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Vodafone serves notice against India

Finance bill proposals violated int'l legal protections granted to Vodafone,the firm said.

Written by Agencies | London | Published: April 17, 2012 3:37:13 pm

British telecoms operator Vodafone Group said it had served the Indian government with a notice of dispute regarding India’s proposal to retrospectively tax overseas transactions.

Vodafone said in a statement on Tuesday that the 2012 finance bill proposals violated international legal protections granted to Vodafone and other foreign investors in India.

Vodafone has asked the Indian government to abandon or suitably to amend the retrospective aspects of the proposed legislation as Vodafone would prefer to reach an amicable solution to this matter,the company said.

However,if the government would not do so Vodafone said it would take whatever steps were necessary to protect shareholder interests,including beginning treaty arbitration proceedings.

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