The Indian government’s conduct in respect of the imposition of tax, interest, and penalties, undertaken specifically despite the Supreme Court judgment in Vodafone’s case, is in breach of the BIT. The appeal was filed close to the 90-day deadline ended on Wednesday. Given India’s renewed efforts to enthuse fresh FDI into India, in the aftermath of the anti-China post-Covid sentiment, it is critical that the government curates its response to the arbitral award, not as a purely legal issue, but as a heaven-sent opportunity, to signal its pro-investment stance to the international investor community. New Delhi: The government may be waiting for the outcome of an arbitration initiated against its levy of Rs 10,247 crore retrospective tax on UK's Cairn Energy Plc before deciding on appealing against losing a tax case against Vodafone Group, sources said.An international arbitral tribunal is expected to give a decree within next few days on Cairn Energy Plc's challenge to the … This appears to be in response to India’s submission on jurisdiction, to the effect that, tax disputes were excluded under the relevant BIT. Who will pay this, @RahulGandhi?. At the time though, in view of the likelihood that a challenge to the subject retrospective amendment might not succeed given the Indian Aluminium line of judgments, it appears that the Senior Counsel for Vodafone explored a more innovative option -- to test the legality of the retrospective amendment under the India-Netherlands and the India-U.K. Implications of Vodafone arbitration award on rights of investors to claim under treaties. Vodafone's capital gains tax dispute: more hurdles in the waiting. Both Vodafone and Cairn had challenged the tax demands under bilateral investment protection treaties. An international arbitration tribunal in The Hague ruled that India's imposition of a tax liability on Vodafone, as well as interest and penalties, were in a breach of an investment treaty agreement between India and the Netherlands. Despite solid losses in the bilateral treaty cases under international arbitration brought by Vodafone Plc and Cairn Energy Plc the Indian government won’t give up. Both Vodafone and Cairn had challenged the tax demands under bilateral investment protection treaties. 1958 - Convention on the Recognition and Enforcement of Foreign Arbitral Awards - The New York Convention This award presents India with a unique opportunity, to enhance its credibility and standing, an opportunity which India must not miss. When faced with the 2012 retrospective change in tax law, Vodafone chose not to challenge it. Vodafone arbitration case: All options open, government to take action after studying award; In-flight services to operate at height of 20,000 feet and above: Reliance Jio The views expressed here are those of the author and do not necessarily represent the views of BloombergQuint or its editorial team. As per the award, the government has to reimburse Vodafone 60 per cent of its legal costs and half of the 6,000 euros cost borne by Vodafone for … When the BJP government first came to power in 2014, the then Finance Minister very clearly signaled in the union budget of 2014, that the new government does not support retrospective amendments, which create fresh liability for assessees. The government will consider all options including legal recourse after studying the award passed by tribunal in the arbitration case by Cairn Energy Plc, the finance ministry said in a statement on Wednesday. The government had last week told the Delhi High Court that it hasn't so far decided on appealing against the Vodafone arbitration award. Vodafone Group Plc said on Friday that it had won an international arbitration case against the Indian government, ending one of the most high … The BJP government also indicated that it was defending this BIT and other legal proceedings related to the Vodafone retrospective amendment, as it was duty-bound to defend the actions of the previous government, although the BJP government was not supportive of such retrospective amendment. This was in 2006-07 Now arbitration award given to cairn for 1 billion dollars. Centre clarifies on Vodafone's arbitration award case; Vodafone Idea surges 4% In the latest development, the Finance Ministry has now clarified over the arbitration award case against Vodafone. Consequently, there was no authority in law to tax “indirect transfers” of a “capital asset” situated outside India. In a major setback on Wednesday, the Indian government has lost arbitration case to energy giant Cairn and has been asked to pay damages worth Rs 8000 crore to the UK oil major. The government had last week told the Delhi High Court that it hasn't so far decided on appealing against the Vodafone arbitration award. The operative part of the Award holds that: The exact reasoning and the analytical basis of the tribunal’s award will only be known, if and when, the award is made public. Vodafone Arbitration Award: Opportunity To Enhance India’s Investment Credibility BloombergQuint Opinion. (To download our E-paper please click here. These desperate @INCIndia jokers made retrospective tax laws and ruined economy for everyone. One view is that any conduct by India to seek to enforce the tax demand despite the award or failure to make the payments directed, would invite action for acting contrary to “cease the conduct” direction. An international arbitration tribunal in The Hague had ruled that India's imposition of a tax liability on Vodafone was in a breach of an investment treaty agreement between India and the Netherlands. India has 90 days or till December 24 to challenge the Vodafone award before a