Monday, November 15, 2010

India court asks Vodafone for deposit in $2.5 billion tax case

India's Supreme Court on Monday directed Vodafone to deposit Rs 2,500 crore(i-e 25 billion rupees or $550 million) within three weeks in relation to the $2.5 billion tax dispute, a Vodafone spokesman said.

This tax dispute is related to acquisition of Hutchison shares.

Vodafone has also been directed to make a bank guarantee worth 85 billion rupees within eight weeks.

The apex court also directed the director general of international taxation to file an undertaking before the court that the government would refund the amount along with the interest to Vodafone if the UK based telecom giant succeeds in the case.

The apex court would start its final hearing in this matter from Feb 5, 2011.

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