As per news source, in Singapore, India has challenged a verdict of an international arbitration court against it regarding a $2 billion tax claim involving Vodafone Group Plc.
In September Vodafone won the case against India which became a concern among investors over retrospective tax claims on companies.
An international arbitration tribunal in The Hague had ruled that the imposition of a tax liability on Vodafone by India was a breach of an investment treaty agreement between India and the Netherlands. India had 90 days to appeal the ruling.
This week, India has also lost an international arbitration case against Cairn Energy over a tax dispute. It has been ordered to pay the UK-listed company over $1.2 billion in damages and costs.
India is expected to challenge this ruling too given the size of the award, said the senior government official, who did not want to be named as the decision was not public yet.
India has faced a string of arbitrations by investors including Deutsche Telekom, Nissan Motor Co, Vodafone and Cairn Energy over issues ranging from retrospective taxation to payment disputes.
