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« CLB chairmanship extended for 2 years... | Now, ICWAI counts on global seminar for name change... » |
Tax tops Vodafone board meet agenda |
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September, 20th 2007 |
The board of GSM service provider Vodafone-Essar is expected to discuss the income tax issue at its meeting to be held on Friday. |
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The global chief executive officer, Arun Sarin of Vodafone, is also expected to attend the meeting. |
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The IT department had issued a show-cause notice to Vodafone-Essar asking why capital gains tax should not be levied on Vodafones $11.1 billion deal, when the company acquired 67 per cent stake held by Hong Kong-based Hutchison Telecommunications International in the erstwhile Hutchison-Essar. |
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Vodafone-Essar then filed a writ petition in the Bombay High Court challenging the right of the tax authorities to levy a capital gains tax on the deal. The first hearing of the petition is expected to come up on September 27. |
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According to the sources close to the development, other than the show-cause, the directors would take stock of the companys performance and discuss strategies to turn the company into a leading telecom player in the country. |
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When contacted, top executives of the company declined to comment. |
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They added that this was a routine three-month board meeting and no specific agenda had been set. |
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