hutchison essar

Terming the $2.6 billion tax liability on the company as 'inequitable', UK-based Vodafone today questioned the Indian authorities for not raising the tax claim on the party (Hutchison) which made profit by selling its stake. Vodafone exuded confidence that there was no tax payable on its deal for buying majority stake of Hutchison in Indian telecom firm Hutchison-Essar for over $11 billion in 2007. Full Article

The British government is hopeful that the three-year old dispute of Vodafone's joint venture in India involving a tax claim of over Rs.11,000 crore ($2.5 billion) will be settled amicably, a British official said Wednesday. 'Vodafone is one of th Full Article

The government has requested the Supreme Court to waive its 1 per cent commission for letting it withdraw Rs 2,500 crore, which has been deposited in the court by telecom firm Vodafone International Holdings. Instead, it has requested the court to di Full Article

The Income-Tax department on Tuesday told the division bench of the Bombay High Court, hearing the Vodafone tax case, that approval from the Foreign Investment Promotion Board (FIPB) was critical to the $11-billion acquisition of Indian company Hutch Essar by Vodafone. FIPB is a nodal government agency that monitors foreign direct investments into the country. Full Article

The UK-based Vodafone Group Plc is confident that it would not have to shell out income tax in India for the Group's $11.2-billion acquisition of local mobile operator Hutchison Essar Ltd in 2007. The Netherlands- based unit of Vodafone — Vodafone International Holdings BV had acquired a 67 per cent stake in Hutchison Essar, which has since been renamed as Vodafone Essar. Full Article

The Income-Tax (I-T) department in its reply to Vodafone International Holdings BV’s petition, filed in the Bombay High Court, contended that the latter acquired a business interest in India and hence is liable to pay tax on the transaction. Full Article

The Bombay High Court today issued a stay order on the showcause notice sent by the Income Tax (I-T) Department to British telecom major Vodafone. The I-T Department had asked the company to pay Rs 12,000 crore as tax on its acquisition of a majority stake in Hutchison Essar Ltd in 2007. The court fixed July 8 for the next hearing. Full Article

The Bombay High Court today adjourned to July 8, the hearing on an appeal filed by Vodafone International in a dispute over tax liability. The court also stayed the ruling passed by the I-T department on May 31. The dispute is over the tax liability of Vodafone after it acquired Hutchison International's stake in Hutchison- Essar in a USD 11.1-billion deal in 2007. Full Article