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Amending laws not investor-friendly: Vodafone

Vodafone said the government's move to retrospectively amend income tax laws does not augur well for investors but asserted that it has no plan to exit India

Written by Press Trust Of India | New Delhi | Published: March 22, 2012 1:09:50 am

Vodafone today said the government’s move to retrospectively amend income tax laws does not augur well for investors but asserted that it has no plan to exit India.

“As a practising businessman in India,this will not augur well for foreign direct investment and the country at large,” Vodafone India’s non-executive chairman Analjit Singh said in response to a query on the proposal to amend tax laws.

Earlier in the day,a Finance Ministry official said: “They (Vodafone) will have to automatically pay the tax after approval of the amendments to the Finance Bill by Parliament. We don’t need to send fresh tax demand notice to them.” The Budget 2012-13has proposed amending the Income Tax Act retrospectively from 1962 to bring under net overseas deals involving domestic assets.

Telenor to bid for 2G spectrum sans Unitech

The India unit of Norwegian telecom firm Telenor on Wednesday said it expects to bid for 2G spectrum in the proposed auction with a new partner. “The intention is to have a new entity and a new partner when we go for the auction,” Sigve Brekke,head of Asian operations. Realty firm Unitech,a joint venture partner with Telenor,is understood to have agreed to sell its stake in Uninor.

Telenor has also filed an affadavit with the Supreme Court asking it to direct the government to complete the auction of 2G spectrum by June 2. “We will be out of business if this timeline is extended,” Brekke said and added that his firm has also recommended the same to the telecom regulator as part of its stakeholder comments to a consultation paper.

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