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Cairn Energy lays off 40% staff following India tax dispute

2015-02-23 16:11:57| Energy - Topix.net

The company has not been able to sell its 9.8 per cent stake in Cairn India to raise funds for its exploration programme as Income Tax Department has placed restrictions, pending resolution of a tax dispute. "We didn't have access to capital and so had to do voluntary redundancy," a source said, adding 'with this we have completed reorganisation of the company.'

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