Arun Sarin is the chief executive officer of Vodafone Group Plc, the United Kingdom-based global mobile operator.
Ruias have rights to tag along with Hutch in any sale.
Jio is targeting to differentiate its services via superior data and an associated ecosystem of content.
The company will spend Rs 10,141 crore to buy 15.5 per cent stake from minority investors.
India's telecoms regulator must guard against overly aggressive price-cutting in the nation's fast-growing telephone industry, a key policy maker said on Thursday.\n\n
The Hinduja Group on Friday said it is likely to start examining the books of Hutchison Essar Ltd next week and has arranged funds for a possible bid to acquire a controlling stake in the mobile firm.
UK oil explorer Cairn Energy is facing a tax demand of Rs 10,247 crore and Vodafone over acquisition of 67% stake in the mobile business owned by Hutchison Whampoa in 2007
Sunil Mittal promoted Bharti Group garnered the largest subscriber base of 37.50 lakh (3.75 million), followed by BSNL and Hutchison Group.\n
Cellular operator Hutchinson has bagged exclusive rights for the content of ICC World Cup Cricket 2003 for mobile telephony, enabling it to send video clips of every match's "best moments" on a cellphone.\n\n\n\n
A bench headed by Justice H L Dattu, however, allowed the petitioner, former Additional Solicitor General Bishwajit Bhattacharyya, to file fresh petition with all the relevant documents stating what action Centre has so far been taken on the issue.
The letter was written on February 20, two weeks after the Cabinet Committee of Economic Affairs had approved the 100 per cent ownership proposal of Vodafone Plc in Vodafone India, at a proposed investment of Rs 10,141 crore (Rs 101.41 billion).
The government may be waiting for the outcome of an arbitration initiated against its levy of Rs 10,247 crore retrospective tax on UK's Cairn Energy Plc before deciding on appealing against losing a tax case against Vodafone Group, sources said. An international arbitral tribunal is expected to give a decree within next few days on Cairn Energy Plc's challenge to the Indian government seeking Rs 10,247 crore in retrospective taxes. If the arbitration award in the Cairn cases goes against India, the government has to pay the British firm over Rs 7,600 crore to reverse the dividend and tax refund it had ceased and shares it sold to recover part of the tax demand.
Besides Vodafone, several other major MNCs like Nokia and Shell were locked in tax dispute with the revenue department.
Vodafone pleaded in High Court that IT department had no jurisdiction in the transfer pricing case because the said transaction was not international and did not attract tax.
Piraml will sell of its entire 11 per cent stake in Vodafone india.
A day after Arvind Kejriwal put his name on a list of corrupt politicians, Union minister Kapil Sibal on Saturday shot back, saying that the Delhi chief minister should prove his allegations within two days or resign.
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.
Based on Statista data for 2019, Vodafone has 17.2 million subscribers in the UK, 29.5 million in Germany, and over 13.7 million in Spain. Without Voda Idea, the Group will become smaller than Airtel and Jio.
The Finance Ministry is of the opinion that Vodafone might drag its tax dispute to court.
Country accounts for 38% of telco's global user base, 10% of total revenue
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.
Essar Global Fund, the Ruia company that invested $1.3 billion in telecommunications, towers and business process outsourcing over the years, made $6.5 billion, a five-fold return, when it flipped these businesses, according to discussions the group has had with merchant bankers.
While it was technically not possible to block the deal, the tax department could resort to arm-twisting.
A consummate deal-maker, the former Aircel boss raked in the moolah in many, but lost a packet in several others.
In April 2013, CBI had first told the Court there were "some difficulties" in the probe after it went abroad.
Delhi High Court quashes reassessment proceedings by Income Tax department.
The IPO is expected to bring handsome fees for the selected banks at a time when billion-dollar listings have become scarce
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 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
Bharti to spend Rs 1,600 cr for spectrum payout over 10 yrs; Telenor to service its own debt.
The dispute over the tax payable for its purchase in 2007 of the 67 per cent stake in Hutch is on an amount of Rs 11,200 crore (Rs 112 billion).
Representatives of the British telecom company on Friday met senior finance ministry officials, in search of an amicable solution.
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.
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