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A Network18-Forbes magazine project learns from sources that there are now just two candidates left in the fray to replace KV Kamath at ICICI Bank. These are Chanda Kochhar, the current Joint MD and CFO, and Shikha Sharma, the MD and CEO of ICICI Prudential Life Insurance. ...
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Tata Consultancy Services Ltd (TCS) is in the process of reviewing its capital expenditure plans for the current year due to the global economic crisis....
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The country’s second largest IT services company Infosys Technologies said on Thursday that the growth rate of overall Indian IT and ITES sector may slow down to about 15 per cent this fiscal, compared with about 30 per cent notched during the previous year....
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After Goldman Sachs, UBS is saying property prices need to correct 25–30% for volumes to revive. In fact, current registration figures suggest Mumbai is currently seeing a drop of 35% from last year. ...
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Price correction is applicable in Secondary Market i.e Investment Market like Delhi-NCR, Mumbai & Bangalore. Don\\\\`t mislead potential buyers in other zone as there is no bubble in other parts of the country....
In reply to:
Realty prices need to correct for volumes to revive: UBS
Posted by :
MMB Messenger
After Goldman Sachs, UBS is saying property prices need to correct 25–30% for volumes to revive. In fact, current registration figures suggest Mumbai is currently seeing a drop of 35% from last year. 
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HC ruling on Vodafone deal to hit cross-border M&As
MUMBAI: Companies indulging in cross-border transactions may have to brace up for closer scrutiny from tax authorities. While the Bombay High Court has decided not to stay the Income Tax department’s investigation into Vodafone International’s $11.2 billion purchase of stake from Hutchison Telecommunications International (HTIL), it may just open a Pandora’s box for similar deals done in the past.
Although the details of the 255-page judgement of the Bombay High Court were not available, law firms said prima facie, the order would impact the cross-border mergers & acquisitions in India.
“If I-T department was to ask Indian operating companies, whose shares were sold, for details of all share transfers that might have taken place at the top level, it may be negative for cross-border transactions,” said Akil Hirani, managing partner at law firm Majmudar & Co. He told ET: “The judgement may increase the possibility of potential litigation at the operating company level because the risk of scrutiny will increase significantly.”
However, he did not foresee any impact on foreign direct investment (FDI) into the country, saying: “Tax controversies are part and parcel of doing business. One has to be more skilful in structuring these transactions.”
Vishal Malhotra, a partner in Ernst & Young’s tax practice, said the High Court has only dismissed the writ against the show-cause notice and not given a verdict. “However, it will embolden the I-T department to initiate similar proceedings in other cases,” he said.
In a similar case, the I-T department has already issued notices to the US-based telecom giant AT&T, asking it to file returns in India and to give details of its sale of shares in Idea Cellular to the Aditya Birla group. Also, a similar notice was sent to Foster’s India, which was acquired by global beer major SABMiller.
Rajesh Chaturvedi, managing partner at Chaturvedi & Shah, said each cross-border transaction has to be examined differently. “This is peculiar to Vodafone. Had the transfer been done through a tax treaty country like Mauritius, the outcome would have been different,” he said. Daksha Baxi, head of international tax practice at Khaitan & Co, said: “The judgement would have a major impact in the area of mergers & acquisitions and international tax practice in India.”
...
In reply to:
Vodafone case: HC rules in favour of I-T dept
Posted by : sambala
Vodafone liable to pay Rs 10,000 cr capital gains tax: CBDT
New Delhi, Dec 4 (PTI) Welcoming the Bombay High Court upholding the USD two billion (Rs 10,000 crore) tax notice slapped on global telecom major Vodafone, the government today said it has "strengthened the hands" of authorities to bring under scrutiny the sale of assets in India to a foreign buyer.
The "Bombay High Court has upheld our jurisdiction to look into the case. Total tax liability is estimated to be around USD 2 billion", Central Board of Direct Taxes (CBDT) Chairman N B Singh told reporters here today.
The CBDT will also file a caveat in the Supreme Court, he said on being asked about the Vodafone statement that it would approach the Apex court against the Bombay High Court`s decision.
"The decision of the court in this case has strengthened the hands of the Income Tax department in its attempt to bring to tax in India transactions involving transfer of assets situated in India between entities located outside the country", Singh said.
