Apr 20, 2012, 08.52 PM | Source: CNBC-TV18
Vodafone Plc is actively looking at solving the tax dispute the Government of India through an amicable resolution. CNBC-TV18's Kritika Saxena reports.
Kritika Saxena (more)
Reporter, CNBC-TV18 |
Sources say top Vodafone executives are likely to meet top functionaries of the government.
Earlier this week the Dutch Subsidiary of UK-based Vodafone served a 'dispute notice' to the government threatening international arbitration under the bilateral investment treaty between India and the Netherlands for retrospective amendment of Income Tax Act.
Also, Vodafone has sought more time to reply to the summons issued by Enforcement Directorate against the firm in connection with alleged irregularities in the grant of additional 2G spectrum during 2001-03.
Sources say the telecom major is likely to commence arbitration against the GoI if talks fail.
The government brushed aside the pressure being built by the global trade bodies in the Rs 11,000 crore Vodafone tax dispute case and asserted that the British telecom major cannot invoke the India-Netherlands investment treaty as the USD 11.2 billion deal was signed in Cayman Islands.