SC asks Vodafone to deposit Rs 2,500 crore

Nov 15, 2010 |

IANS

New Delhi

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The Supreme Court on Monday directed telecom major Vodafone to deposit Rs 2,500 crore ($550 million) as part of a tax liability in the takeover of Hutch Essar group's India operations.

An apex court bench headed by chief justice S.H. Kapadia also said Vodafone has to provide a bank guarantee of Rs 8,500 crore to the government. The cash amount of Rs 2,500 crore has to be deposited in three weeks and the bank guarantee within eight weeks, it said.

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