Mandarin Oriental New York, the premium luxury hotel a subsidiary of Reliance Industries is acquiring, is known for its much-in-demand ballroom, five-star spa and eating and drinking venues, including MO Lounge. Liam Neeson and Lucy Liu are among regular guests. Set up in 2003, 248-rooms-and-suites hotel towering over Central Park is an iconic luxury hotel located at 80 Columbus Circle, directly adjacent to the pristine Central Park and Columbus Circle.
A New York court has paused Cairn Energy's pursuit of US assets of Air India for the recovery of $1.2 billion arbitral award, so as to allow the British firm to reach a settlement with the Indian government on the long drawn dispute. The New York district court delayed the tax suit to November 18, according to court documents reviewed by PTI. This follows Cairn Energy and Air India jointly asking the court to stay further proceedings in view of the fresh government enacting a fresh law to scrap retrospective taxation in the country.
The Bombay High Court on Thursday stayed a new income tax demand of Rs 3,000 crore (Rs 30 billion) on Vodafone India Services in an alleged transfer-pricing case from 2010-11.
.jpg)
The Indian government has paid Cairn Energy Plc Rs 7,900 crore to refund taxes it had collected to enforce a retrospective tax demand, ending a seven-year-old dispute that had tarred the country's image as an investment destination. The company, which is now known as Capricorn Energy PLC, in a statement said it has received "net proceeds of $1.06 billion", of which nearly 70 per cent will be returned to the shareholders. The tax department had used a 2012 legislation, which gave it powers to go back 50 years and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India, to seek Rs 10,247 crore in taxes from Cairn.
The I-T department had said Vodafone India under-priced shares in a rights issue to its parent. The tax demand was for the two financial years ended March 2011.
The levy of retrospective tax on the UK's Cairn Energy Plc is a tale of bizarre twists and turns that saw its attached shares being sold in May 2018 amid the passing of the baton from a full-time finance minister to interim one and the talks at the highest level to resolve the dispute, to claims that levy of back taxes was a result of an investigation into Panama Papers leak. The government late last month refunded about Rs 7,900 crore it had collected from selling residual shares of the British firm in its erstwhile India unit, seizing dividend and withholding tax refunds, to settle an eight-year-old dispute that had tarred the country's reputation as an investment destination. But, this did not come about easily. For seven years, the establishment vehemently justified in courts and outside seeking of Rs 10,247 crore in back taxes plus interest and penalty from a firm that gave India its biggest onshore oil discovery.
At market close, the oil-to-telecom conglomerate's market capitalisation (m-cap) zoomed to Rs 10,01,555.42 crore on BSE.
British phone maker INQ on Wednesday said it has launched unlocked versions of its handsets, which were earlier only available with Aircel network, in the open market to tap the country's burgeoning telecom market.
Vodafone's long-pending tax dispute with the government might be heading for a resolution, with the finance ministry considering changing the Income-Tax Act's retrospective amendment and taxing indirect transfer of assets prospectively from 2012, the year the law was clarified.
The US on Friday issued orders to ban popular Chinese social media apps TikTok and WeChat from Sunday to safeguard national security, weeks after India banned them, saying they were prejudicial to sovereignty, integrity and security of the country.
The merger will result in substantial cost and capex synergies with an estimated net present value of around USD 10 billion after integration costs and spectrum liberalisation payments, with estimated savings of USD 2.1 billion annually from the fourth year of the merger.
The company moved the income-tax appellate tribunal and its appeal is pending there.
Ruias-led Essar Group on Friday launched a scathing attack on Vodafone saying that the British company is trying to gain 100 per cent control of the telecom JV Vodafone-Essar at an "artificially depressed value".
Many British companies outsourced work to India where costs were low.
Faced with prospect of its assets across the globe being seized just like Pakistan and Venezuela, the government decided to scrap retrospective taxation but the international embarrassment could have been avoided had 'attached' shares of Britain's Cairn Energy Plc not been sold, according to tax and legal experts. On Thursday, the government introduced a Bill in Parliament to scrap the tax rule that gave the tax department power to go 50 years back and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India. The 2012 legislation was used to levy a cumulative of Rs 1.10 lakh crore of tax on 17 entities, including UK telecom giant Vodafone, but substantial punitive action was taken only in the case of Cairn.
Reliance Industries, which sold stake worth $21.7 billion in Jio Platforms, kept the league tables moving in spite of the pandemic.
CBDT circular issued last month had raised multiple taxation concerns.
Vodafone in India provides 2G and 3G services
With the State Bank of India moving the National Company Law Tribunal's Delhi bench to enforce the personal guarantees of Ambani, it will delay the recovery of dues by the Chinese banks which won a UK court order in May this year.
September 12 marked the 122th anniversary of one of the most incredible battles in Indian history.
According to a list of UK's 100 most powerful people in technology and telecom sector, published today by the Daily Telegraph newspaper, Sarin won the top slot. Nikesh Arora, internet search giant Google's Indian-origin president for Europe, Mid-East and Africa, is ranked fourth.
Champions Manchester United topped the table for English Premier League television income in 2012-13, raking in almost 61 million in the final year of the current three-year contract, the League said on Tuesday.
Move could be a major relief to Vodafone.
'A lack of strategic trust and the 'persistent security dilemma' prevails between India and China,' points out Dr Rup Narayan Das.
Now, the world over, policymakers are dusting off their copies of Keynes' classic, The General Theory of Employment, Interest and Money, and figuring out whether there are any answers there to our own challenges of growing our economies.
Entry-level obstacles came in the way of stepping up British investments in India but efforts of united progressive alliance government to further liberalise foreign direct investment, particularly in telecom, insurance and civil aviation sectors wer
Jaitley sets condition of 50% assets for applicability of capital gain tax.
Lakshmi Mittal and Arun Sarin, two India-born entrepreneurs, have figured out in UK's Power 100 list.
In the single largest overseas acquisition by an Indian software firm, telecom software product company Subex Systems on Monday acquired British fraud management firm Azure Solutions in a $140 million stock-cum-cash deal.
Sensitive cases like the validity of the scrapping of Article 370 of the Constitution, the Citizenship Act, and states challenging perceived assault on federalism were on the back burner. An analysis of the judgments delivered in the past months would show that it was acting more like a court of appeal rather than a Constitutional court, observes M J Antony.
Telecom, metal and healthcare came as dampeners.
As global economies contract because of the Covid-19 pandemic, the focus of most of the India Inc has now moved back to the home market where demand is expected to pick substantially from the coming festival season.
The 61-year British business tycoon flew into New Delhi on Saturday evening to help efforts in conservation of tiger, which he says his favourite animal.
Though Google's investment is minuscule and will not move the needle, it will attract other investors to the company and be a morale booster. Pursuing Vodafone Idea would potentially pit Google against Facebook and an increasingly dominant Jio.
It is the second British company to bring back its call centre work from India this month.
This puts an end to Facebook's Free Basics and Airtel's zero rating plans in India.
The retrospective tax decision reversing the January 2012 Supreme Court verdict in the Vodafone case has often been cited as the reason for foreign investors losing confidence in India as an investment destination.
Telecom giant Vodafone on Tuesday reported nearly three-times growth in net profit at 8.61 billion pounds ($12.42 billion) for the 2010 fiscal, mainly helped by growth in mobile data and cost cutting measures.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances