Undeterred by the controversy surrounding its acquisition of Hutch-Essar, Vodafone asserted on Monday it was fully compliant with the foreign direct investment regulations as it had 'only stepped into the shoes of Hutchison Telecom.'
UK's Vodafone is learnt to have approached the Foreign Investment Promotion Board for approval to acquire 52 per cent stake of Hong Kong-based Hutchison Telecom in mobile firm Hutch-Essar and also for investing in telecom activities.
Hutchison Telecom International Ltd is believed to have called a meeting of shareholders on February 15 to seek their approval for the proposed sale of its 67 per cent stake in India's Hutch-Essar.
The onus of the tax dues of Rs 22,100 crore on Vodafone India's British parent could also fall on the merged entity.
The department wants opinion on whether the credit support given by Hutchison Telecom to Analjit Singh and Asim Ghosh (who hold 12.26 per cent in Hutch-Essar) can be considered a benami transaction.
The Ruias are contemplating approaching the Ministry of Company Affairs for its views on the Right of First Refusal (RoFR) clause in their shareholders' agreement with Hutchison Telecom International Ltd (HTIL).
After the $11.1 billion winning bid by Vodafone for Hutchison, the spotlight now shifts to the Ruia-owned BPL Mobile Communications.
Hong Kong-based Hutchison Telecom International Ltd, which sold its majority stake in Hutch-Essar to Vodafone, has already made its final submission before the investment regulator.
Government approval for British telecom giant Vodafone's takeover of Hutch-Essar now depends on whether the two minority stakeholders in the company can prove through documents that they are not acting as benami shareholders for Hutchison.
They turned a small family construction business into a conglomerate with interests in shipping, steel, oil and gas.
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 race for acquiring India's third largest mobile services provider Hutch, has hotted up with Reliance Communications backed by an US equity funder
The board of GSM service provider Vodafone-Essar is expected to discuss the income tax issue at its meeting to be held on Friday.
Hindujas have virtually decided to sell their 5.1 per cent stake in mobile company Hutch-Essar to Hong Kong-based Hutchison Telecommunications International Ltd for an estimated value up to $450 million (Rs 20.25 billion).
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.
Hutchison Telecom International Ltd will convene an extraordinary general meeting of the shareholders on March 9 to vote on sale of its controlling stake in Indian mobile operator Hutch-Essar to UK mobile phone giant Vodafone.
Pranab Mukherjee's stewardship of the economy will stand out as much for the manner in which he managed controversies as for creating quite a few of them, says A K Bhattacharya.
The government plans to take India into the top 50 ranks in ease of doing business in the next two years with efforts such as shifting all applications for industrial licenses online.
The department had sent a notice to the company seeking details and clarifications on a host of issues besides the original agreement between Hutch and Vodafone to establish the jurisdiction of the tax authorities to determine the tax liability. This follow an SC order in January 2009 to the effect that Vodafone should present its case to the tax authorities first and submit a copy of the share purchase agreement, the deadline for which expires by the end of this month.
The government on Friday cleared British telecom firm Vodafone's application for buying a majority stake in India's fourth-largest mobile operator Hutch-Essar Ltd.
Hutch's migration to the Vodafone brand became complete on Wednesday, but the pug that made the mobile company ever so popular with the masses will remain.
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.
Hutchison Telecom on Sunday said talks were on with various suitors for sale of its holding in joint venture Hutch-Essar in India and that there was no time-frame for a decision.
Hindujas had put in a bid of $20 billion -- higher than Vodafone's bid of $19.3 billion.
Hong Kong based Hutchison Telecommunication along with some other investors are believed to have signed the deal to buy out a 5.11 per cent stake of Hinduja TMT in the unlisted Indian cellular company Hutchsion Essar.
Egyptian mobile operator Orascom has said it was open to sell a part of its 19.3 per cent stake in Hutchison Telecom International Ltd, a promoter of Indian cellular joint venture Hutch-Essar.
In 2013-14, India became the third-largest contributor to Vodafone Group's service revenue and operating free cash flow.
While it was technically not possible to block the deal, the tax department could resort to arm-twisting.
Special CBI Judge O P Saini adjourned Monday's proceedings in the wake of stay granted by the Supreme Court on separate pleas filed by Mittal and Ruia challenging the March 19 order of the trial court summoning them as accused in the case.
Special CBI Judge O P Saini adjourned today's proceedings after advocate Siddharth Agarwal, appearing for Mittal, said the Supreme Court is scheduled to hear in March the separate pleas filed by Mittal and Ruia challenging the March 19, 2013 order of the trial court summoning them as accused in the case.
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.
The apex court had on December 4 last year, reserved the verdict after hearing counsel for corporate honchos and the Central Bureau of Investigation.
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.
In April 2013, CBI had first told the Court there were "some difficulties" in the probe after it went abroad.
The government now ends its mandate with reaffirmation in the vote-on-account of the same goals, for which it claims to have a clear line of sight.
Delhi High Court quashes reassessment proceedings by Income Tax department.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
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