Vodafone seeks time to respond to conciliation proposal

British telecom giant Vodafone has written to the tax department

British telecom giant Vodafone has written to the tax department saying it needs some more time to reply to the latters proposal for entering into a non-binding conciliation to resolve the long-standing tax dispute.

Vodafone has replied. They asked for more time to reply to CBDTs letter as they want conciliation under UNCITRAL, sources said,adding that the company is likely to decide on the proposal in its next board meeting.

Vodafone is facing tax liability of over Rs 11,200 crore on its 2007 acquisition of Hutchison Whampoas stake in Hutchison Essar. The demand included Rs 3,300 crore of interest over delayed payment.

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The Union Cabinet earlier this month had approved a proposal for non-binding conciliation with the telecom firm,following which the CBDT formally wrote to the firm.

The conciliation would be under the Indian Arbitration Law and not under the United Nations Commission on International Trade Law as sought by Vodafone.

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