India SC dismisses Vodafone review petition
India’s Supreme Court has today dismissed the government’s review petition against January’s landmark Vodafone ruling.
In its petition, seen by International Tax Review, the department said, "there is a patent error apparent" in the court's findings, which holds that the deal is a "bona fide structured" foreign investment into India.
The news comes days after the government unveiled plans to retroactively target Vodafone-style transactions going back 50 years.
Today’s announcement should not be seen as the end for Vodafone. Despite losing the court case and having its review petition dismissed, the government still has the option to file a curative petition which would force the case to be re-examined one final time.
Read what the Supreme Cout had to say, here.
India to target Vodafone-style transactions going back 50 years