BIG win for Vodafone as Permanent Court of Arbitration issued an unanimous decision, holding India to be in breach of the ‘fair and equitable’ treatment obligations under the BIT.
@VodafoneIN @Idea
The lawyers for Vodafone are Harish Salve and the team of DMD Advocates (Anuradha Dutt (in picture), Feresthe Sethna, Haaris Fazili and Kunal Dutt)
Decision:
1) Tribunal has jurisdiction
2) Vodafone is entitled to fair and equitable treatment laid down in the Article 4(1) of the Agreement
3) Government of India's conduct is a BREACH of GUARANTEE under Article 4(1)
#VodafoneIdea #Vodafone @VodafoneIN
Govt of India has to pay 40 crores+ as costs to Vodafone
Government of India will reimburse Vodafone a sum of £4,327,294.50 which is 60% of legal costs of Vodafone and 3,000 Euros which is 50% of costs borne by Vodafone to the Appointing Authority.
#VodafoneIdea #Vodafone
[FULL STORY] PCA has ruled in favour of Vodafone with respect to the Indian government's retrospective tax claim of ~ $5.5 billion together with penalty & interest (~Rs 40,000 Crores) stemming from the company's acquisition of Hutch in 2007. #Vodafone
barandbench.com/news/permanent…
Government REACTION to Vodafone Judgment
"The Government will be studying the award and all its aspects carefully in consultation with our counsels."
#Vodafone #VodafoneIdea @VodafoneIN
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.