How to list a Shell company

The Indian stock market turned comatose between 1995 and 1999 after hundreds of shady companies...

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oil from the rocks

High oil prices encourage people to talk of billions of barrels of oil from the rocks. Is it...

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SC to Vodafone: Deposit Rs2,500 cr, bank guarantee Rs8,500 crore

New Delhi: The Supreme Court today asked Vodafone LLC to deposit Rs2,500 crore and a bank guarantee of Rs8500 crore in its ongoing case here in which the UK-based telecom giant has challenged capital gains tax of Rs11,000 crore from its acquisition of Hutchison shares, reports PTI.

The bench, headed by Chief Justice SH Kapadia, directed Vodafone to deposit Rs2500 crore within three weeks and a bank guarantee of Rs8500 crore within eight weeks.

The bench, which also comprised justices KS Radhakrishnan and Swatanter Kumar, also held that if the case goes in favour of Vodafone then the govt will have to return the amount to the telecom giant along with interest.

The apex court is expected to start its final hearing in this matter from 5 February 2011.

The apex court also directed the Director General of International Taxation to file an undertaking before the court that the government would refund the amount along with the interest to Vodafone if the UK-based telecom giant succeeds in the case.

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