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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Vodafone Group plc    VOD   GB00B16GWD56

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Vodafone Group plc : India Minister : Vodafone Hasn't Asked To Settle Tax Case

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05/08/2012 | 12:34pm CEST

U.K. telecom giant Vodafone Group PLC (VOD.LN) hasn't approached the Indian government to seek an out-of-court settlement regarding a $2 billion tax dispute, a federal minister told lawmakers Tuesday.

S.S. Palanimanickam, India's junior minister for finance, was responding to questions from lawmakers on whether Vodafone had asked for a settlement.

Palanimanickam said also that the Indian government hasn't ordered the reopening of cases similar to the Vodafone issue.

"The decision to reopen or not reopen [cases] is taken by the accessing officer on the basis of facts and circumstances of each case. The government has not issued any direction in this regard", he said.

He added that there is a six-year time limit on reopening cases, despite any retrospective amendments.

Indian authorities hit Vodafone with a $2 billion tax demand for its $11.2 billion purchase of Hutchison Whampoa Ltd.'s Indian assets in 2007.

But on Jan. 20 this year, India's Supreme Court agreed with Vodafone's argument that no tax was due as the deal was between two foreign companies -- a Dutch unit of Vodafone and a Cayman Islands-registered unit of Hutchison -- and conducted outside India.

But the government then proposed amending laws which would allow it to tax international transactions retroactively if they involve the transfer of local assets.

The proposal is pending parliament's approval.

 
  --By Mukesh Jagota and Kenan Machado, Dow Jones Newswires; +91 22 6145 6107; [email protected] 
 

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Financials (€)
Sales 2018 46 561 M
EBIT 2018 4 287 M
Net income 2018 1 948 M
Debt 2018 24 823 M
Yield 2018 6,20%
P/E ratio 2018 31,34
P/E ratio 2019 23,91
EV / Sales 2018 1,91x
EV / Sales 2019 1,87x
Capitalization 64 006 M
Technical analysis trends VODAFONE GROUP PLC
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 2,77 €
Spread / Average Target 18%
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NameTitle
Vittorio Amedeo Colao Chief Executive Officer & Executive Director
Gerard Johannes Kleisterlee Chairman
Nicholas Jonathan Read Group Chief Financial Officer & Executive Director
Johan Wibergh Group Technology Officer
Samuel Esson Jonah Independent Non-Executive Director
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