Nick Read, Vodafone's CEO said the company was not committing any more equity to India and the country effectively contributed zero value to the company’s share price.
The company paid £254 million, about Rs 2,536 crore, directly as taxes, £1,088 million (Rs 10,863 crore ) as non-tax, indirect revenue contribution of £893 million (Rs 8,916 crore) to Indian government, as per the report.
"Sibal's go ahead for conciliation is significant especially in view of the fact that the main company in this case — Hutchinson Telecommunications International Ltd — is his son Amit Sibal's client," said AAP founder Kejriwal.
With a local court summoning billionaires Sunil Mittal and Ravi Ruia in 2G spectrum allocation case, Bharti Airtel today charged CBI with attempting to tarnish its reputation while Essar Group said it will take appropriate legal proceedings to challenge the order.
If the capital-hungry govt falls for blackmail by global majors, it is sure to loose a huge amount of money.
There are signs that Vodafone may be ready to compromise with the government in its tax dispute. What gives?
The finance secretary has hinted that Vodafone may have offered to take on Hutchison's tax burden and got a lower price for this reason.