The Bombay High Court will pass its judgment in the Vodafone tax case Wednesday. A division bench comprising justices DY Chandrachud and JP Deodhar had recently reserved the ruling on the case after hearing it for nine consecutive days. The verdict, however, can be challenged in the Supreme Court. This is the second round of litigation in the dispute around Vodafone’s tax liability in the $11.2-billion deal whereby it acquired Hong-Kong based Hutchison Telecom Internationals’ (HTIL) 67% stake in Hutch-Essar (now Vodafone Essar), in 2007. The case, which has its origins in 2007, had reached up to the Supreme Court, which, in January 2009, referred it back to the I-T department. On May 31 2010, the I-T department held in a ruling that it had the jurisdiction to tax the transaction.
Swiss Re to exit TTK Healthcare
Swiss Re on Tuesday said it will sell its entire 26% stake in third party administration firm TTK Healthcare TPA to Vidal Healthcare Services so that it can focus on the re-insurance business in India. However, the company has not disclosed the size of the deal. In a statement, Swiss Re said it has signed an agreement with Vidal Healthcare Services Private Ltd (Vidal), whereby Swiss Re will sell its 26% shareholding in TTK Healthcare TPA Private Ltd (TTKHTPA) to Vidal.