Seeks capital gains tax payment prior to FIPB clearance.
The income tax (I-T) department in Mumbai has requested Vodafone to make an application to the assessing officer for determining the exact tax liability resulting from buying out 62 per cent equity stake from Hutchison in Hutchison Essar Ltd.
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.
This delay was a result of controversies over a 15 per cent holding by Hutchison-Essar Managing Director Asim Ghosh, healthcare major Max's Analjit Singh and financial institution IDFC.
Says cap breached on account of Singh, Ghosh stakes.
Marketing gurus believe 'Hutch' should give way to 'Vodafone', quickly. Here's why.
Rival bidders Vodafone and Reliance Communications are studying the possibility of taking an indirect route to acquire control of Hutchison Essar to skirt the right of first refusal claimed by the Essar group.
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 FIPB referred the matter to the law ministry today.
"Kraft's acquisition of Cadbury is a global acquisition, where some value is attributable to India. This is different from Vodafone, where the transfer of a single share of the offshore company by Hutch resulted in the Indian business getting transferred to Vodafone," said Pranay Bhatia, associate partner at legal firm Economic Laws Practice.
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.
Arun Sarin is the chief executive officer of Vodafone Group Plc, the United Kingdom-based global mobile operator.
To outgoing Vodafone CEO Vittorio Colao, negotiating big deals was an art form, as an international report pointed out after the $130-billion sale of Vodafone's 45 per cent stake in Verizon Wireless, says Nivedita Mookerji.
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.
The European Union has said the recent big ticket merger and acquisitions between Indian and European companies including Tata-Corus and Vodafone-Hutch would pave the way for greater economic integration
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.
British telecom giant Vodafone on Wednesday ruled out any higher offer for buying out Essar's 33 per cent stake in mobile venture Hutch-Essar, saying it would be same as that for Hutchison Telecom's stake.
Engage, don't entice, advises advertising guru Sandeep Goyal.
There will be capital gains tax of 20 per cent with indexation.
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.
Ahead of his scheduled meeting with Vodafone CEO Arun Sarin, who is bidding for Hutch-Essar, Communications Minister Dayanidhi Maran on Wednesday said the government wanted good companies to enter the country.
Essar group is in talks with international bankers to raise about $5 billion (over Rs 20,000 crore) by leveraging its 33 per cent stake in Hutch-Essar, the country's fourth-largest mobile player in which UK's Vodafone recently acquired majority stake
Rarely known to see eye to eye on any issue, ever since the days of the Jan Lokpal movement, Delhi Chief Minister Arvind Kejriwal and Union Minister Kapil Sibal on Tuesday greeted and embraced each other on the occasion of Eid Milad-un-Nabi at a Delhi mosque.
Non-availability of minimum facilities is the sacrifice the rural poor are being forced to make in pursuit of the Left's ideology.
Shareholders of Hutchison Telecom would on May 8, vote on a proposal to pay Essar group $415 million to ensure smooth transaction with UK's Vodafone for sale of majority equity in Hutch-Essar.
The company would also increase its head count by ten fold to 10,000 in the next three years from the current 1000.
Top management of firms should be summoned for a few specified reasons and after written justification at a senior level.
The Essar Oil, Rosneft deal also helped Arpwood Capital, boutique investment bank, co-founded by Rajeev Gupta and Raj Kataria, to grab the second spot in the mergers and acquisitions league table.
Every start-up's dream is to become a unicorn.
'He was capable, concise, calm, sublime, and profound, and perhaps that's also why Irrfan's passing felt 'personal' to many.'
In April 2013, CBI had first told the Court there were "some difficulties" in the probe after it went abroad.
Sunil Bharti Mittal, bottom, left, says he is fond of Bill Gates' famous quote: "Success is a lousy teacher." Back from a long foreign business trip, the founder-chairman of Bharti Enterprises talks to Malini Bhupta and Kiran Rathee about the challenges posed by Reliance Jio and how he is determined to come out on top once again. Mittal says , today, Airtel is as ready as Jio in pure-play 4G operations.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances