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India challenges Vodafone arbitration verdict in Singapore High Court

India has challenged an international arbitration tribunal’s verdict that overturned its demand for SGD 4.03 billion (INR 22,100 crore) in back taxes from Vodafone Group Plc in the Singapore High Court, the Indian Parliament was informed.

The international arbitration tribunal had then also ruled that the Indian government must reimburse GBP 4.3 million to Vodafone Group for costs incurred on legal representation and assistance as well as for fees paid by the company to the arbitration court.
The international arbitration tribunal had then also ruled that the Indian government must reimburse GBP 4.3 million to Vodafone Group for costs incurred on legal representation and assistance as well as for fees paid by the company to the arbitration court. Photo courtesy: Vodafone

An international arbitration court had in September last year rejected tax authorities’ demand for back taxes and penalties relating to British telecom giant Vodafone’s 2007 acquisition of an Indian operator.

The demand pertained to Vodafone’s USD 11-billion acquisition of 67% stake in the mobile phone business owned by Hutchison Whampoa.

The international arbitration tribunal had then also ruled that the Indian government must reimburse GBP 4.3 million to Vodafone Group for costs incurred on legal representation and assistance as well as for fees paid by the company to the arbitration court.

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CtoI News Desk
CtoI News Desk – CtoI

Singapore-headquartered online media company targeting Indians Diaspora across Singapore, US, UK and UAE. Connected to India covers developments around NRIs. Cover arts, political, sports, finance, entrepreneurship, business, movies, dramas, entertainment and other stories for and about Indians living abroad.

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