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Cairn to accept $1bn refund for withdrawing arbitration cases against India

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Engineering

British energy major Cairn expects to get $1.06 billion (Rs 79,000 crore) as refund by the Government of India, following which the company will withdraw all its international arbitration award claims and cases.

Simon Thomson, Chief Executive, Cairn Energy PLC said: “Progress in resolving our Indian tax issue and active portfolio management leave Cairn well-positioned to deliver growth from a sustainable business, focused on generating further value and returns for shareholders.”

In its half yearly report announcement, the company said that the expected near-term resolution of the India tax dispute would result in a refund to Cairn by the Government of India of Rs 79 billion (around $1.06 billion).

“In accepting the terms of the new legislation in India, Cairn would be required to withdraw its international arbitration award claim, interest and costs and to end all legal enforcement actions in order to be eligible for the refund,” it said.

Further, payment of the tax refund would enable a proposed return to shareholders of up to $700 million, through a special dividend of $500 million and a share buyback programme of up to $200 million.

The remainder of the proceeds would be allocated to further expansion of the low cost, sustainable production base.

Near-term resolution of the Indian tax dispute, alongside significant recent portfolio changes, will ensure that Cairn remains well-positioned to continue successful delivery of its differentiated business model of returning value to shareholders against a backdrop of sustainable cash-flow generation and growth.

The group is considering entering into statutory undertakings with the Government of India in respect of new legislation, which would enable the refund of retrospective taxes collected from Cairn in India by way of asset seizures since 2014 totalling Rs 79,000 crore.

The final form of these statutory undertakings has yet to be published by the Government of India, but it is anticipated that the principal condition that they prescribe will be the withdrawal of Cairn’s rights under the international arbitration award.

“As the Group has not yet entered into any such undertakings, Cairn’s receivable under the award of the international arbitration remained classified as a contingent asset at the June 30 balance sheet date,” it said.

Business

Indian startups making key advances in low-cost rockets in threat to SpaceX: Sridhar Vembu

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New Delhi, Oct 10: Zoho’s Chief Scientist and Co‑founder Sridhar Vembu on Saturday said that Indian startups are making major advances in low-cost rockets in threat to SpaceX.

“Directly due to Prime Minister Narendra Modi’s government policy, Indian startups are making major advances in low-cost rockets and that poses a threat to SpaceX in the same way the Chinese EVs threaten Tesla,” Vembu posted on X responding to a post by Starlink Founder Elon Musk.

Further, the tech leader also said medicine prices in India are among the lowest globally and pointed to the Unified Payments Interface (UPI) as an example of low‑cost payment infrastructure.

“India has among the lowest drug prices in the world (and is still going lower). People who visit India buy medicines to take home quite regularly now,” the X post said.

“Prime Minister Narendra Modi has worked hard to create a competitive economy where the benefits flow to the average Indian,” Vembu wrote, adding that the Indian government does not tolerate monopolies.

“He has also actively promoted and encouraged a massive surge in startups, and that is the best signal of a highly competitive economy,” the post said.

Vembu supported India’s economic and digital policies, hailing the country’s low data costs and competitive markets.

He said Indians routinely use dual‑SIM phones with large data plans because they are affordable.

“India has among the lowest data prices in the world. It is so good that I don’t even bother to connect to local Wi-Fi when I travel in India and just tether my phone to work on my computer,” he said.

In a separate post on Friday, Vembu said Indians have made major contributions to US technology prowess but warned that many on US visas face the prospect of uprooting lives built through hard work.

“A big part of America no longer wants us,” the Zoho Co-founder said.

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Govt disconnects over 82 lakh fraudulent mobile connections via ASTR

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New Delhi, Oct 9: India has disconnected over 82 lakh fraudulent mobile connections through the Artificial Intelligence and Facial Recognition powered Telecom SIM Subscriber Verification (ASTR) tool, Union Minister of State for Communications and Rural Development Dr Chandra Sekhar Pemmasani said on Friday.

