Cairn halts buybacks over Indian tax

British oil and gas explorer Cairn Energy has suspended share buy-backs until an Indian tax dispute is resolved, it said Tuesday, adding it sank into the red last year. Edinburgh-based Cairn said it received a request in January from the Indian tax authorities to provide information relating to its 2006/2007 financial year, following a retrospective change in taxation laws in 2012. While the probe continues, Cairn added that it has been restricted from selling its remaining Cairn India Limited (CIL) stake, which totals about ten percent, according to AFP.