The two parties -- the Centre and Vodafone -- have sought a few more weeks to decide on the matter.
.jpg)
In the first official visit by a United States vice-president to India in three decades, Joe Biden arrived in India on Monday on a four-day tour aimed at boosting ties in key areas of trade, energy, defence and security. The US vice-president will hold meetings with top Indian leadership, including President Pranab Mukherjee and Prime Minister Manmohan Singh, on Tuesday before flying out to Mumbai in the night.
'We are confident that the US manufacturing industry will be able to take advantage of the US-India Investment Initiative to effectively support our goals of assisting in the development of three Indian cities -- Ajmer, Vishakhapatnam and Allahabad -- where the United States will be the lead partner,' Senators Warner and Cornyn told Obama.
Unfazed by the Supreme Court upholding winding up of the company, shareholders of Devas Multimedia will continue to seek seizure of Indian government assets abroad to collect $1.2 billion the firm has been awarded by arbitration tribunals for cancellation of a satellite deal but are open for talks to settle the issue, their counsel said. "The decision by the Supreme Court does not change anything. The Modi government and the Indian courts cannot rewrite the facts. "Their flimsy allegations of fraud will never stand up in courts outside of India," said Matthew D McGill, partner at Gibson, Dunn & Crutcher, and lead counsel for several Devas' shareholders.
Over the past week, the Sensex and the Nifty continued the bull-run
Billionaire Anil Agarwal's mining group Vedanta on Monday said it has withdrawn cases in the Delhi high court as well as before an international arbitration tribunal to settle a Rs 20,495 crore retrospective tax dispute with the government. Post slapping of a Rs 10,247 crore tax demand on UK's Cairn Energy Plc for alleged capital gains made on a 2016 internal reorganisation prior to the listing of its India business, the Income Tax Department had sought Rs 20,495 crore in taxes (including penalty) from Cairn India for failing to deduct tax on capital gains made by its British parent. Cairn India was in 2011 bought by Agarwal's group and subsequently, the firm was merged with Vedanta Ltd.
Biden said, "One of the reasons why President Obama called our relations with India, quote, "a defining partnership of the century ahead" is that India is increasingly looking east as a force for security and growth in Southeast Asia and beyond."
India may not be prepared to meet US demands, say experts
India and the US agreed to continue their cooperation in the areas of defence, space and clean energy as External Affairs Minister S Jaishankar met Secretary of State Antony Blinken here, amid a simmering diplomatic row between India and Canada over the killing of a Khalistani separatist.
'India will soon have the world's largest and youngest population -- just imagine what tomorrow's citizens of India will be able to accomplish, given the right education, training, and opportunity.'
The proposed overhaul of popular H-1B visa regime may result in higher operational costs and shortage of skilled workers for the $110-billion Indian outsourcing industry.
They also inked a pact for cultural exchanges through 2018-2020.
During a series of hectic talks between Cairn Energy and the Indian government over the $1.2-billion arbitration award in favour of the former last week, a slew of options was proposed by the two sides, including computation of capital gains and participation in the Vivad se Vishwas (VsV) dispute resolution scheme. The government is likely to go ahead and appeal against the arbitration award by a Permanent Court of Arbitration at The Hague before March 21, indicated finance ministry officials. Cairn Energy Plc on Sunday said it was hopeful that an acceptable solution to its tax dispute with the Indian government could be found to avoid prolonging and exacerbating the 'negative issue' for all parties.
The Indian State's arbitrariness may have come to be accepted with resignation within the country, but when it behaves in the same manner with external players, it gets a push-back, observes T N Ninan.
The Chinese side hopes that the next US administration will return to a sensible approach, resume dialogue with China, restore normalcy to the bilateral relations and restart cooperation, Wang, who is also a state councillor, told the state-run Xinhua news agency in an interview.
'The promises of netas and babus and new laws, however well-meaning, mean little.' 'What matters is implementation on the ground.' 'Every law is finally implemented by a vast army of offici
The arbitration clause is present in almost 95 per cent of corporate agreements, according to tax and audit firm Ernst & Young.
In the document, Russia underlined that it will build on a privileged strategic partnership with India with a view to enhance and expand cooperation in all areas on a mutually beneficial basis.
The government on Thursday brought a bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies.
China and India have approached trade negotiations very differently: the former with confidence, the latter in a defensive crouch, says T N Ninan.
Even as India continues on the priority watch list of the Office of the US Trade Representative, strong voices from Washington, DC, have spoken out in favour of India, reports Aziz Haniffa/Rediff.com.
India would not be seen to be anything but rude with the Pakistanis. In the big picture, who is the bigger adversary right now? Who is the bigger pain in the neck? And who is it that is keeping more than 3,000 km of our borders active, throwing our military posture and deployments into imbalance? asks Shekhar Gupta.
The Indian position on the Russia-Ukraine war and the unconditional treaty between China and Russia appear to have caused some ripples in India-US relations and led to a reappraisal of India's usefulness to the US in the eventuality of a conflict with China, notes Ambassador T P Sreenivasan.
.jpg)
The government is likely to file an appeal against the Cairn arbitration award contesting its sovereign rights to tax, sources said.
'One of the great assets that India has is its enormous intellectual content, enormous intellectual developmental content, and some of the things we need to be working on are unmanned systems, for example, the enormous opportunities for us to jointly partner and develop -- not simply sell our equipment to India -- but actually partner and develop in areas like drones, areas like advanced aircraft and even areas around certain missile systems, where we can have a win-win.'
'India is going to maintain its ties to China, India is going to develop a strong relationship with the United States. It means that India is going to have the flexibility to pick and choose its friends.' 'That's traditional Indian foreign policy, and it's smart.' Former US ambassador to India Frank Wisner, one of America's sharpest minds on South Asia, tells Aziz Haniffa/Rediff.com what Washington can expect from Narendra Modi's visit.
The justice delivery system is struggling to cope, creaking at the joints and bursting at the seams. Indian courts have to deal with about 30 million cases with a judicial strength of just about 19,000 judges.
When President Obama lands in New Delhi later this week, this spirit of accommodation must reignite a strategic economic relationship between the two countries.
The Narendra Modi government's alacrity in promoting ease of tax administration, a critical component in the ease of doing business index, has set in motion several incremental policy and administrative reforms, says Mukesh Butani.
India is failing to take advantage of its important ally, Japan as much as it should, notes Mihir S Sharma.
China is in no hurry to disengage at the border and the region and international community is moving on. The spectre of a long haul in Ladakh haunts India, points out Ambassador M K Bhadrakumar.
US President Barack Obama's India visit, marked by "high-end symbolism", is a signal to businessmen of both countries to look for opportunities from each other, Mahindra Group Chairman and Managing Director Anand Mahindra has said.
The manner in which India has allowed the rule of law to be subverted for over eight years is tragic, notes former additional solicitor general of India Bishwajit Bhattacharyya.
Text of PM Narendra Modi's press statement after delegation level talks with US President Obama at the Hyderabad House in Delhi.
US President Barack Obama said there is natural convergence between India and the United States.
PM promised a tax regime that is predictable and competitive
'The shadow banks are currently facing a liquidity and solvency crisis.' 'The danger is that it could potentially engulf the entire financial system because shadow banks have borrowed huge amount of money from banks, mutual funds, pension funds, and insurance companies.'
The Supreme Court had ruled in Vodafone's favour in 2012.
Taxing SoftBank, the largest shareholder in Flipkart with a little over 20 per cent stake, however, will be easier.