Addressing the International Telecommunication Union (ITU) Roundtable on “Implementing ITU Standards to Combat Fraudulent Communications” on the sidelines of the India Mobile Congress (IMC) 2026 here, the minister said the country has built a robust and layered defence mechanism against telecom-related fraud and cybercrime.

He noted that organised fraud networks are becoming increasingly sophisticated, with scams involving impersonation, so-called digital arrests, AI-generated voice cloning and deepfakes posing significant challenges. According to the minister, Indians lost more than Rs 22,800 crore to such fraud in 2024.

Dr Pemmasani said India has adopted a five-layered approach to tackle fraudulent communications. This includes real-time blocking of spoofed international calls, identification and disconnection of suspicious mobile connections through the ASTR platform, citizen participation via the Sanchar Saathi initiative, intelligence sharing through the Digital Intelligence Platform (DIP), and targeted action against emerging fraud channels.

Highlighting the impact of these initiatives, he said the Sanchar Saathi app has been downloaded around 25 million times, enabling citizens to actively participate in reporting suspected fraud and misuse of telecom resources.

The minister added that the Digital Intelligence Platform currently connects more than 1,600 organisations, including telecom service providers, banks and law-enforcement agencies, facilitating real-time information sharing to detect and prevent fraudulent activities.

He further said that the Financial Fraud Risk Indicator has helped avert suspected financial losses exceeding Rs 5,000 crore over the past 15 months by enabling timely intervention against fraudulent transactions.

Emphasising the need for international collaboration, Dr Pemmasani said fraud has become a global problem that requires coordinated global solutions.

He underscored the importance of adopting international standards for digital verification of caller identities across networks to curb cross-border fraud.

Welcoming the ITU’s proposal for joint trials among governments, regulators, telecom operators and technology companies, he said India is ready to participate and contribute to the development of global frameworks for trusted communications.

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Skill training institutes no less than IITs, IIMs: PM Modi urges youth to champion skill development

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New Delhi, Oct 9: Prime Minister Narendra Modi on Friday met members of India’s contingent that delivered an impressive performance at the WorldSkills Competition Shanghai 2026, congratulating the young participants for showcasing their talent and skills on the global stage.

The interaction took place at the Prime Minister’s residence at 7, Lok Kalyan Marg, where PM Modi lauded the competitors for their achievements and encouraged them to continue excelling in their respective fields.

Sharing details of the meeting on social media, the Prime Minister praised the participants for their outstanding performance at the international skills competition and said it was a pleasure to interact with and motivate the young achievers.

The Prime Minister underlined the objective behind establishing a separate Ministry for Skill Development and said that the importance of skill training institutions is no less than that of IITs and IIMs. He encouraged the participants to share their experiences and suggestions with the government to help improve India’s skill training system.

India recorded its best-ever performance at the 48th WorldSkills Competition, held from September 22 to 27 at the National Exhibition and Convention Center (NECC) in Shanghai. The country secured six silver medals and 20 Medallions for Excellence, finishing 10th in the overall rankings.

The latest result marks a significant improvement from the previous edition of the competition held in France’s Lyon in 2024, where India finished 13th with four bronze medals and 12 Medallions for Excellence.

The improved ranking reflects the growing capabilities of India’s skilled workforce and its rising presence in global skills competitions.

According to the Ministry of Skill Development and Entrepreneurship, the six-day event brought together more than 1,400 young competitors from nearly 70 countries and regions.

India fielded its largest-ever contingent, comprising 70 competitors, who participated in 63 skill categories spanning emerging technologies, advanced manufacturing, engineering, creative industries and specialised services.

After four days of intense competition, winners were honoured during the closing ceremony held in Shanghai on September 27. The event celebrated excellence in technical expertise, innovation, precision and craftsmanship, drawing participants, industry leaders, experts and international delegations from across the world.

India’s participation in WorldSkills Shanghai 2026 was coordinated by the National Skill Development Corporation (NSDC) under the Ministry of Skill Development and Entrepreneurship, with support from Sector Skill Councils, industry partners, training institutions and technical experts.

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