Skip to content
Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

Primary Menu Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

  • Home
  • Newswires
  • Politics & Society
  • The New Feudals
  • World View
  • Arts And Aesthetics
  • For The Record
  • About Us
  • Featured

Vodafone Wins Against India In $2 Billion Tax Case

Sep 26, 2020 | Pratirodh Bureau

FILE PHOTO: Different types of 4G, 5G and data radio relay antennas for mobile phone networks are pictured on a relay mast operated by Vodafone in Berlin, Germany on April 8, 2019

Vodafone Group Plc said on Friday it had won an international arbitration case against the Indian government, ending one of the most high-profile disputes in the country involving a $2 billion tax claim.

An international arbitration tribunal in The Hague ruled that India’s imposition of a tax liability on Vodafone, as well as interest and penalties, were in a breach of an investment treaty agreement between India and the Netherlands, two sources with direct knowledge of the matter said.

India had claimed a total of Rs 279 billion ($3.79 billion), including about $2 billion in tax, as well as interest and penalties, one of the sources said.

The tribunal, in its ruling, said the government’s demand is in breach of “fair and equitable treatment” and it must cease seeking the dues from Vodafone. It also directed India to pay 4.3 million pounds ($5.47 million) to the company as compensation for its legal costs, one of the sources added.

Vodafone said in a statement the amount of the award was confidential. Shares in the company’s India unit, Vodafone Idea, ended 13% higher on Friday.

“The tribunal held that any attempt by India to enforce the tax demand would be a violation of India’s international law obligations,” Vodafone said in its statement.

India’s Finance Ministry said it will carefully study the award, together with its lawyers. “After such consultations, the government will consider all options and take a decision on further course of action including legal remedies,” the Ministry said in a statement.

“Vodafone has finally got justice first from the Indian Supreme Court and now from an international arbitral tribunal,” said Anuradha Dutt, senior partner at DMD Advocates, an Indian law firm representing the company.

The ruling brings an end to one of the most controversial disputes in India under international treaty agreements that it enters into with countries to protect foreign investments.

India is entangled in more than a dozen such cases against companies, including Cairn Energy, over retrospective tax claims and cancellation of contracts. The exchequer could end up paying billions of dollars in damages if it loses.

To reduce future arbitration claims, India has ended such agreements with over 50 countries and is working on a new law to protect foreign investors by offering relief from possible policy changes even as it upholds the right to tax them, Reuters reported.

Vodafone’s tax dispute stems from its $11 billion deal to buy the Indian mobile assets from Hutchison Whampoa in 2007. The government said Vodafone was liable to pay taxes on the acquisition, which the company contested.

In 2012, India’s top court ruled in favour of the telecom provider but the government changed the rules to enable it to tax deals that had already been concluded.

In 2014, Vodafone initiated arbitration proceedings against India.

Tags: $2 billion tax claim, Finance Ministry, international arbitration case, Pratirodh, The Hague, vodafone, Vodafone Group, vodafone idea

Continue Reading

Previous In The Name Of The Mother: Afghan Woman Wins Recognition
Next Cap On Prices Of Medical Oxygen Amid Rising Covid Cases

More Stories

  • Featured

Fire Hits Serum Institute Building, Vac Production Unaffected

3 hours ago Pratirodh Bureau
  • Featured

Nepal To Turn Everest Trash Into Art To Highlight Garbage Blight

3 hours ago Pratirodh Bureau
  • Featured

Biden Rolls Back Trump Policies On Health, Climate, Wall, Muslims

10 hours ago Pratirodh Bureau

Recent Posts

  • Fire Hits Serum Institute Building, Vac Production Unaffected
  • Nepal To Turn Everest Trash Into Art To Highlight Garbage Blight
  • Biden Rolls Back Trump Policies On Health, Climate, Wall, Muslims
  • Govt Offers To Suspend Implementation Of Farm Laws
  • Massive Security Phalanx In Place To Shield Biden Inauguration
  • A Lotus, Not A Chinese Dragon: Gujarat Changes Name Of Fruit
  • “We’ve Got A Lot Of Work To Do. It’s Not Going To Be Easy”
  • Govt. Urges Frontline Workers Not To Refuse Vax As Targets Missed
  • Estonian Firm Seeks Finance From Forests
  • China, WHO Could Have Acted More Quickly: Probe Panel
  • ‘Advisable To Not Take Vaccine If’: Covaxin Factsheet
  • Opp Seeks Probe Into Security Leak After Goswami’s Messages Emerge
  • Big Oil’s Flagship Plastic Waste Project Sinks In The Ganges
  • Alexei Navalny Flies Home And Straight Into Trouble
  • Amazon Faces Backlash From BJP Lawmakers Over ‘Tandav’
  • One ‘Severe’, 51 ‘Minor’ Cases Of Post-Vaccination Adverse Events
  • Covid Vaccination Campaign: Sanitation Worker Gets First Shot
  • Norway Warns of Vaccination Risks After 23 Die
  • No Headway In Talks Between Govt And Protesting Farmers
  • ‘World’s Largest’ Vaccination Campaign Starts Today

Search

Main Links

  • Home
  • Newswires
  • Politics & Society
  • The New Feudals
  • World View
  • Arts And Aesthetics
  • For The Record
  • About Us

Related Stroy

  • Featured

Fire Hits Serum Institute Building, Vac Production Unaffected

3 hours ago Pratirodh Bureau
  • Featured

Nepal To Turn Everest Trash Into Art To Highlight Garbage Blight

3 hours ago Pratirodh Bureau
  • Featured

Biden Rolls Back Trump Policies On Health, Climate, Wall, Muslims

10 hours ago Pratirodh Bureau
  • Featured

Govt Offers To Suspend Implementation Of Farm Laws

11 hours ago Pratirodh Bureau
  • Featured

Massive Security Phalanx In Place To Shield Biden Inauguration

1 day ago Pratirodh Bureau

Recent Posts

  • Fire Hits Serum Institute Building, Vac Production Unaffected
  • Nepal To Turn Everest Trash Into Art To Highlight Garbage Blight
  • Biden Rolls Back Trump Policies On Health, Climate, Wall, Muslims
  • Govt Offers To Suspend Implementation Of Farm Laws
  • Massive Security Phalanx In Place To Shield Biden Inauguration
Copyright © All rights reserved. | CoverNews by AF themes.