Vodafone Tax Case: India Moves Singapore Court Against Arbitration Panel Verdict
An international arbitration court had in September last year rejected tax authorities demand for Rs 22,100 crore in back taxes and penalties relating to British telecom giant Vodafone s 2007 acquisition of an Indian operator.
Photo: PTI
Business10/Feb/2021
New Delhi: India has challenged in the Singapore high court an international arbitration tribunal’s verdict that overturned its demand for Rs 22,100 crore in back taxes from Vodafone Group Plc, and the order passed in Cairn Group’s case is under consideration of the government, Parliament was informed on Monday.
An international arbitration court had in September last year rejected tax authorities’ demand for Rs 22,100 crore in back taxes and penalties relating to British telecom giant Vodafone’s 2007 acquisition of an Indian operator.
Cairn Energy Plc CEO Simon Thomson has said he expects to meet Finance Minister Nirmala Sitharaman next week in an attempt to get India to swiftly honour a $1.4 billion tax verdict. Last month, the Edinburg-based firm had written to the government saying it would be forced to seize Indian government assets if New Delhi fails to pay it $1.4 billion after losing a bitter dispute over retrospective taxes. Cairn Energy CEO Simon Thomson is looking forward to meeting the Government of India Finance Minister in Delhi next week, the company tweeted with a video of the chief executive urging a swift honour of the tax verdict.
This is yet another attempt by Cairn to mount pressure on the government to honour the award. Last month, Cairn wrote to the Indian government, seeking clarity on this ahead of the company s earnings release on March 9. In its letter, the company also warned that it had put in place necessary preparations to enforce the award against Indian assets overseas.
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