Vodafone Intl BV case: SC grants stay; orders Rs 2500 Cr pre-deposit

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Vodafone Intl BV case: SC grants stay; orders Rs 2500 Cr pre-deposit By TII News Service Nov 15, 2010 , New Delhi
THE celebrated Vodafone case in which the tax Department had raised Rs 11,000 crores of rupees of tax demand against the telecom giant Vodafone came up for hearing before the Supreme Court today. The petitioner wanted a stay of the tax demand. However, what has come as a shot in the arm for the tax Department is the direction of the Court to Vodafone to immediately deposit Rs 2500 crores in cash and to give a Bank guarantee for the balance of Rs 8500 crores. Subject to the compliance of the same, stay has been granted to the order of the tax Department. The Supreme Court has also ordered an early hearing and the next date has been fixed on 24th February, 2010.

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