The revenue department, sources said, will pursue the tax demand along with accrued interest and penalty.
The company, part of the UK-based Vodafone Group, had posted an adjusted operating profit of GBP 60 million (about Rs 503 crore) in the year-ago period, it said.
UK-based Vodafone Group on Friday said its Indian unit Vodafone India reported a growth of nearly 9 per cent in revenue to 1.03 billion pounds during the first quarter ended June 30, 2011, driven by an increase in its customer base.
Essar wants reverse merger of Essar Telecom Holdings Ltd into its listed group firm, India Securities Ltd.
Telecom Egypt, which already owns a 45 per cent in Vodafone Egypt, approached UK-based Vodafone about buying the remaining stake.
"We always prefer long-term regulatory policies as we have to plan our businesses for long-term," Arun Sarin, the outgoing CEO of UK-based Vodafone Group, one of the world's largest mobile operators, said here.
This follows the expiry of its brand-use agreement with the BPL Group. The company, which faces an ownership battle between the Ruias of the Essar Group and the UK-based Vodafone, does not expect 'any issues' to arise from the change. "Loop is an extension of an ongoing campaign, Get in the Loop, and it will be easy for our subscribers to identify with this new brand name," said BPL Mobile Director and CEO Sanjeev Chachondia.
Conversion of debt of the stressed telecom player Vodafone Idea Ltd (VIL) into equity could be an option to emerge out of the crisis, lenders led by State Bank of India (SBI) have suggested to Department of Telecommunications (DoT). DoT had called senior bank officials on Friday to discuss the stress in the telecom sector arising out of the Supreme Court order last month on the adjusted gross revenue (AGR)-related dues payable by telecom majors, including Vodafone Idea and Bharti Airtel, sources said. The top court has given a time period of 10 years to telecom service providers struggling to pay Rs 93,520 crore of AGR-related dues to clear their outstanding amount to the government.
Hutch's migration to the Vodafone brand became complete on Wednesday, but the pug that made the mobile company ever so popular with the masses will remain.
UK-based Vodafone is not the only one awaiting the Indian government's call on its purchase of stake in Hutch-Essar, US coffee retail giant Starbucks is also anxiously looking for a decision on the issue.
Vodafone has to sell its entire stake in Airtel following new norms issued by government.
Finance Minister P Chidambaram has asked UK-based Vodafone Group, which is facing a tax liability of over Rs 11,200 crore in India, to give its view on the long-pending matter in writing, a senior official said.
UK-based Vodafone Group has ruled out selling its around 5 per cent stake in the holding company of Bharti Airtel in the near future as there is no buyer.
The Finance Ministry has already circulated a draft Cabinet note withdrawing the conciliation offer to Vodafone to resolve the Rs 20,000-crore (Rs 200-billion) tax dispute case.
Vodafone India, the nation's second-biggest telecom firm, is planning to invest Rs 7,100 crore in the next 2-3 years, mainly on rolling out 3G networks.
Manoj Sinha will retain his current role in the railways.
The onus of the tax dues of Rs 22,100 crore on Vodafone India's British parent could also fall on the merged entity.
Performance is considered a major reason why Ravi Shankar Prasad might have had to leave telecom.
The Essar Oil, Rosneft deal also helped Arpwood Capital, boutique investment bank, co-founded by Rajeev Gupta and Raj Kataria, to grab the second spot in the mergers and acquisitions league table.
The government plans to take India into the top 50 ranks in ease of doing business in the next two years with efforts such as shifting all applications for industrial licenses online.
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