The department wants opinion on whether the credit support given by Hutchison Telecom to Analjit Singh and Asim Ghosh (who hold 12.26 per cent in Hutch-Essar) can be considered a benami transaction.
The department of telecommunications is planning to seek details from four operators - Bharti-Airtel, Hutchison-Essar, Tata Teleservices Ltd and Reliance Communications - on the fulfillment of rollout obligations under the mobile telephony licence.
In the case, which will begin on Tuesday and last for five days, Indian tax authorities will argue that Vodafone, the UK-based mobile phone group headed by Arun Sarin, is liable for an estimated $2bn in taxes on its $11bn acquisition of local operator, Hutchison Essar, last year.
Hutch's migration to the Vodafone brand became complete on Wednesday, but the pug that made the mobile company ever so popular with the masses will remain.
The race for Hutch-Essar, the country's fourth largest mobile service provider, quickened on Wednesday with Hong-Kong based Hutchison Telecommunications International Ltd formally informing the 4 companies in the fray to submit their bids by Friday
The Hinduja group says it will bid for Italian tyre and real estate major Pirelli's stake in Telecom Italia only if the acquisition gives it management control in Italy's largest telecommunications operator.
The Hinduja Group, which has evinced interest in acquiring India's fourth-largest mobile operator Hutchison Essar, is also considering to buy part of a controlling stake in Telecom Italia, media reports said in London.
The Ruias are contemplating approaching the Ministry of Company Affairs for its views on the Right of First Refusal (RoFR) clause in their shareholders' agreement with Hutchison Telecom International Ltd (HTIL).
Vodafone, which has equity interests in 25 countries besides India where it bought controlling stake in Hutchison Essar early this year, said its capital expenditure on fixed assets this fiscal would be around 4.7-5.1 billion.
Finance ministry is understood to have reservations on the ownership of minority stakeholders in Hutchison-Essar and is likely to raise the issue at the FIPB meeting.
Anil Ambani-controlled Reliance Communications has entered into an agreement with GSM service providers Hutchison-Essar and the Aditya Birla-controlled Idea Cellular to share passive infrastructure for cell sites.
Hong Kong-based Hutchison Telecom International Ltd, which sold its majority stake in Hutch-Essar to Vodafone, has already made its final submission before the investment regulator.
A landmark court challenge by Vodafone against Indian tax authorities, which want it to pay an estimated $2bn in taxes on its acquisition of Hutchison Essar, has been adjourned for three months. The Bombay high court delayed the hearing until June 23. It is a case that has potential implications for mergers and acquisitions of Indian assets by foreign companies. The court said it wanted to allow time for changes to tax laws to come into force.
Government approval for British telecom giant Vodafone's takeover of Hutch-Essar now depends on whether the two minority stakeholders in the company can prove through documents that they are not acting as benami shareholders for Hutchison.
The board of GSM service provider Vodafone-Essar is expected to discuss the income tax issue at its meeting to be held on Friday.
They turned a small family construction business into a conglomerate with interests in shipping, steel, oil and gas.
The little Pug that made mobile company Hutch's television ad one of the most successful campaigns of our times will follow the new master Vodafone, which has acquired Hutchison Telecom's stake in the venture.
A day after Vodafone announced its $11.1 billion acquisition of Hutchison's equity holding in Hutch-Essar, India's fourth largest mobile service provider, it received an unsolicited advice from the Egyptian CEO of Orascom, Naguib Sawiris.
Egyptian telecom firm Orascom's CEO Naguib Sawiris has resigned from the board of Hong Kong-based Hutchison Telecom, days before its shareholders are scheduled to consider the sale of its stake in Indian mobile venture Hutch-Essar to Vodafone.
The UK group bought a 52 per cent stake in the Indian company in May, which is now called Vodafone Essar. Mumbai-based Essar Group owns 33 per cent, with Asim Ghosh, Vodafone Essar managing director, and Indian businessman Analjit Singh owning the remaining 15 per cent.
Vodafone CEO Arun Sarin on Thursday met key members of the Ruia family, as part of efforts to woo the Essar Group to ensure smooth sailing of mobile venture Hutch-Essar, where the UK company is acquiring majority stake.
They have invested for the long term and made a strong organisational commitment by assigning senior managers to work with established local teams.
The Department of Telecommunications has suggested forfeiture of the performance bank guarantee given by Hutchison-Essar and imposed a penalty of Rs 50 crore
The UK on Tuesday assured complete government neutrality on Tata Steel's bid to acquire Corus and sought similar treatment for British telecom firm Vodafone in its bid to acquire mobile venture Hutchison-Essar.
British telecom giant Vodafone could face a downgrade in its credit rating by Standard and Poor's if its proposed bid for Hutchison Essar Ltd exceeds $19 billion, a media report said in London.
As Vodafone started examining the books of Hutchison Essar, its existing partner Bharti Airtel on Tuesday said it has not been approached by anyone to buyout British telecom firm's stake in the company.
Singapore Telecom is believed to have sought the removal of Vodafone representatives from the board of Bharti Airtel, following the British telecom major's bid to acquire a majority stake in Hutchison Essar.
Hutchison Telecom on Sunday said talks were on with various suitors for sale of its holding in joint venture Hutch-Essar in India and that there was no time-frame for a decision.
In a report, JP Morgan said Vodafone needed to raise exposure to high-growth emerging markets and offset prospective fall in EBITDA in Europe.
British telecom giant Vodafone on Friday said it is considering acquiring a controlling stake in India's fourth-largest mobile player Hutchison Essar.
Reliance Communications, along with Malaysian telecom major Maxis, has confirmed its interest in picking up a stake in Hutchison Essar.
The race for acquiring India's third largest mobile services provider Hutch, has hotted up with Reliance Communications backed by an US equity funder
The Reserve Bank of India has rejected Essar Communications' application to pledge its equity in Hutchison Essar Ltd to Standard Chartered Bank, London.
Hong Kong-based Hutchison Telecom Limited is expected to submit details of loans to two Indian minority shareholders this week to the finance ministry, which is looking into alleged breach of foreign direct investment norms in Hutch-Essar.
The UK-based telecom major is looking at single name branding of its Indian joint venture firm, Vodafone-Essar (formerly Hutchison-Essar).
Experts argue that the cost savings both in terms of capex as well as operating costs can be substantial in the next one to two years.
Price of put option to be assessed for future sale.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances