Bundle of lies. Why doesn’t he mention that BJP netas including Modi ,Jaitley & Prasad called this as Tax terrorism when UPA introduced the amendment & on several forums including BJP manifesto promised to undo tax terrorism, the arbitration tribunal even mentioned this fact in their order , the court also mentioned that issue is not the sovereign power of the state but fairness. A blatant lie is that Govt did not recover any amount from these firms, govt indeed recovered sizable amount by selling shares of Vedanta , the holding company of Cairn, it was a double jolt, Cairn is a foreign company but, Govt used brutal power to sell indian holding company shares through Income tax department, yes income tax department is used for such dirty operations also in addition to raiding political opponents at the time of elctions. Probably because of such high handedness of Indian Govt Vedanta decided to de-list indian company, but that attempt was deceptively subverted by Govt by using LIC who is a major share holder in Vedanta, to offer a very high price for their holding, hence the delisting failed, a rare instance in Indian Bourses. But the irony is now Govt has to pay >double the amount of price at which they sold Vedanta shares to buy back these shares from market,since the market prices has gone up.
The author is misrepresenting facts. He claims that India did not recover any taxes through the retrospective amendment which is simply untrue. GOI seized assets of Cairn in lieu of taxes due and this is what Cairn is now fighting to get back. Irrespective of what US, UK etc do retrospective change in taxation is bad faith. If it becomes acceptable as the author argues then what stops government from retrospectively taxing it’s citizens?
Bundle of lies. Why doesn’t he mention that BJP netas including Modi ,Jaitley & Prasad called this as Tax terrorism when UPA introduced the amendment & on several forums including BJP manifesto promised to undo tax terrorism, the arbitration tribunal even mentioned this fact in their order , the court also mentioned that issue is not the sovereign power of the state but fairness. A blatant lie is that Govt did not recover any amount from these firms, govt indeed recovered sizable amount by selling shares of Vedanta , the holding company of Cairn, it was a double jolt, Cairn is a foreign company but, Govt used brutal power to sell indian holding company shares through Income tax department, yes income tax department is used for such dirty operations also in addition to raiding political opponents at the time of elctions. Probably because of such high handedness of Indian Govt Vedanta decided to de-list indian company, but that attempt was deceptively subverted by Govt by using LIC who is a major share holder in Vedanta, to offer a very high price for their holding, hence the delisting failed, a rare instance in Indian Bourses. But the irony is now Govt has to pay >double the amount of price at which they sold Vedanta shares to buy back these shares from market,since the market prices has gone up.
The writer has represented the prosecution team apparently. That explains the tone of this article. Dismissed.
The author is misrepresenting facts. He claims that India did not recover any taxes through the retrospective amendment which is simply untrue. GOI seized assets of Cairn in lieu of taxes due and this is what Cairn is now fighting to get back. Irrespective of what US, UK etc do retrospective change in taxation is bad faith. If it becomes acceptable as the author argues then what stops government from retrospectively taxing it’s citizens?