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.
After Vodafone, UK-based Vedanta Resources Plc and Aditya Birla group firm Indian Rayon also face a potential tax demand of around Rs 900 crore and Rs 45 crore, respectively, for their failure to deduct taxes on payments to buy Indian assets, said a senior government official.
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.
When on October 24, the Supreme Court, on a petition moved by the government, ordered payment of past dues according to its new definition of AGR, the country's second-biggest carrier Vodafone-Idea Ltd warned of shut down if no relief is given. The total dues for the industry ran into a whopping Rs 1.47 lakh crore. For an industry that has come from 7-8 operators to just three private players and state-owned fourth operator, the warning by Vodafone-Idea sounded like a death knell.
After a two year run-in with controversies, telecom sector now looks stable and seems back on its feet with initial investment proposal of over Rs 11,000 crore (Rs 110 billion) received in 2013.
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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 stake, which is valued at Rs 8,200 crore at the company's current market capitalisation, will be sold by one of the group companies of Bharti Enterprises.
Seeking to strengthen Indo-UK economic ties, Prime Minister Narendra Modi on Thursday arrived in Britain on his first visit to the country during which he will have a hectic schedule that will start with talks with his British counterpart David Cameron.
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 retrospective tax controversy was highlighted by Vodafone, but Cairn Plc's continuing problems point to the impact this law has had on FDI in India's oil and gas sector.
Prime Minister Narendra Modi said India and the United Kingdom are economically made for each other.
In effect, companies which put their money in telecom in India would have done much better to keep the cash in bank and earn interest.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
Performance is considered a major reason why Ravi Shankar Prasad might have had to leave telecom.
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.
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 exploration and production assets of Essar Oil will not be part of the Rosneft deal and would continue to remain with the Group.
Bharti to spend Rs 1,600 cr for spectrum payout over 10 yrs; Telenor to service its own debt.
The financial year ending Saturday saw such big-ticket events that set the directional tone for the country's business journey.
Manoj Sinha will retain his current role in the railways.
Move to address MNCs' taxation woes; UK likely to be the next.
The government has given up plans to reconvene a parliament session to secure approval for a common goods and services tax.
APAs are part of govt's aim to move to a non-adversarial tax regime.
Most top industrialists rate PM's first 100 days in office as 'good', primarily due to his intentions, not concrete policy measures.
India Inc has few leaders who are likely to grab headlines in 2015.
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