Other such deals which may come under scanner are AT&T-Tata and Vedanta-Sesa Goa among others.
The High Court had yesterday dismissed Vodafone`s petititon challenging the Income Tax Department`s show-cause notice for the payment of capital gains tax.
The Court, however, gave Vodafone eight weeks to file an appeal in this regard.
According to company sources, Vodafone has decided to file an appeal against the Mumbai High Court order, in the Supreme Court, soon.
Vodafone Holdings International, a Netherland-based company, had picked up the stake of Hutchison in Hutchison-Essar to form the new entity Vodafone-Essar in a USD 11.2 billion deal in 2006.
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This has nothing to do with being ...
In reply to:
Vodafone case: HC rules in favour of I-T dept
Posted by : Guest
HCs decision on Vodafone-IT case clearly indicate that India is not Business friendly nation & It is really difficult to do business here.
It also tells the world that Indian Govt. along with its independent bodies are anti-commerce or anti-enterprising. Lots of bureaucracy, lots of restrictions thwarting & harming the new breed of entrepreneurs. I think India will be soon vacant & will be country without opportunities. If at all opportunities come, they will be hollow or bubbled by advertising & media to keep it alive.
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Vodafone liable to pay Rs 10,000 cr capital gains tax: CBDT
New Delhi, Dec 4 (PTI) Welcoming the Bombay High Court upholding the USD two billion (Rs 10,000 crore) tax notice slapped on global telecom major Vodafone, the government today said it has "strengthened the hands" of authorities to bring under scrutiny the sale of assets in India to a foreign buyer.
The "Bombay High Court has upheld our jurisdiction to look into the case. Total tax liability is estimated to be around USD 2 billion", Central Board of Direct Taxes (CBDT) Chairman N B Singh told reporters here today.
The CBDT will also file a caveat in the Supreme Court, he said on being asked about the Vodafone statement that it would approach the Apex court against the Bombay High Court`s decision.
"The decision of the court in this case has strengthened the hands of the Income Tax department in its attempt to bring to tax in India transactions involving transfer of assets situated in India between entities located outside the country", Singh said.
Other such deals which may come under scanner are AT&T-Tata and Vedanta-Sesa Goa among others.
The High Court had yesterday dismissed Vodafone`s petititon challenging the Income Tax Department`s show-cause notice for the payment of capital gains tax.
The Court, however, gave Vodafone eight weeks to file an appeal in this regard.
According to company sources, Vodafone has decided to file an appeal against the Mumbai High Court order, in the Supreme Court, soon.
Vodafone Holdings International, a Netherland-based company, had picked up the stake of Hutchison in Hutchison-Essar to form the new entity Vodafone-Essar in a USD 11.2 billion deal in 2006.
...
In reply to:
Vodafone case: HC rules in favour of I-T dept
Posted by : sambala
Vodafone will appeal against tax ruling
The Mumbai High Court yesterday dismissed a challenge by Vodafone against a $2bn tax case in a blow to the UK group and a potential setback for other companies looking to make investments in India.
Vodafone had challenged whether Indian tax authorities had the right to assess the tax on the UK group`s $11bn acquisition of a local mobile company, Hutchison Essar.
Vodafone said it would appeal against the ruling to the Supreme Court in New Delhi, the country`s highest court, using an eight-week extension of an order temporarily preventing the tax department from taking any action.
"Vodafone, based on advice received, continues to believe that the transaction is not subject to tax in India and is confident of a positive outcome ultimately," the company said.
Although the court rejected the petition, the full text of its decision has not been released, leaving it unclear on what grounds the judges rejected the company`s case.
In February last year, Vodafone bought a 67 per cent stake in Hutchison Essar, now known as Vodafone Essar, from Hutchison of Hong Kong.
India`s tax department argued that even though Vodafone was the buyer and Hutchison was the seller, the UK group should have withheld an estimated $2bn of capital gains tax on the deal on the government`s behalf.
Vodafone has countered by saying the sale of shares took place between foreign companies, which under past practice would normally have exempted the transaction from taxation in India.
Under the Hutchison Essar sale, a Dutch company controlled by Vodafone paid the $11bn to a Cayman Island entity run by Hutchison, for another Cayman Island company that indirectly held a controlling stake in the India-based mobile operator.
