Bombay High Court had earlier dismissed a petition filed by Vodafone and ruled that the tax office had jurisdiction to tax its 2007 deal.
Zain, which operates across West Asia and North Africa, provides mobile services to over 41.4 million customers and has commercial presence in eight countries.
Bharti may look at gaining market share pre-merger and benefit from a lower capex intensity
On January 20, the court allowed Vodafone's appeal and had quashed the Bombay High Court verdict which had upheld the decision to levy tax on the overseas deal.
Telecom Egypt, which already owns a 45 per cent in Vodafone Egypt, approached UK-based Vodafone about buying the remaining stake.
Reliance Jio has urged telecom regulator Trai to come up with a revised paper on spectrum allocation for satellite communication alleging that it ignores the key point of ensuring level-playing field between satellite and terrestrial services. In a letter to the Telecom Regulatory Authority of India (Trai) chairman, Anil Kumar Lahoti, Reliance Jio has sought revision of the consultation paper on recommending rules for "terms and conditions for the assignment of spectrum for certain satellite-based commercial communication services".
The merged entity would lead with a revenue market share of about 37 per cent against Airtel's 31.2 per cent and Jio's 14.5 per cent
Vodafone case: Questions still remain unanswered and the whole world is eyeing final outcome. The questions remaining unanswered by the high court would have several multinationals on tenterhooks, as the consequences, both for tax payers with similar transactions and perhaps for Indian M&A fortunes may be far reaching.
Vodafone Group, the world's largest mobile operator by sales, is set to slash up to 500 jobs in the UK, says a media report.
Wooing overseas investors, government on Wednesday decided against challenging the Bombay High Court decision favouring Vodafone in the Rs 3,200 crore (Rs 32 billion) tax case and adopt a similar approach in transfer pricing litigations involving other MNCs like Shell.
The government has allocated spectrum to Vodafone in all 14 service areas, where the telecom major won in November 2012 auction for Rs 1,127.94 crore (Rs 11,27 billion).
Vodafone, which had earlier challenged the $2-billion tax demand by tax authorities, has now filed a revised draft with the Bombay High Court seeking to challenge the government's move to change tax laws. The petition will come up for hearing before the high court on June 23. The ministry had amended Section 201 of the I-T Act with retrospective effect from 2002. The amended law stipulates that the buyer of the shares of a company is liable to pay taxes in India.
Vodafone is partnering social networking site Facebook to launch a 'Facebook' phone. This would give users one-click access to the site.
Macroeconomic data announcements, the last batch of Q1 earnings and global trends are the major factors that would influence trading sentiments in the equity market in a holiday-shortened week ahead, analysts said. Besides, trading activity of foreign investors would also be a crucial factor in dictating movement in the market. Equity markets would remain closed on Thursday for Independence Day.
The first notice in the transaction relating to the sale of 67 per cent stake of Hutchison Essar Ltd was issued on March 15, 2007, under section 133(6) of the Income Tax Act.
Spectrum auction for mobile radiowaves services worth Rs 96,000 crore ended with bids worth about Rs 11,000 crore, according to sources. The government has put over 10,500 Mhz spectrum in eight frequency bands -- 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, 2,500 MHz, 3,300 MHz and 26 GHz, valued at Rs 96,238 crore at base price, for auction.
Analyst say the ruling is good news, especially from the global perspective.
The government's decision to opt for a non-binding attempt at conciliation and under Indian law in its tax dispute with telecom multinational Vodafone is understandable, note experts.
Vodafone brings back the 'ambassador pug' to advertise its customer care services. This is the third dog after Spikey and Chika being used for Vodafone and Hutch campaigns respectively. The pug brings a likeability factor to the brand irrespective of the fact whether you are a customer or not. Hutch had a positive brand image and to make sure that it continued the effective use of the dog was extremely pivotal for the transition. The pug is an integral part of communication.
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.
The company also that final settlement is anticipated to be completed by November, 2011.
Contrary to reports that world's largest mobile phone company Vodafone is planning to bid for South Africa's MTN, the UK-based firm has said it is not in the race to acquire the African mobile major. "Vodafone has ruled itself out of the running to acquire South African mobile phone group MTN, paving the way for Bharti Airtel of India to take a majority stake in the company."
British telecom giant Vodafone on Tuesday announced a 14.1 per cent jump in the group's revenues to 35.5 billion pounds with its India business delivering a strong growth of over 50 per cent during the year ended March 31.
Vodafone Essar seeks withdrawal of show cause notices, as according to the company no licenced condition has been breached.
This equity capital infusion is the country's largest-ever FDI.
Says that the minister has a conflict of interest because his son has been a counsel for Vodafone.
Vodafone said on Wednesday it has completed the acquisition of controlling stake in Hutchisson-Essar Ltd while paying a less amount at $10.9 billion as against $11.8 billion announced earlier.
No hybrid name, exercise to begin this week.
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.
Maintaining that no tax liability arises from its $11 billion buyout deal with Hutchison in 2007, UK-based telecom major Vodafone today said it would continue to "vigorously" pursue the case in the Indian court.
Fundraising momentum is expected to accelerate further in the New Year, potentially surpassing 2024's record figures
Sibal's predecessor Ashwani Kumar had rejected FinMin's plea for conciliation terming it illegal.
In a bid to increase efficiency, telecom major Vodafone Essar is set to relocate over 1,500 of its employees to Ahmedabad from all over the country.
As a prelude to a new partnership agreement, senior Vodafone and Essar executives have held joint meetings with officials in the government, including the finance ministry.
The Income Tax deparment has sent a notice to Vodafone, seeking around $1.7 billion in capital gains tax related to the sale of Hutchison Telecom International Ltd's 67 per cent stake in Hutch-Essar, now renamed Vodafone-Essar.
Consumers are unlikely to disconnect their mobile connections and will most likely absorb the up to 22 per cent tariff hike imposed last week by Jio, Airtel, and Vodafone Idea (Vi), according to analysts. The last major tariff hike in 2021 was followed by a 4-5 per cent SIM consolidation, with people leaving mobile operators with more expensive plans for their peers offering comparatively affordable options.
Country accounts for 38% of telco's global user base, 10% of total revenue
Essar will have to pay capital gains tax, as the company will be gaining from the deal.
Announces 50% cut in prepaid monthly recharge.
Vodafone in India provides 2G and 3G services
