Mar 22, 2012, 08.40 AM IST
In an exclusive interview to CNBC-TV18, Analjit Singh, chairman of Vodafone India says that despite the legal tussles, Vodafine remains committed to India. “There is no question of pulling out of India,” he says.
Vodafone has been battling the government at the court after the income tax department slapped on it a tax of Rs 11000 crore for having acquired Hutchison Telecommunications in May 2007 which, according to the government, is liable for payment of withholding tax. The Supreme Court ruled in favour of Vodafone in January, after which the government filed a review petition. The SC dismissed the plea in a victory yet again for Vodafone. Experts however say that the war is far from over.
Though Singh denied commenting on the recourse to international arbitration, he says that the dismissal of the review makes it clear that Vodafone is not liable for tax. He says that it is quite unfortunate that the government is pushing to amend a law to tax Vodafone. "The retrospective amendment is grossly unfair to Vodafone and in gerenal, will not augur well for FDI," he says.
Singh reveals that Vodafone has so far invested nearly USD 26 billion in the country that makes it the largest FDI in India. “Vodafone has not taken a single cent out of the nation yet,” he says.
“We will talk of future investments post the tax overhang,” he says.
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