Mumbai: Norway's Telenor has applied to take part in the 2G spectrum auction, opting to stay in the country despite being stripped of its permits after a scandal-tainted previous sale. Telenor joins India's top three operators by revenue in eyeing the 2G radio waves, though Russian conglomerate Sistema's Indian affiliate Sistema Shyam TeleServices Ltd, which also lost its permits obtained in 2008, said it would not be participating. The auction...
12:46 PM, Oct 20, 2012
New Delhi: Long-established mobile phone operators that were not affected by the scandal-hit sale of airwaves that hurt their newer counterparts should pay a retrospective fee for part of their airwave holdings, a ministerial panel recommended. This is in addition to another surcharge totalling at least $5 billion recommended by the same panel earlier this month, and will put extra burden on carriers including Bharti Airtel (BRTI.NS) and Vodafone's (VOD.L)...
10:30 PM, Oct 18, 2012
New Delhi: The Telecom Commission has recommended that mobile phone carriers give up all their airwave holding in the superior 900 mega hertz band at the time of their permit renewals, a widely opposed move by the industry that says it will cost about $24 billion more in capital outlay. The Telecom Commission's recommendations will have to be approved by a ministerial panel before they are implemented, telecoms secretary R...
01:57 PM, Oct 17, 2012
New Delhi: In a recommendation that could provide relief to firms like Vodafone, a Government-appointed committee on Tuesday favoured companies facing tax liability following retrospective amendment to the Income Tax Act should be exempted from payment of interest and penalty. "In all cases where demand of tax is raised on account of retrospective amendment relating to indirect transfer...no interest...should be charged in respect of that demand so that there is...
07:35 PM, Oct 09, 2012
New Delhi: Vodafone Essar Mobile Services Ltd has been directed by a consumer forum to pay Rs 5,000 as compensation to a subscriber for starting 'hello' tune service on his cell and charging him for it without his consent. Hello (or caller) tunes are songs or music that a person hears on calling a number on which this service has been activated. While also directing Vodafone to refund Rs 50...
03:32 PM, Oct 09, 2012
New Delhi: The Income Tax department will come out with final guidelines by the end of October on implementation of General Anti Avoidance Rules (GAAR), Finance Minister P Chidambaram said in New Delhi on Monday. The guidelines will be based on the suggestions of the committee headed by tax expert Parthasarthi Shome who submitted the final report to the Minister earlier in the day. "I expect Stage 1-finalisation of our...
04:30 PM, Oct 01, 2012
On this episode of Overdrive, we bring to you all, the news from motoring world and Vodafone Mclaren Mercedes Mumbai speed festival. ...
08:26 PM, Sep 22, 2012
New Delhi: Britain-based telecom service provider Vodafone on Thursday said it was willing to discuss a tax demand of Rs 11,000 crore but remained non-commital on paying a lesser amount if the interest and penalty are waived. "I don't know," Analjit Singh, non-executive chairman, Vodafone India, told reporters after a meeting with tax officials in New Delhi, when asked if the company would be prepared to pay the Rs 8000...
09:11 AM, Sep 21, 2012
Union Finance Minister P Chidambaram said that the matter would be decided after considering the recommendations of the Shome Committee. ...
07:50 PM, Sep 03, 2012
New Delhi: Finance Minister P Chidambaram on Monday said there will be no "rash" action in Vodafone tax case and the matter will be decided after considering all aspects including recommendations the Shome Committee on indirect transfer of assets. "They (I-T assessing officers) and are not going to act rashly. These are not small amounts on which you can take a rash decision," he told reporters. He was asked whether...
04:31 PM, Sep 03, 2012
New Delhi: Attorney General G E Vahanvati is believed to have advised the Finance Ministry that it could go ahead with recovery of tax dues from British Telecom giant Vodafone following controversial retrospective amendments to the Income Tax Act. The country's law officer is reported to have given the advice on a reference made by the then Finance Minister Pranab Mukherjee whose retrospective tax changes introduced in the 2012-13 budget...
10:06 PM, Aug 13, 2012
Finance Ministry sources have said that Vodafone has indicated interest to settle the Rs 11,000 crore tax dispute. ...
09:26 AM, Aug 02, 2012
New Delhi: Two Vodafone India top executives Sanjoy Mukerji and and Samaresh Parida have quit the telecom major. Mukerji, who has been working with Vodafone since last 10 years, resigned from the post of Chief Commercial Officer. When contacted, a Vodafone India spokesperson said, "It is true that Sanjoy Mukerji, Chief Commercial Officer of Vodafone India has decided to leave the organisation to pursue his entrepreneurial interests. He will leave...
10:36 PM, Jul 25, 2012
London: Vodafone posted a sharp drop in quarterly organic growth on Friday as an unexpected slowdown in emerging markets compounded tough conditions in Europe, prompting the group to say it would launch a new round of cost cuts. Growth from emerging markets has helped to cushion the impact of Europe's weak economies in the last two years, but the key market of India showed some signs of slowing in the...
04:40 AM, Jul 21, 2012
New Delhi: Within a fortnight of the Finance Ministry issuing draft guidelines on GAAR, Prime Minister Manmohan Singh on Friday set up a committee to prepare fresh norms on the controversial tax provision to bring "greater clarity" and prepare a roadmap by September 30 for its implementation. The four-member committee, to be headed by ICRIER chief and taxation expert Parthasarathi Shome, will submit its report after consulting and taking feedback...
06:16 PM, Jul 13, 2012
New Delhi: Dismissing Vodafone's contention in the Rs 20,000-crore tax case, the Finance Ministry has repared a reply to the company's rejoinder which would be sent after approval of the Prime Minister. "We did not agree with Vodafone ... The Inter-Ministerial Group (IMG) on Vodafone has prepared reply of Vodafone's rejoinder. The reply will be sent to the Prime Minister's Office first. After approval of the PMO, it will be...
06:59 PM, Jul 09, 2012
New Delhi: In his first interview since taking over as the Finance Minister, Manmohan Singh has spelt out the road ahead to higher growth. In an interview to the national daily, Hindustan Times, Manmohan Singh said that on the agenda is the revival of the Insurance industry and mutual funds. The Prime Minister also said that controlling fiscal deficit was a priority. But the big clue came with the Prime...
07:35 AM, Jul 06, 2012
New Delhi: The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) looking into the 3G roaming mobile services on Tuesday gave a split verdict in the case with its chairman directing the Department of Telecommunications (DoT) to send out fresh notices to telecom operators while another judge ruling that the pact formed between telecom majors on 3G must be ended. Leading telecos like Bharti, Vodafone and Idea had entered into an...
11:58 AM, Jul 03, 2012
New Delhi: Vodafone, which faces a possible tax on its 2008 deal, on Thursday said it has been assured of a "level playing field" by the government and asked to stay invested in the country. Vodafone India Chairman Analjit Singh and a major shareholder in the British telecom company's India arm, on Thursday met Planning Commission Deputy Chairman Montek Singh Ahluwalia for more than half an hour but said the...
10:31 PM, Jun 28, 2012
New Delhi: The Finance Secretary on Thursday promised that it will try to resolve all tax issues in next few weeks; says it will shortly to publish clarification on retro tax. Earlier, the Prime Minister's Office has sought clarification on Retrospective Tax Rule which required Vodafone to pay of Rs 20,000 crore in taxes and interest. Vodafone Chairperson Analjit Singh met Montek Singh Ahluwalia to seek clarity on the issue....
08:34 PM, Jun 28, 2012
