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Davy Boy

16,567 Posts.

3950

20/03/16

09:02

Post #: 17320513
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Originally posted by Hotazel ↑

Extract from the CNE Q&A:
"Question 10
Analyst

You’re very specific about Cairn India liability being limited to the Indian subsidiary. I think it’s fair to say over the last few years that Indian news flow has surprised negatively whenever it’s come out. So can you just emphasise quite why you are confident that that liability is limited to the subsidiary?

James Smith

Obviously we make that statement based on pretty robust legal advice. The only tax assessment that we have received is against Cairn UK Holdings Limited, a 100% subsidiary of Cairn, and the principle assets of that are the shares in CIL that we continue to hold and then dividends which are effectively held, which we haven’t received, so held on the same basis. So those are the only assets that the Indian authorities can have recourse to in ultimately trying to enforce that tax assessment. There isn’t a mechanism under Indian law or other UK or International law for them to look elsewhere in the Group"

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Thanks Hot, That does seem to clear up the problem somewhat. I must admit to skipping over anything that mentions the Indian tax issue with CNE. I'll read more carefully in future or probably even better not comment at all. DB

FAR Price at posting: 10.5¢ Sentiment: Hold Disclosure: Held
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(20min delay)
Last 50.0¢		Change 0.010(2.04%)		Mkt cap ! $46.20M

Open	High	Low	Value	Volume
49.0¢	50.0¢	49.0¢	$12.99K	26.10K

Buyers (Bids)

No.	Vol.	Price($)
1	5000	50.0¢

Sellers (Offers)

Price($)	Vol.	No.
50.5¢	75135	4

View Market Depth

No.	Vol.	Price($)
1	100	0.500
1	5000	0.495
1	1372	0.490
1	42046	0.485
2	10000	0.480

Price($)	Vol.	No.
0.505	25000	1
0.510	100895	2
0.520	226786	4
0.535	25383	1
0.550	77285	3

Last trade - 10.35am 03/10/2024 (20 minute delay)

FAR (ASX) Chart