court in Singapore - which was the seat of the arbitration. In 2007, the Indian Income Tax department had slapped a demand notice on Vodafone seeking capital gains tax. If so, this would raise an issue as to whether the same conclusion would be reached for an entity, other than Vodafone. An Arbitration Award was passed by the international tribunal on Sept. 25, 2020. The issue is being watched closely after a fresh disappointment for the income tax department in the Cairn Energy case, which has also ruled that the governments retrospective action – piloted by the foreign tax division of the income tax department- violated its commitment to fair and equitable treatment under the bilateral investment protection treaties. In its landmark 1996 judgment in the case of Indian Aluminium Co. v. State of Kerala, it was declared as settled law that legislature can, by enacting a valid law on a topic within its legislative field, always render a judicial decision ineffective by fundamentally altering or changing its character retrospectively. Post the award, it would be fitting for this government—having done its utmost to defend an “indefensible provision”—to distance itself from the actions of the previous government and to accept the award. 18. "The award is confidential but Vodafone can confirm that the tribunal has found (it) in Vodafone's favour," Vodafone Group said in a statement. Introduction. This is normally done at the beginning of the award in the recitals. In the 2014 case of Vatika Township, the Supreme Court emphasised on the doctrine of fairness and observed that law passed today cannot apply to the events of the past. • Unless otherwise agreed by the parties or if it is a consent award, s.33(3) requires a reasoned award to be made. It was not immediately known if the Indian government will abide by the arbitration award. On September 25, 2020, Vodafone Group Plc received in its favour an award from an international arbitral tribunal in a long-running USD 2 billion capital gains tax dispute with the Indian tax authority. It has appealed the decision by the Permanent Court of Arbitration in the Vodafone case. Telecom giant Vodafone on Friday won a significant ruling against the Indian government in an international court over Rs 20,000 crore in dues which it had described as unfair. India has challenged an arbitration award given to telecom major Vodafone in connection with the retrospective tax demand case, CNBC-TV18 reported. She said it … Bloomberg | Quint is a multiplatform, Indian business and financial news company. However, the ultimate destination of any arbitration proceeding is enforcement of the arbitral award. And, given that the damages in the Cairn matter are far more significant – over a $1 billion dollars, it is expected to appeal that as well. India had 90 days or till December 24 to challenge the Vodafone award before a court in Singapore - which was the seat of the arbitration. Vodafone arbitration case: All options open, government to take action after studying award; In-flight services to operate at height of 20,000 feet and above: Reliance Jio It also directed India to pay 4.3 million pounds ($5.47 million) to the company as compensation for its legal costs. The government had last week told the Delhi High Court that it hasn't so far decided on appealing against the Vodafone arbitration award. Experts mixed on the Indian government response. Read more about India challenges Vodafone arbitration award, plans the same in Cairn case on Business Standard. Vodafone arbitration award issue discussed with PM Modi; final decision likely at another meeting soon. Who will pay this, @RahulGandhi?. "We are studying the lengthy documents and can make no further comment at this time." In September, international arbitration court ruled that the Indian government seeking Rs 22,100 crore in taxes from telecom giant Vodafone using retrospective legislation was in "breach of the guarantee of fair and equitable treatment" guaranteed … It is pushing this argument to seek a review of the Vodafone ruling in Singapore, pointing to a case involving an African country’s battle with global mining giants. Join our. The publishers permit sharing of the paper's PDF … It would be even worse for India to challenge the award, while in the parallel, engaging with foreign investors, to assure them of India’s credibility as an investment destination. It is also of some interest, as to how the tribunal directions for India to “cease the conduct” will play out. Some say it will send wrong signal to investors, while others say bilateral investment treaties exclude tax disputes India must pay a percentage of legal costs and fees totaling to £4.32 million. Introduction. I hope you like my video ! New Delhi: The Indian government has time till the last week of December to appeal against the verdict of an arbitration panel that scrapped levy of Rs 22,100 crore tax on the UK-based telecom firm Vodafone Group Plc using a retrospective law. On their part, revenue officials have argued that rulings by international tribunals cannot over-ride the sovereign powers of the legislature in framing tax policies, Reuters said in its report. There are a series of BIT arbitration proceedings, where the actions of the Government of India have been challenged, in relation to the retrospective amendment of May 2012, and in relation to a series of other issues, including the cancellation of various licenses in the satellite and telecom sectors. In many of these proceedings, India may have a substantial liability for payments running into billions of dollars. India has challenged the Vodafone arbitration award in Singapore on