"The decision is very significant," said Mukesh Butani, partner and head of taxes at consultancy BMR & Associates. "The bottom line is that if they`ve lost the case, there will be an impact on several other offshore transactions that the central government wants to tax."
However, there were indications that the court`s ruling might have been based on procedural issues rather than those related to the substance of the case.
The court might have decided Vodafone should have gone through the normal taxation department channels for dispute resolution, including arbitration, before resorting to legal action.
Investors were adopting a wait-and-see attitude to the case, which they expected to run for a long time. "Vodafone has told us that whilst this is a disappointment this makes a capital gains tax liability no more or less likely," said Jonathan Groocock of Investec Securities.
The deal has given Vodafone an important foothold in the world`s fastest growing large emerging market for telecoms.
The group has risen from the fourth-largest operator in the country at the time of the deal to the third-biggest today with 56.7m subscribers at the end of October.
The Vodafone case is just the largest of several mergers and acquisitions that the Indian tax department is thought to be focusing on.
Another potential case involves Genpact, a backoffice outsourcing centre set up by General Electric. It became independent in 2004 when GE sold a 60 per cent stake to the private equity firms Oak Hill Capital Partners and General Atlantic.
GE said it had not received any direct correspondence from the tax department. Instead, the tax office has written to Genpact India seeking information about the transaction.
The tax department has also demanded Rs4.5bn ($90m) from Tata Industries, part of the Tata group, for its Rs6.6bn purchase of a stake in mobile operator, Idea Cellular, from AT&T of the US in 2005, the Economic Times has reported
By Joe Leahy in Mumbai
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Hello Kotak Sir, all your calls were great, but somehow they got posted on your page late, I wish I could have seen them early. What are your calls for tomorrow? I`m stuck with rel capital, at Rs.700, at what level should I get out and re-enter. Also sir, what are the levels to book profits in LT & BHEL.Thanks, Anju....
In reply to:
DAILY NEWS LETTER:04-12-2008
Posted by : KotakInvestment
04-12-2008
_____________________________________
04-12-2008 @ 11.30
-------------------------------
DAILY NEWS LETTER : 04-DEC-2008
__________________________________________________________________
Jai jalaram
____________
Dear Friends,
Since last few days, market is seen range bound. We had seen same pattern
In the month of August and also seen market crashed then after. We, therefore,
Expect either side break out in few days.
Crossing 2707-2833 level will give upper break out while
Breaking 2500 will give lower break out for Nifty target 2299 and
Even lower.
S Kotak
Trading Zone 04-12-2008
________________________________
Scrip Cmp Trigger/ SL Upper Target If Break Trigger Call Buy
AXIS BANK.... 433... 432.... 441-449........ 424-414 BUY with Stop Loss
REL.CAP 432.... 429..... 440-448..... 421-411.. BUY
Punjlloyd..... 143..... 140.... 147-151....... 135-129 Buy
HDFC.... 1410.... 1408... 1441-1473.... 1377 BUY
SBI..... 1097.... 1079... 1123-1150...... 1053-1008 May see Profit Booking from upside levels
DLF..... 192..... 187..... 199-206....... 180-138 BUY with care.
RELIANCE.... 1069.... 1078..... 1105-1141..... 1041-1013 Looks weak.
Nifty Levels : 04-12-2008
______________________________
Nifty : 03-12-2008
Close : 2656
Resistance : 2696-2727
Support : 2587-2572
Trend : 2627..Level shall be taken as NEUTRAL Point for either side trading. ........................
Tracked by: 0 Boarder
04-12-2008
_____________________________________
04-12-2008 @ 11.30
-------------------------------
DAILY NEWS LETTER : 04-DEC-2008
__________________________________________________________________
Jai jalaram
____________
Dear Friends,
Since last few days, market is seen range bound. We had seen same pattern
In the month of August and also seen market crashed then after. We, therefore,
Expect either side break out in few days.
Crossing 2707-2833 level will give upper break out while
Breaking 2500 will give lower break out for Nifty target 2299 and
Even lower.
