goa from launching an open offer to buy 20 per cent stake in Cairn India.
Contrary to reports, oil PSUs will not make a counter bid to Vedanta Resources' $9.6 billion offer to buy Cairn India, as the oil ministry is disinclined to a rival bid.
The UK-based Cairn Energy on Tuesday said it will seek government's "endorsement" and necessary consent for selling its majority stake in Cairn India to London-listed Vedanta Resources for $8.48 billion.
A day after agreeing to sell majority stake in its India subsidiary for $8.48 billion, UK's Cairn Energy Plc top management on Tuesday met Oil Minister Murli Deora and other key officials to clear any regulatory roadblocks to the deal with Vedanta Resources.
NRI billionaire Anil Agrawal-led Vedanta Group on Tuesday said its open offer for 20 per cent stake in Cairn India will begin on October 11, as part of its $9.6 billion takeover deal of the country's fourth largest oil explorer.
Cairn Energy is back to its original image of an explorer, with its prime producing properties in India now going into the Vedanta group kitty.
The government-owned Oil and Natural Gas Corporation, Cairn India's partner in the Barmer block in Rajasthan, is closely scrutinising the stake sale in Cairn India by Cairn Energy.
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.
The UK-based Cairn Energy on Monday said it will sell 51 per cent stake in its Indian unit to mining firm Vedanta Resources Plc for $8.48 billion.
Cairn India on Friday said its UK-based parent Cairn Energy Plc is unlikely to exit completely from the company.
Billionaire Anil Agarwal-owned mining firm Vedanta Resources on Thursday said it is in talks to buy a stake in Cairn India, the company that owns the nation's largest onland oilfield.
After the success of Barmer oil fields in Rajasthan, Cairn India - the second largest oil and natural gas explorer in the country - bets heavily on wildcat drilling.
Indian Oil Corporation has started buying crude oil from Cairn India's Rajasthan oil fields, which have now crossed the 1,00,000 barrels per day mark in production.
Former New Zealand all-rounder Chris Cairns has finally acted on his threat to sue Lalit Modi and has initiated legal action against the suspended IPL commissioner for suggesting that he was involved in match-fixing.
Mangalore Refinery and Petrochemicals Ltd (MRPL) will double offtake of crude oil from Cairn India's Rajasthan fields to 0.4 million tons this fiscal.
Cairn India can produce up to 2,40,000 barrels per day from its prolific Rajasthan fields, equivalent to output from the nation's largest oilfield of Mumbai High, the company has informed the government.
Cricinfo, the popular cricket website has paid monetary damages to Chris Cairns and also published an extensive interview telling his side of the story over allegation of the former New Zealand all rounder's involvement in match-fixing in the 2008 Indian Cricket League (ICL).
Indian Premier League boss Lalit Modi defended the IPL's decision not to include Chris Cairns in the auction over alleged match-fixing allegations, and said that the former New Zealand all-rounder is free to sue him. Hitting back at the Kiwi all-rounder, Modi said: 'Cairns is welcome to sue me if he wants.'
Flamboyant New Zealand all-rounder Chris Cairns has been struck off from the IPL auction list because of a match-fixing slur against his name during his stint with the rebel Indian Cricket League. Cairns's name figured in the original list for the January 19 auction, but Indian Premier League commissioner Lalit Modi said the Kiwi's name was removed because of the match-fixing taint.
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
© 2025 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Feedback - About us - Terms of use - Grievances