December 21, Reuters reported citing a government official. ). Some experts are of the view that India should not appeal against the arbitration award as it would send a positive signal to foreign investors and close the vexed Vodafone retrospective tax issue that has dogged successive governments since 2012. It is currently unclear whether there are any generic findings, that the retrospective amendment per se breaches the FET clause on pure legal principles under the BIT. India had 90 days or till December 24 to challenge the Vodafone award before a court in Singapore - which was the seat of the arbitration. Vodafone arbitration award issue discussed with PM Modi; final decision likely at another meeting soon. In a unanimous decision, the Permanent Court of Arbitration at The Hague on Friday ruled that; India’s retrospective demand of Rs 22,100 crore as capital gains and withholding tax imposed on the British telecommunication company; For a 2007 deal was “in breach of the guarantee of fair and equitable … Sep 29 2020, 10:29 AM Sep 29 2020, 10:29 AM September 29 2020, 10:29 AM September 29 2020, 10:29 AM. The Tribunal also held that given the facts of the case, Vodafone was entitled to protection under the BIT’s norms of “fair and equitable” treatment. Up Next. This was in 2006-07 Now arbitration award given to cairn for 1 billion dollars. Yet, it will be important to understand whether this tribunal decision can offer hope to other similar cases. Since then a variant view in relation to retrospective amendments, in different facts and circumstances, has been taken. India’s actions would speak louder than its words. India has challenged Vodafone arbitration award in Singapore on Dec 21; Centre recently discussed Vodafone tax dispute award at highest level, including Prime Minister Narendra Modi May 28, 2012, was a day that cast a long and dark shadow on India’s credibility as a foreign direct investment destination. The Government of India has indicated that it is examining its appeal options either in Singapore (where the seat of arbitration was) or in Hague (where the International Court is situated). Implications of Vodafone arbitration award on rights of investors to claim under treaties. The Arbitral Tribunal held that it has jurisdiction to consider Vodafone’s claims on breach of the BIT between the two countries. However, the Centre said it will study the arbitration award and decide on its future course of action. As per the award, the government has to reimburse Vodafone 60 per cent of its legal costs and half of the 6,000 euros cost borne by Vodafone for appointing an arbitrator on the panel. May 28, 2012, was a day that cast a long and dark shadow on India’s credibility as a foreign direct investment destination. Missing BloombergQuint's WhatsApp service? The retrospective amendment created an uproar among India-focused investors and the tax community world over. India has challenged the Vodafone arbitration ruling in Singapore appeals court over a Rs 22,100 crore restrospective tax demand, on the grounds of sovereignty. Up Next. May 28, 2012, was a day that cast a long and dark shadow on India’s credibility as a foreign direct investment destination. As things stand today the key consequence of the award is that the Indian government can no longer demand tax ($3 billion) on the Vodafone transaction. The publishers permit sharing of the paper's PDF on WhatsApp and other social media platforms. It was the day the Congress-led UPA government passed a retrospective amendment to the Income Tax Act, 1961 to tax “indirect transfers”, effectively nullifying the judgment of the Supreme Court dated Jan. 20, 2012, in the case of Vodafone International Holdings B.V. Vs Union of India. Under Article 4 of the BIT, Vodafone was entitled to “fair and equitable treatment” (FET) in respect of its investments in India, which was denied to it. The retrospective amendment was made by the insertion of Explanation 5 in Section 9 of the Act. Arbitration Rules of the Arbitration Institute of the Stockholm Chamber of Commerce (“SCC Rules”). This blog post was originally published on the Practical Law Arbitration Blog and is reproduced with the permission of Thomson Reuters.. "The award is confidential but Vodafone can confirm that the tribunal has found (it) in Vodafone's favour," Vodafone Group said in a statement. Just like Vodafone Case, Cairn India case also lost by Govt of India. Vodafone Group lawyer Anuradha Dutt told the court on Tuesday that the company would not proceed with the second arbitration under the UK-India BIPA unless the award under the India-Netherlands treaty was set aside by a competent authority. Rohan Shah is Counsel at the Supreme Court and Bombay High Court. The award was unanimously passed by all the three members of the tribunal. Centre sought time on whether it would challenge an international arbitration tribunal's award in favour of Vodafone under the India-Netherland Bilateral Investment Protection Agreement India had 90 days or till December 24 to challenge the Vodafone award before a court in Singapore - which was the seat of the arbitration. Bilateral Investment Treaties. The Permanent Court of Arbitration (PCA) at The Hague has ruled in favour of Vodafone with respect to the Indian government's retrospective tax claim of approximately USD 5.5 billion together with penalty and interest (Approximately Rupees 40,000 Crores in today's conversion rates) stemming from the company's acquisition of the Indian assets of Hutch back in 2007. The answer to this issue, will most likely emerge in the case of Cairn/Vedanta, the tribunal award in which is expected shortly. However, the