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Government to study Vodafone arbitration case award

Reuters
·1 min read
The spread of the coronavirus disease (COVID-19), in Cairo

BENGALURU (Reuters) - India's government said on Friday that it will study an international arbitration tribunal's ruling in favour of Vodafone Group Plc, ending one of the most high-profile disputes in the country involving a $2 billion tax claim.

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.

It also directed India to pay 4.3 million pounds ($5.47 million) to the company as compensation for its legal costs.

"The government will be studying the award and all its aspects carefully in consultation with our counsels," India's finance ministry said in a statement, adding that it will consider all options, including legal remedies.

(Reporting by Chandini Monnappa in Bengaluru; Writing by Devjyot Ghoshal; editing by Louise Heavens)