Amendments to the Arbitration & Conciliation Act, 1996!
Sources have indicated that the Cabinet will not withdraw the conciliation process and the company will be given some more time to agree to the terms of conciliation.
The Finance Ministry has already circulated a draft Cabinet note withdrawing the conciliation offer to Vodafone to resolve the Rs 20,000-crore tax dispute case. "In Vodafone's own words, they are unable to make up their mind whether they should go forward with conciliation.
Former chairmen of the CBDT MC Joshi and R Prasad highlight, in an interview to CNBC-TV18, that the government will have to table the Vodafone settlement in Parliament if the conciliation involves waiving off the interest payable.
Whoever coined the phrase Incredible India would have hardly expected it to extend to tax policy!
Dutt Menon Dunmorrsett partner Anuradha Dutt and Vodafone counsel says, on CNBC-TV18, that conciliation is formal manner of resolving issues and is not adversarial.