Centre said it will study the arbitration award and decide on its future course of action. Centre clarifies on Vodafone's arbitration award case; Vodafone Idea surges 4% In the latest development, the Finance Ministry has now clarified over the arbitration award case against Vodafone. She said it … "We are studying the lengthy documents and can make no further comment at this time." Vodafone Wins Arbitration Against India – Free PDF Download . The Ministry of Finance on Wednesday junked reports that claimed the Attorney General of India was in favour of not appealing in the Vodafone arbitration award. And while FDI flows have recovered over time, India’s international standing as an investment destination remains hurt by this move. Some experts are of the view that India should not appeal against the arbitration award as it would send a positive signal to foreign investors and close the vexed Vodafone retrospective tax issue that has dogged successive governments since 2012. These desperate @INCIndia jokers made retrospective tax laws and ruined economy for everyone. Over time the Supreme Court has had occasion to examine the legality and constitutionality of retrospective amendments. It also directed India to pay 4.3 million pounds ($5.47 million) to the company as compensation for its legal costs. Telecom giant Vodafone on Friday won a significant ruling against the Indian government in an international court over Rs 20,000 crore in dues which it had described as unfair. Short and crisp information on vodafone vs India case with timeline and important terms which are to be kept in mind. Vodafone has won arbitration against India over the government's retro tax demand of Rs 20,000 crore at the Permanent Court of Arbitration in Hague on … "From the award, it appears that the seat of arbitration is Singapore and prime facie the challenge may lie in the said arbitration before the municipal courts of Singapore," the SG suggested. "We are studying the lengthy documents and can make no further comment at this time." An international arbitration tribunal in The Hague ruled that India's imposition of a tax liability on Vodafone, as well as interest and penalties, were in a breach of an investment treaty agreement between India and the Netherlands. Vodafone Group lawyer Anuradha Dutt told the court on Tuesday that the company would not proceed with the second arbitration under the UK-India BIPA unless the award under the India-Netherlands treaty was set aside by a competent authority. Synopsis. India should “cease the conduct in question” and any failure to comply with the directive will “engage its international responsibility”. The Vodafone award could bolster investor confidence in initiating disputes under international investment agreements (IIAs) or bilateral investment treaties (BITs), against retrospective tax amendments or other government measures adopted by India. Synopsis. (Photographer: Krisztian Bocsi/Bloomberg). Rohan Shah; Bookmark . It was not immediately known if the Indian government will abide by the arbitration award. Centre to study arbitration case award in Cairn Energy Plc (To download our E-paper please click here . India has 90 days or till December 24 to challenge the Vodafone award before a court in Singapore - which was the seat of the arbitration. Also read: Centre may be waiting for Cairn arbitration award to decide on Vodafone appeal: report. New Delhi: The Indian government has time till the last week of December to appeal against the verdict of an arbitration panel that scrapped levy of Rs 22,100 crore tax on the UK-based telecom firm Vodafone Group Plc using a retrospective law. India has challenged in Singapore an international arbitration court’s verdict against it over a $2 billion tax claim involving Vodafone Group Plc, said reports on Thursday quoting a senior government official on condition of anonymity. … The verdict, which came late night on Tuesday, comes three months after India lost arbitration to Vodafone over the retrospective legislation. Explanation 5 legislated that transfer of shares or interest of an entity outside India, which draws its value substantially from assets located in India, “shall always be deemed to have been situated in India”. According to the award, the government of India will reimburse Vodafone 4,327,294.50 pounds or its equivalent in US dollars, being 60% costs for … In a recent, still unpublished award, India lost an arbitration dispute initiated by Vodafone because India had imposed a hefty tax bill of several billion dollars retroactively. "We are studying the lengthy documents and can make no further comment at this time." Just like Vodafone Case, Cairn India case also lost by Govt of India. Also read: Vodafone arbitration award: Issue discussed with PM Modi; Centre may challenge caseThe Vodafone arbitration case:Vodafone Plc had invoked India-Netherlands bilateral investment treaty in 2013, seeking a resolution to the tax demand imposed on it by enacting a tax law with retrospective effect to sidestep a Supreme Court judgement that went in the companys favour. This would exhibit the statesmanship of the present government and signal very strongly India’s commitment to fairness and equity, in dealing with investing partners. The Arbitral Tribunal had the jurisdiction to deal with the present issues under the BIT. We combine Bloomberg’s global leadership in business and financial news and data, with Quintillion Media’s deep expertise in the Indian market and digital news delivery, to provide high quality business news, insights and trends for India’s sophisticated audiences. 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