India has challenged the court’s verdict in Singapore regarding an international arbitration pertaining to $2 billion tax claim which is associated to telecom company Vodafone Group Inc, informed a senior government official to Reuters on Thursday.
Earlier in September, the telecom company had won the case, which ended one of the most high-profile legal conflict in the country which invoked the concern of the investors with respect to retrospective tax claims on companies.
An international board passed the verdict in The Hague that India’s act of imposing tax liability on Vodafone clearly violates the investment treaty agreement formalized between Netherlands and India. Meanwhile, India was given a tenure of 90 days to file an appeal.
Finance Ministry remained silent regarding the updates on the case.
Alongside, another international arbitration went out of India’s hands, which was against Cairn Energy, and the conflict was a tax dispute. India has been instructed to settle the payment of more than $1.2 billion for the UK-listed company to cover the damages and costs.
The senior government official revealed that India is going to take a step against this ruling also, considering the figures.
India has experienced a string of arbitrations by investors which comprises of Deutsche Telekom, Nissan Motor Co, Vodafone and Cairn Energy for a wide number of issues ranging from retrospective taxation to settlement of payments.
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