The transaction will be done through the stock market via block deals.
SC dismisses review petition; govt waits for Finance Bill passage.
Finance Minister P Chidambaram has asked UK-based Vodafone Group, which is facing a tax liability of over Rs 11,200 crore in India, to give its view on the long-pending matter in writing, a senior official said.
In what may provide some relief to Vodafone in its tax case with the government, Finance Minister P Chidambaram on Monday said tax officers won't be rash on the company. He said a decision on sending tax notice to the British telecom major would be taken after getting Shome panel's report on retrospective amendment to the Income Tax Act with regard to indirect transfer of Indian assets.
The British telecom major on Tuesday moved the dispute resolution panel, seeking relief from an order sent by the I-T department in December.
Official sources said the notice under section 201 and 220 (2) of the I-T Act, which talks about simple interest at one and a half per cent for every month the tax demand was raised, will also explain the retrospective amendment made by the government for taxing business deals that avoids tax in the country by showing them in a tax haven.
With Lok Sabha approving the Finance Bill that amends law to retrospectively tax cross-border transactions dating back to April 1, 1962, Vodafone faces a tax demand of Rs 11,000 crore (Rs 110 billion) plus interest and a penalty on its 2007 acquisition of Hutchison Whampoa Ltd's Indian operations.
Meanwhile, on the contentious issue of roaming pact among leading service providers to offer 3G mobile services, the company seems to have hardened its stand by stating that they are ready to return the 3G spectrum to the Government and will take back the money if the roaming pact is not allowed.
Company is also facilitating this growth by playing an active role in reduction of prices of 3G-enabled smartphones.
Five months before the put option window closes, JP Morgan has come out with a report stating that Essar's stake in Vodafone Essar is around $2 billion, which is far less than what the shareholder agreement between the two companies in 2007 envisaged.
Vodafone on Wednesday said it will offload its entire 3.2 per cent shareholding in China Mobile, a divestment that will fetch the British telecom major about 4.3 billion pounds.
The apex court also postponed the date of hearing to July 19, 2011, from the previously scheduled hearing on February 5.
I-T department has fixed Rs 12,000-crore tax claim on the 2007 deal in which Vodafone bought Hutch's 67 per cent stake in Hutchison Essar for $11.2 billion.
British telecom major Vodafone on Friday said it had made an adjustment to the tune of Rs 3,400 crore in its fair market value to account for the payment it has made for 3G licences. This will be the additional amount payable to Essar, the 33 per cent shareholder in the company's Indian operations, if Essar opts for an independent valuation of its stake while exercising its put option.
The company has set up its new network platform in India entailing an investement of $30 million which would offer telecom and connectivitysolutions to over 150 customers in the country including banking, insurance and software firms, Cable & Wireless India managing director Sunanda Das said.
British Telecom's sustainability index aims to rank Indian companies according to their corporate social responsibility initiatives, says Sreelatha Menon.
British telecom major Vodafone's former chief executive Arun Sarin received 500,000 pounds (Rs 3.87 crore) to relocate to the US following his departure from the company.
"If we are not getting anything then I think it is end of story for Vodafone Idea," Kumar Mangalam Birla said at the HT Leadership Summit when asked about the future of Vodafone Idea in absence of a government relief on payment of Rs 53,038 crore dues.
'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
The types of jobs to be brought back home could require staff to work weekend shifts and up until 11pm at night. The communications workers union has said that it will be unfair for call centre operators to work for the hours, particularly for those with families.
Aiming at improving the quality of rural education, OneWorld South Asia, in collaboration with British Telecom and Cisco, has launched a pilot project in West Bengal last week for assisting rural teachers in addressing the needs of the children more effectively through information and communications technology tools. OneWorld South Asia is a non profit organisation that works for poverty alleviation and promoting sustainable development.
ADAG, Mahindra BT, L&T Infotech may team up with PEs.
In a move that will result in further snowballing of the spectrum issue, British telecom major Vodafone has termed the Reliance Communications' (RCom) allegations "as false and inconsistent with the facts".
British telecom giant Vodafone's Indian-origin CEO Arun Sarin, who announced his surprise resignation on Tuesday, has fared worse than the global average when it comes to the tenure as chief of a company.
The operators believe that the industry is not ready for these services, even though such plans are good for users in Singapore. The service charges in the country are already lowest in the world and will not slide further for sometime. Moreover, this is also against the existing practice of an operator trying to match every scheme launched by competitors.
Amid speculation over his whereabouts, B Ramalinga Raju, who stepped down as chairman of Satyam Computer after admitting to financial irregularities, is believed to have left for the United States in connection with a court case.
Top representatives of British telecom giant Vodafone are understood to have met senior officials of department of telecom in New Delhi, presumably to discuss issues related to its interest in acquiring Hutch Essar.
More companies on the subcontinent are looking for Western executives to provide international experience. There's no shortage of applicants.
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.
The two parties -- the Centre and Vodafone -- have sought a few more weeks to decide on the matter.
Vodafone recently bought the 67 per cent stake held by Hutchison. The remaining equity is held by the Ruias.
The Indian Institute of Management, Lucknow, invites industry delegates and management students to attend its annual IT management seminar, AIMS 2006.\n
Arun Sarin, a controversial albeit one of the most successful CEOs of British telecom giant Vodafone, will hang his boots on Tuesday to don a new gear for trekking in Himalayas.
The race for Hutch-Essar, the country's fourth largest mobile service provider, quickened on Wednesday with Hong-Kong based Hutchison Telecommunications International Ltd formally informing the 4 companies in the fray to submit their bids by Friday
Tech Mahindra has bagged a five-year contract from British Telecom, under which the Indian company will provide strategic sourcing services to the global communications solutions and services provider.
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, the leading GSM operator is raising around $500 million (Rs 2,000 crore) through overseas borrowing. This is the first fund raising by the telecom major after British telecom major Vodafone acquired a majority stake.
While in all, 15 entities owe the government Rs 1.47 lakh crore -- Rs 92,642 crore in unpaid licence fee and another Rs 55,054 crore in outstanding spectrum usage charges, it is not immediately clear just how much of that has been sought by the government by midnight.
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 lab is also significant as it is the first of its kind in India where Intel has partnered with an IT software and services company for developing applications focused on IP Services category.
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