India has challenged in a Singapore court a verdict of an international arbitration tribunal that overturned its demand for Rs 22,100 crore in back taxes from Vodafone Group Plc, sources said on Thursday. An international arbitration court had on September 25 rejected tax authorities' demand for Rs 22,100 crore in back taxes and penalties relating to the British telecom giant's 2007 acquisition of an Indian operator. Two sources privy to the development said India had 90 days to file an appeal against the tribunal award, and the same was done in a Singapore court earlier this week.
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
A global steel producer is putting up 14-million-tonne capacity, Essar Steel aims to achieve a global capacity of 20-25 mt.
Traders blame demonetisation for subdued demand in retail segment
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
Finance Minister Nirmala Sitharaman's Rs 30,600 crore government guarantee for the bad bank has changed the body language of bankers for the better, observes Tamal Bandyopadhyay.
Dhirendra Mulkalwar, one of the protestors who raised a protest banner at Essar's Mumbai headquarters, on why he joined Greenpeace's Junglistan group that is working to save India's forests.
Former managing director of Vodafone Essar, Asim Ghosh, is in talks with Max India founder and chairman Analjit Singh to sell his 2.39 per cent stake in the mobile phone operator. Ghosh holds the stake in Vodafone Essar indirectly, through various holding companies. Analjit Singh was the original promoter of the company.
Barely 24 hours after public sector behemoth SAIL cut its prices by Rs 500 to Rs 2000, domestic steel majors Essar Steel and Ispat Industries on Friday announced cut in their prices by seven to eight per cent due to rising inventories owing to reduce
A key prosecution witness in a case arising out of the 2G scam probe on Tuesday claimed that he was threatened by the Central Bureau of Investigation that he would lose his job if investigating officer writes to his employer.
Apple's decision to slash its entry-level iPhone (8 GB version) in the US market will not trickle down to India anytime soon.
AG is of the view that there is no point in dragging the matter further when it has already been "struck down" by one international forum, and also by the top Indian court.
'National assets, created over the years through tax-payers's money, should not be handed over to business houses at throwaway prices.'
Putin's visit comes at a time when Russia's economy is stalling as oil prices tumble
'Zoozoos', a new innovative concept from mobile service provider Vodafone Essar is on its way to capture hearts of millions of viewers similar to that of 'Hutch dog'.
This is an exceptional case of extension beyond the 330-day limit under the insolvency and bankruptcy code.
Essar group, Bhushan Steel and JSW group likely to be impacted by changes
The standoff between the government and the opposition in Parliament has showed no signs of easing after it erupted on the opening day of the Monsoon session on July 19.
State Bank of India has agreed to lend Vodafone-Essar, the joint venture between United Kingdom's Vodafone and Essar, Rs 10,000 crore to finance the company's entry into 3G (third generation) telecom services and expansion of its broadband operations.
The Delhi high court on Tuesday allowed the Central Bureau of Investigation and the Enforcement Directorate's pleas seeking an early hearing into the appeals challenging the acquittal of former telecom minister A Raja and others in the 2G spectrum allocation case.
Loop Telecom on Wednesday stated that it has fully complied with the licensing norms and has submitted the certified shareholding structure in the company to the DoT, saying that the Essar Group has equity of less than 9.99 per cent in the firm (Loop).
Naresh Nayyar, MD & CEO, Essar Oil, tells Business Standard that a windfall profit tax on private oil companies will only worsen the situation.
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
Apple's iPhone, the touch screen handset that acquired a cult status in the United States and other Western countries, will be available to Indian mobile users through private telecom operators Bharti Airtel and Vodafone Essar from August 22, giving competitors like Nokia, Samsung and others a run for their money.
As crude oil prices rose sharply, private companies like Essar Oil and Reliance Industries closed their retail outlets as they found it difficult to compete with state-owned oil companies, which were selling fuel below the production cost with support from the government. While Essar Oil has drawn up plans to re-open its retail outlets, Reliance Industries has decided not to go ahead with the retail plan
The Anil Ambani group company is in advanced talks with France Telecom for a branding, marketing and franchisee agreement. The company plans to launch the brand by the second quarter of FY09, according to sources close to the development. Initially, the Orange may be launched on RCom's CDMA network -- spanning across 23,000 towns and 5 lakh villages in India -- and later extended to its 8 GSM circles. The Indian company has a total of 44.5 million subscribers in India.
Profit taking in index heavweights RIL and HDFC weighed on sentiment while ICICI Bank surged 7%.
Iran has complained of irregular shipments
'The slide in growth has arisen primarily because we have an NBFC crisis on top of a banking crisis,' points out T T Ram Mohan.
India, the world's fourth-biggest oil consumer, recently offered Saudi Aramco a stake in refineries and petrochemical projects.
They were shut when PSUs were selling heavily subsidised fuel; will reopen now, buoyed by diesel decontrol
The government on Monday received 181 bids from global and domestic oil majors, including ONGC, Reliance Industries, Essar, BP Plc and BHP Billiton, for oil and gas exploration blocks under the seventh round of NELP auction.
The Ruias of the Essar group have decided to get into yet another takeover battle. And this time they are taking on none other than Lakshmi Narayan Mittal, the owner of world's largest steel maker, ArcelorMittal, to take over the Bulgarian steel firm, Kremikovtzi AD, an ailing steel mill owned by Mittal's younger brother Pramod Mittal.
The Centre on Thursday cleared 14 Foreign Direct Investment proposals worth Rs 1,257 crore, including those of Mauritius-based Essar Telecom Holdings Ltd and US-based Goldman Sachs Asset Management. The proposals include induction of foreign equity worth Rs 500 crore by Essar Telecom Holdings and Rs 200 crore from GSAM. The investment proposals were cleared by Finance Minister P Chidambaram on the recommendations of the Foreign Investment Promotion Board.
Since May 1, the dynamic fuel pricing model has been applied on a pilot basis in 5 cities
The deal is designed to boost efficiency and further enhance customer service and aims to ensure scalable, flexible and resilient IT support for the fast-paced roll out of new network infrastructure to keep up with the rapid growth in Vodafone Essar's customer base.
One smells a rat when cases are settled for too small a price offered either by the highest bidder or the promoter -- within and outside the legal ambit of insolvency process, observes Tamal Bandyopadhyay.
