Mobile services provider Vodafone Hutchison has announced offshoring a total of 450 call centre jobs from Melbourne to India and Tasmania.
The government, however, amended the tax laws with retrospective effect to undo the Supreme Court judgement and claim taxes.
Bharti group chairman Sunil Bharti Mittal today asserted that the question of buying Hutchison's stake in its Indian joint venture Hutchison Essar Ltd would only arise after the Ruias had decided the future course of action.
Hutchison Telecom International Ltd, the Hong-Kong based parent of Hutchison that operates the Hutch-Essar JV in India with Essar group, has said the termination of BPL Mobile Mumbai circle merger deal by its Indian partner was wrong.
The termination of the agreement for Mumbai does not affect the other three circles, for which a merger with Hutchison Essar has already been done.
Just six months after pulling out of Hutchison Essar, the Hinduja group is set to throw its hat into the ring for the country's fourth largest telecom company.
Vodafone is locked in twin tax disputes with the government.
Private mobile service provider Hutch-Essar on Friday said its operations across 13 circles in the country have been consolidated under a single entity - Hutchison Max Telecom.\n
Abdulqawi Ahmed Yusuf of the International Court of Justice is appointed as the 3rd arbitrator in Voda tax row.
Amid long-pending dispute between the UK-based telecom giant Vodafone and the tax authorities in India, Finance Minister's advisor Parthasarathi Shome on Wednesday said the government should not use retrospective amendment of tax laws to raise revenues.
The Monopolies and Restrictive Trade Practices Commission has issued notices to mobile operators Bharti Airtel, Idea Cellular and Hutchison on a complaint over downloading of ring tones.
For Orascom, the real jewel in HTIL's crown was Hutchison Essar, India's fourth largest mobile phone company and a natural complement to its existing operations in Pakistan and Bangladesh.
Says cap breached on account of Singh, Ghosh stakes.
The British teleco is bidding hard for cellular operator Hutchison Essar. At stake: the world's fastest growing mobile market-and Vodafone's reputation.
Hutchison Telecom, the Hong Kong- based mobile major, on Tuesday said its first-half profits ended June have risen from the sale of its Indian assets to UK's Vodafone that included a one-time gain of Hong Kong dollars 69.3 billion.
Hutchison Telecom is expected to complete the sale of its 67 per cent stake in the country's fourth largest telecom company, Hutchison Essar, before the Chinese New Year holiday, which begins February 17.
Legal wrangle looms over sale to foreign firm, fund.
The admission comes as it seeks to ensure approval of the deal by Indian regulators under restrictive foreign investment laws.
The Asia-Pacific Mobile Alliance plans to promote voice, video and data via members' GSM/GPRS and W-CDMA networks.
Hutchison Telecommunications India Ltd is unlikely to give the Essar Group an option to match Vodafone's offer in the documentation of the sale of its 67 per cent equity stake in Hutchison-Essar.
Financing would not be an issue for the group that had business interests in global finance, telecommunications, film, oil and the automotive sector.
Hutchison has made it clear to prospective bidders that it can sell its 67 per cent stake in Hutchison Essar without offering the first right of refusal to the Ruias who hold the remaining 33 per cent in the joint venture.
Vodafone offers to buy out Hutchison Telecom's stake in India's Hutch-Essar at an enterprise value of $17 to 18 billion reports British daily Financial Times.
Hinduja group company Hinduja TMT Ltd said on Thursday it has completed the sale of its entire stake in Hutchison-Essar Ltd for over Rs 2,089 crore (Rs 20.89 billion).
The government may be waiting for the outcome of an arbitration initiated against its levy of Rs 10,247 crore retrospective tax on UK's Cairn Energy Plc before deciding on appealing against losing a tax case against Vodafone Group, sources said. An international arbitral tribunal is expected to give a decree within next few days on Cairn Energy Plc's challenge to the Indian government seeking Rs 10,247 crore in retrospective taxes. If the arbitration award in the Cairn cases goes against India, the government has to pay the British firm over Rs 7,600 crore to reverse the dividend and tax refund it had ceased and shares it sold to recover part of the tax demand.
Ambani to up ante by $3 bn on Ruia's hint at larger premium.
The Bombay High Court had last week dismissed Vodafone International's petition challenging the Indian tax authorities demand of Rs 12,000 crore (Rs 120 billion) in tax over the Hutchison deal.
The IT department had issued a tax assessment order in December 2011 asking Vodafone to add Rs 8,500 crore (Rs 85 billion) to its taxable income, thus raising the tax liability of the company.
The British telecom major has disputed the tax demand over its acquisition of 67 per cent stake in Hutchison, now called Vodafone India, arguing that no tax was due as the transaction was conducted offshore.
The company had moved court on a showcause notice from the I-T Department, quantifying a tax liability of Rs 12,000 crore (Rs 120 billion), which could include a penalty, on account of Vodafone not deducting tax from the payment made to Hutchison for acquiring the latter's stake in an Indian telecom venture.
The government, however, amended the tax laws with retrospective effect to undo the Supreme Court judgement and claim taxes.
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