Vodafone Group said it had served the Indian government with a notice of dispute regarding India's proposal to retrospectively tax overseas transactions.
Vodafone said in a statement on Tuesday that the 2012 finance bill proposals violated international legal protections granted to Vodafone and other foreign investors in India.
Vodafone serves notice against India on Tax issue and read the whole story for full detail.
"Vodafone has asked the Indian government to abandon or suitably to amend the retrospective aspects of the proposed legislation as Vodafone would prefer to reach an amicable solution to this matter," the company said.
foreign investors.
Vodafone has further threatened that it would take whatever steps were necessary to protect shareholder interests, including beginning treaty arbitration proceedings, if the government does not abandon the retrospective amendments.
The modification, which will apply retrospectively from 1962, could allow the government to tax Vodafone hundreds of crore for its $11.5 bn (Rs 59,225 cr) purchase of Indian telecom operator Hutchison Essar in 2007.
Vodafone said in a statement on Tuesday that the 2012 finance bill proposals violated international legal protections granted to Vodafone and other foreign investors in India.
Vodafone serves notice against India on Tax issue and read the whole story for full detail.
"Vodafone has asked the Indian government to abandon or suitably to amend the retrospective aspects of the proposed legislation as Vodafone would prefer to reach an amicable solution to this matter," the company said.
foreign investors.
Vodafone has further threatened that it would take whatever steps were necessary to protect shareholder interests, including beginning treaty arbitration proceedings, if the government does not abandon the retrospective amendments.
The modification, which will apply retrospectively from 1962, could allow the government to tax Vodafone hundreds of crore for its $11.5 bn (Rs 59,225 cr) purchase of Indian telecom operator Hutchison Essar in 2007.
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