<p>Britain's Cairn Energy said on Tuesday it plans to return up to $700 million (Rs 5,138 crore approximately) to shareholders via a special dividend and a share buyback this year, provided its lengthy dispute with India over certain tax claims is resolved in the near term.</p>.<p>The oil and gas producer, which has major operations in the South Asian country, said it was considering entering into statutory undertakings with the Indian government over changes to a retrospective tax law that is at the heart of the row between them.</p>.<p>The news comes a month after India proposed scrapping the controversial 2012 law and said it would refund disputed amounts to companies. Cairn was awarded damages of over $1.2 billion last year by a Dutch court, which was challenged by New Delhi.</p>.<p><strong>Also Read — <a href="https://www.deccanherald.com/business/business-news/india-to-offer-indemnity-to-air-india-bidders-over-cairn-claim-1025787.html" target="_blank">India to offer indemnity to Air India bidders over Cairn claim</a></strong></p>.<p>"Progress in resolving our Indian tax issue and active portfolio management leave Cairn well-positioned to deliver growth from a sustainable business," Cairn Chief Executive Officer Simon Thomson said in a statement.</p>.<p>The company also posted a smaller loss in the first-half of $47.4 million and narrowed its 2021 outlook for production from its British assets to a range of 17,000 to 19,000 barrels per day.</p>.<p>London-listed Cairn, though in talks with India, has also been pursuing options to seize Indian assets overseas, including those of national carrier Air India, in the absence of a settlement.</p>.<p>Shares of the company are up more than 6 per cent in early trading.</p>.<p><em>($1=Rs 73.40)</em></p>.<p><strong>Check out the latest DH Videos here:</strong></p>
<p>Britain's Cairn Energy said on Tuesday it plans to return up to $700 million (Rs 5,138 crore approximately) to shareholders via a special dividend and a share buyback this year, provided its lengthy dispute with India over certain tax claims is resolved in the near term.</p>.<p>The oil and gas producer, which has major operations in the South Asian country, said it was considering entering into statutory undertakings with the Indian government over changes to a retrospective tax law that is at the heart of the row between them.</p>.<p>The news comes a month after India proposed scrapping the controversial 2012 law and said it would refund disputed amounts to companies. Cairn was awarded damages of over $1.2 billion last year by a Dutch court, which was challenged by New Delhi.</p>.<p><strong>Also Read — <a href="https://www.deccanherald.com/business/business-news/india-to-offer-indemnity-to-air-india-bidders-over-cairn-claim-1025787.html" target="_blank">India to offer indemnity to Air India bidders over Cairn claim</a></strong></p>.<p>"Progress in resolving our Indian tax issue and active portfolio management leave Cairn well-positioned to deliver growth from a sustainable business," Cairn Chief Executive Officer Simon Thomson said in a statement.</p>.<p>The company also posted a smaller loss in the first-half of $47.4 million and narrowed its 2021 outlook for production from its British assets to a range of 17,000 to 19,000 barrels per day.</p>.<p>London-listed Cairn, though in talks with India, has also been pursuing options to seize Indian assets overseas, including those of national carrier Air India, in the absence of a settlement.</p>.<p>Shares of the company are up more than 6 per cent in early trading.</p>.<p><em>($1=Rs 73.40)</em></p>.<p><strong>Check out the latest DH Videos here:</strong></p>