NEWBURY (Alliance News) - India may seize Vodafone Group PLC's assets in the country if the company doesn't pay a disputed USD2.1 billion tax bill that's still undergoing international arbitration proceedings, Bloomberg reported, citing a copy of the notice that was sent to the company this month.
Anil Sant, deputy commissioner of income tax, reportedly informed the company's Vodafone International Holdings BV Dutch unit of its dues in a letter dated February 4.
The dispute traces back to Vodafone's USD11 billion acquisition of a 67% stake in the mobile-phone business owned by Hutchison Whampoa, now part of CK Hutchison Holdings Ltd.
While Vodafone has said it doesn't owe the Indian government money because the transaction was conducted offshore, Indian authorities have sought to collect taxes on the deal because it involved the assets in the country.
Copyright RTT News/dpa-AFX
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