Coming as a relief for the debt-ridden Vodafone Idea, the company’s board has approved raising of Rs 2,075 crore from promoter Aditya Birla group and increasing its authorised share capital to Rs 1 lakh crore.
British telecom company Vodafone has confirmed it is holding discussions with Hong Kong conglomerate CK Hutchison, owner of rival telecoms group Three, to combine their businesses in the UK.
Four rounds under the hammer of the 5G spectrum auction were finished on Tuesday, which saw telecom operators - Reliance Jio, Adani Group, Bharti Airtel, and Vodafone Idea bid for the spectrum.
As per official sources, the mobile SIM of a customer was damaged and he applied for a duplicate. However, his SIM was issued to another customer without any verification by the telecom player, and this individual managed to withdraw Rs 68 lakh from the first customer's account as the mobile SIM was connected with his overdraft facility.
Vodafone and Cairn may have taken advantage of tax loopholes by using tax havens like all multinationals, but applying a coercive instrument like retrospective tax only ends up in destroying companies and eroding investor confidence in the stability and predictability of a tax regime. The country has paid dearly for this blunder.
The development came as a major setback for the Indian government after Vodafone Group Plc had won an international arbitration case against the Indian government in September.
Vodafone had challenged the tax department's demand of Rs 7,990 crore as capital gains tax (Rs 22,100 crore after including interest and penalty) under the Netherlands-India Bilateral Investment Treaty (BIT).
The TRAI filed civil appeals against this order and also filed an intervention application seeking interim direction to the service providers to disclose information sought by it regarding the segmented offers.
The telco had moved the International Court of Justice (ICJ) in 2016 due to a lack of consensus between the parties' arbitrators in finalising a judge for the tax dispute.
OPPO said its broad range of products will be made available across Vodafone's retail and online channels.
