Bloomberg UTV appoints Sriram Kilambi as president

Sriram Kilambi has over 13 years marketing and operations experience in the media and FMCG industries

Bloomberg UTV has appointed Sriram Kilambi as the president of the channel. Mr Kilambi, an IIM–Bangalore alumnus, in his last assignment was senior vice-president and national marketing head for Radio Mirchi, the FM station of Entertainment Network India Ltd. Mr Kilambi has over 13 years marketing and operations experience in the media and FMCG industries.

Sriram, 35, did his bachelor of arts (Hons) in economics from St Stephen’s College, Delhi University before joining IIM–Bangalore for his post-graduation

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CII for removal of TDS on corporate bonds

The industry body asked government to raise tax incentives for investment in corporate bond, including deduction from taxable income from infrastructure bonds

The government should remove tax deduction at source (TDS) norm for the bonds floated by companies in order to strengthen the corporate bond market, industry body Confederation of Indian Industry (CII) said, reports PTI.

“The debt market plays a pivotal role in emerging economies which require huge amounts of capital and resources to finance industry...bond markets are critical to support India's high growth aspirations,” the industry body said in a statement.

The CII said: “tax deduction at source, even on non-resident investors, should be removed completely.”

It demanded to raise tax incentives for investment in corporate bond, including deduction from taxable income from infrastructure bonds.

There should be simplified debt listings and investor base should be increased by expanding types of instruments and exposure limit of such entities for institutional investors.

“For retail investors, debentures should be removed from purview of public deposits,” it said.

For overseas investors, restrictions in investment by FIIs in debt window auction and allocation should be done away with it said.

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Vodafone threatens Indian government over tax issues

Vodafone has asked the Indian government to abandon or suitably amend the retrospective aspects of the tax proposals in the Finance Bill 2012

New Delhi: Vodafone on Tuesday threatened to drag the government to international arbitration over retrospective tax legislation under the bilateral investment treaty (BIT) between India and the Netherlands, reports PTI.

Dutch subsidiary Vodafone International Holdings BV (VIHBV) today severed a notice of dispute on the Indian government regarding proposals in the Finance Bill 2012 which it claimed violated the international legal protections granted Vodafone and other international investors in India.

In a regulatory filing to the London Stock Exchange, Vodafone has asked the Indian government to abandon or suitably amend the retrospective aspects of the proposed legislation as Vodafone would prefer to reach an amicable solution to this matter.

"However, if the Indian government is not willing to do so, Vodafone will take whatever steps are necessary to protect its shareholders' interest, including investment treaty arbitration proceedings under the BIT against the Indian government," the company said.

In the Budget, the government announced a proposal to amend the Income Tax Act to bring overseas deals such as Vodafone's purchase of Hutchison under tax net after the Supreme Court held that the UK firm was not liable to pay the Rs 11,000 crore in taxes.

This is sought to be done through a retrospective amendment to the Income Tax Act which gives authorities powers to reopens cases as far back as 1962 under the Finance Bill 2012.

The Vodafone statement said that the dispute arose from the retrospective tax legislation proposal which, if enacted, would have serious consequences for a wide range of Indian and international businesses, as well as direct and negative consequences for Vodafone.

It said the proposed legislation would also countermand the verdict of the Supreme Court in January 2012, which ruled that Vodafone had no liability to account for withholding tax on its acquisition of indirect interests in Hutchison Essar Limited in 2007.

Under the BIT, Vodafone said the Indian government is obliged among other things to accord fair and equitable treatment to investors, provide full protection and security, not breach the legitimate expectations of investors in making investments, not deny justice or breach previously provided assurances and not take steps to indirectly expropriate the investment.

The statement said Vodafone believes that the retrospective tax proposal amount to a denial of justice and a breach of the Indian government's obligation under the BIT to accord fair and equitable treatment to investors.

It said the Indian government's retrospective tax proposals have also raised significant and widespread concern within India and internationally and have been criticised by businesses and industry bodies representing more than 250,000 companies across the US, Europe and Asia.

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