ITAT asks Vodafone to pay Rs200 cr

According to the tribunals interim order,Vodafone Group needs to pay Rs 100 crore by January 15 followed by another Rs 100 crore by February 15 along with the bank guarantee.

The case relates to its Indian unit Vodafone India Services VISPL,which had written agreements call options with Max Group chairman Analjit Singh and Vodafones former CEO Asim Ghosh to buy their shares in the firm.

Prior to Vodafone,Hutchison,which held the majority stake in the then Hutch-Essar entity,had this agreement,which was transferred to Vodafone when in February 2007 it acquired Hutchisons 67 per cent stake in the joint venture.

The I-T department raised the tax demand stating that the share transfer by Singh and Ghosh had taken place in 2007 to VISPL. The company has disputed this. FE