Vodafone told to stump up £344m before Indian court ruling
Indian courts order telecoms giant to deposit £344m in advance of appeal ruling in a £1.8bn tax case
VODAFONE HAS BEEN told to stump up £25 billion rupees (£344m) by the Indian courts as the verdict to a long-running tax case draws closer to being delivered.
India’s Supreme Court ordered the telecoms giant to make the deposit in advance of the ruling on a disputed £1.8bn tax bill, The Times reported.
Vodafone took the case to India’s top court after a previous decision which ordered the company to pay capital gains tax on its $11.1bn purchase of Indian telecoms operator Hutchison Essar.
The court also said that Vodafone must set up a guarantee with an Indian bank for the remaining 85 billion rupees within eight weeks.