The London Stock Exchange-listed Cairn Energy, which holds a 9.82 per cent stake in Cairn India, has called for an annual general meeting of shareholders on May 12, 2016, to approve the proposal to dispose of its residual stake in Cairn India. This comes at a time when the company has received a retrospective tax demand from India’s Income Tax Department in India for Rs 290 billion. The department had issued a draft assessment order of Rs 102.47 billion on January 22, 2014, on alleged capital gains the company made in a 2006 reorganisation of its India business.
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