S Kotak
Trading Zone 04-12-2008
________________________________
Scrip Cmp Trigger/ SL Upper Target If Break Trigger Call Buy
AXIS BANK.... 433... 432.... 441-449........ 424-414 BUY with Stop Loss
REL.CAP 432.... 429..... 440-448..... 421-411.. BUY
Punjlloyd..... 143..... 140.... 147-151....... 135-129 Buy
HDFC.... 1410.... 1408... 1441-1473.... 1377 BUY
SBI..... 1097.... 1079... 1123-1150...... 1053-1008 May see Profit Booking from upside levels
DLF..... 192..... 187..... 199-206....... 180-138 BUY with care.
RELIANCE.... 1069.... 1078..... 1105-1141..... 1041-1013 Looks weak.
Nifty Levels : 04-12-2008
______________________________
Nifty : 03-12-2008
Close : 2656
Resistance : 2696-2727
Support : 2587-2572
Trend : 2627..Level shall be taken as NEUTRAL Point for either side trading. ...........................
In reply to:
DAILY NEWS LETTER:04-12-2008
Posted by : KotakInvestment
Kotak Investments
__________\
Daily News letter 04-12-2008
__________________________________________________________________
Jai jalaram
____________
Dear Friends,
Since last few days, market is seen range bound. We had seen same pattern
In the month of August and also seen market crashed then after. We, therefore,
Expect either side break out in few days.
Crossing 2707-2833 level will give upper break out while
Breaking 2500 will give lower break out for Nifty target 2299 and
Even lower.
S Kotak
Nifty Levels : 04-12-2008
______________________________
Nifty 03-12-2008
Close 2656
Resistance 2696-2727
Support 2587-2572
Trend 2627..Level shall be taken as NEUTRAL Point for either side trading.
Trading Zone 04-12-2008
________________________________
Scrip Cmp Trigger/ SL Upper Target If Break Trigger Call Buy
AXIS BANK 433 432 441-449 424-414 BUY with Stop Loss
REL.CAP 432 429 440-448 421-411 BUY
Punjlloyd 143 140 147-151 135-129 Buy
HDFC 1410 1408 1441-1473 1377 BUY
SBI 1097 1079 1123-1150 1053-1008 May see Profit Booking from upside levels
DLF 192 187 199-206 180-138 BUY with care.
RELIANCE 1069 1078 1105-1141 1041-1013 Looks weak.
____________________
NOTE :
Market may open with positive note.
Note : Pivot point /Trigger Rate is a point which give buy signal if stock trade above this point.
S Kotak
____________
Disclaimer :
Trading involves heavy risk we try to present opinions with best of our care and do not vouch for their authenticity. You should access professional investment advice before taking decisions based on the above. Investors are advised that this analysis is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy. This report does not have regard to the specific investment objectives, financial situation and
The particular needs of any specific person who may receive this information. The information contained hereinabove is based on sources that we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data. Past performance is no guarantee of future results. Any opinions expressed herein are statements of our judgment as of the date of publication and are subject to change without notice.
_____________
Tracked by: 0 Boarder
Vodafone will appeal against tax ruling
The Mumbai High Court yesterday dismissed a challenge by Vodafone against a $2bn tax case in a blow to the UK group and a potential setback for other companies looking to make investments in India.
Vodafone had challenged whether Indian tax authorities had the right to assess the tax on the UK group`s $11bn acquisition of a local mobile company, Hutchison Essar.
Vodafone said it would appeal against the ruling to the Supreme Court in New Delhi, the country`s highest court, using an eight-week extension of an order temporarily preventing the tax department from taking any action.
"Vodafone, based on advice received, continues to believe that the transaction is not subject to tax in India and is confident of a positive outcome ultimately," the company said.
Although the court rejected the petition, the full text of its decision has not been released, leaving it unclear on what grounds the judges rejected the company`s case.
In February last year, Vodafone bought a 67 per cent stake in Hutchison Essar, now known as Vodafone Essar, from Hutchison of Hong Kong.
India`s tax department argued that even though Vodafone was the buyer and Hutchison was the seller, the UK group should have withheld an estimated $2bn of capital gains tax on the deal on the government`s behalf.
Vodafone has countered by saying the sale of shares took place between foreign companies, which under past practice would normally have exempted the transaction from taxation in India.
Under the Hutchison Essar sale, a Dutch company controlled by Vodafone paid the $11bn to a Cayman Island entity run by Hutchison, for another Cayman Island company that indirectly held a controlling stake in the India-based mobile operator.
"The decision is very significant," said Mukesh Butani, partner and head of taxes at consultancy BMR & Associates. "The bottom line is that if they`ve lost the case, there will be an impact on several other offshore transactions that the central government wants to tax."
However, there were indications that the court`s ruling might have been based on procedural issues rather than those related to the substance of the case.
The court might have decided Vodafone should have gone through the normal taxation department channels for dispute resolution, including arbitration, before resorting to legal action.
Investors were adopting a wait-and-see attitude to the case, which they expected to run for a long time. "Vodafone has told us that whilst this is a disappointment this makes a capital gains tax liability no more or less likely," said Jonathan Groocock of Investec Securities.
The deal has given Vodafone an important foothold in the world`s fastest growing large emerging market for telecoms.
The group has risen from the fourth-largest operator in the country at the time of the deal to the third-biggest today with 56.7m subscribers at the end of October.
The Vodafone case is just the largest of several mergers and acquisitions that the Indian tax department is thought to be focusing on.
Another potential case involves Genpact, a backoffice outsourcing centre set up by General Electric. It became independent in 2004 when GE sold a 60 per cent stake to the private equity firms Oak Hill Capital Partners and General Atlantic.
GE said it had not received any direct correspondence from the tax department. Instead, the tax office has written to Genpact India seeking information about the transaction.
The tax department has also demanded Rs4.5bn ($90m) from Tata Industries, part of the Tata group, for its Rs6.6bn purchase of a stake in mobile operator, Idea Cellular, from AT&T of the US in 2005, the Economic Times has reported
By Joe Leahy in Mumbai
...
In reply to:
Vodafone case: HC rules in favour of I-T dept
Posted by : Kalidas
No where in the world, the taking over of controlling stake in offshore vehicle entails tax liability in the country of operation of final subsidiary. The offshore company is outside the scope of the jurisdiction of India. They are not governed by the Law of India but by law of their registration. If one offshore company takes over another offshore company at overseas center, how does India comes into picture? If this is allowed, then almost all overseas operations of any company would be subject to Indian law.
Any court in India is not entitled to tax the overseas entity for that precise reason. Even if the supreme Court decides in GOI favor, the International Court may overrule the Indian judicial order. There would be no sanctity if domestic law are applied indiscriminately to overseas deals where the participating companies are both overseas firms and the deal is also consummated overseas. It does not matter, the assets of one company may have location in India. The rule of jurisdiction is very clear on this subject.
Is the Judge trying to appease the Government of India to win the promotion to the Supreme Court by deciding big ticket case in their favor?
Kalidas, Hong Kong
3-12-2008
Tracked by: 0 Boarder
Kotak Investments
__________\
Daily News letter 04-12-2008
__________________________________________________________________
Jai jalaram
____________
Dear Friends,
Since last few days, market is seen range bound. We had seen same pattern
In the month of August and also seen market crashed then after. We, therefore,
Expect either side break out in few days.
Crossing 2707-2833 level will give upper break out while
Breaking 2500 will give lower break out for Nifty target 2299 and
Even lower.
S Kotak
Nifty Levels : 04-12-2008
______________________________
Nifty 03-12-2008
Close 2656
Resistance 2696-2727
Support 2587-2572
Trend 2627..Level shall be taken as NEUTRAL Point for either side trading.
Trading Zone 04-12-2008
________________________________
Scrip Cmp Trigger/ SL Upper Target If Break Trigger Call Buy
AXIS BANK 433 432 441-449 424-414 BUY with Stop Loss
REL.CAP 432 429 440-448 421-411 BUY
Punjlloyd 143 140 147-151 135-129 Buy
HDFC 1410 1408 1441-1473 1377 BUY
SBI 1097 1079 1123-1150 1053-1008 May see Profit Booking from upside levels
DLF 192 187 199-206 180-138 BUY with care.
RELIANCE 1069 1078 1105-1141 1041-1013 Looks weak.
____________________
NOTE :
Market may open with positive note.
Note : Pivot point /Trigger Rate is a point which give buy signal if stock trade above this point.
S Kotak
____________
Disclaimer :
Trading involves heavy risk we try to present opinions with best of our care and do not vouch for their authenticity. You should access professional investment advice before taking decisions based on the above. Investors are advised that this analysis is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy. This report does not have regard to the specific investment objectives, financial situation and
The particular needs of any specific person who may receive this information. The information contained hereinabove is based on sources that we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data. Past performance is no guarantee of future results. Any opinions expressed herein are statements of our judgment as of the date of publication and are subject to change without notice.
_____________...
Tracked by: 0 Boarder
HCs decision on Vodafone-IT case clearly indicate that India is not Business friendly nation & It is really difficult to do business here.
It also tells the world that Indian Govt. along with its independent bodies are anti-commerce or anti-enterprising. Lots of bureaucracy, lots of restrictions thwarting & harming the new breed of entrepreneurs. I think India will be soon vacant & will be country without opportunities. If at all opportunities come, they will be hollow or bubbled by advertising & media to keep it alive. ...
In reply to:
Vodafone case: HC rules in favour of I-T dept
Posted by : MMB Messenger
The Bombay High Court has ruled in favour of the Income Tax Department in the crucial Vodafone case. The I-T department had slapped a USD 1.7 billion tax notice on Vodafone after it purchased Hutchison`s stake in Hutch Essar for USD 11 billion. Vodafone has eight weeks to appeal the verdict in the apex court.
Tracked by: 0 Boarder
If the assets of the subsidiary company are located in India or for that matter in a domestic country anywhere in the world that domestic company is well within its right to amend its laws in such a way so as to make any transaction in respect of the assets situate in it subject to domestic law. For example citibank branches in india should be subject to takeover tax laws or incometax laws as the case may be if it involves its assets situate in India. Till then ofcourse it would be outside the purview of such taxations etc.
Cases in India as u r well aware are by and large decided on the basis of promotional avenues or illegal monetary gains and only a miniscule percentage strictly on merits and that too only small matters especially in lower courts. The dragging on of cases is another plus for the aggressive but illegal aggressor to the detriment of the victims who are generally law abiding and sincere ....
In reply to:
Vodafone case: HC rules in favour of I-T dept
Posted by : Kalidas
No where in the world, the taking over of controlling stake in offshore vehicle entails tax liability in the country of operation of final subsidiary. The offshore company is outside the scope of the jurisdiction of India. They are not governed by the Law of India but by law of their registration. If one offshore company takes over another offshore company at overseas center, how does India comes into picture? If this is allowed, then almost all overseas operations of any company would be subject to Indian law.
Any court in India is not entitled to tax the overseas entity for that precise reason. Even if the supreme Court decides in GOI favor, the International Court may overrule the Indian judicial order. There would be no sanctity if domestic law are applied indiscriminately to overseas deals where the participating companies are both overseas firms and the deal is also consummated overseas. It does not matter, the assets of one company may have location in India. The rule of jurisdiction is very clear on this subject.
Is the Judge trying to appease the Government of India to win the promotion to the Supreme Court by deciding big ticket case in their favor?
Kalidas, Hong Kong
3-12-2008
Tracked by: 0 Boarder
No where in the world, the taking over of controlling stake in offshore vehicle entails tax liability in the country of operation of final subsidiary. The offshore company is outside the scope of the jurisdiction of India. They are not governed by the Law of India but by law of their registration. If one offshore company takes over another offshore company at overseas center, how does India comes into picture? If this is allowed, then almost all overseas operations of any company would be subject to Indian law.
Any court in India is not entitled to tax the overseas entity for that precise reason. Even if the supreme Court decides in GOI favor, the International Court may overrule the Indian judicial order. There would be no sanctity if domestic law are applied indiscriminately to overseas deals where the participating companies are both overseas firms and the deal is also consummated overseas. It does not matter, the assets of one company may have location in India. The rule of jurisdiction is very clear on this subject.
Is the Judge trying to appease the Government of India to win the promotion to the Supreme Court by deciding big ticket case in their favor?
Kalidas, Hong Kong
3-12-2008...
In reply to:
Vodafone case: HC rules in favour of I-T dept
Posted by : MMB Messenger
The Bombay High Court has ruled in favour of the Income Tax Department in the crucial Vodafone case. The I-T department had slapped a USD 1.7 billion tax notice on Vodafone after it purchased Hutchison`s stake in Hutch Essar for USD 11 billion. Vodafone has eight weeks to appeal the verdict in the apex court.
