ICC also directed Antrix to pay $672 million, or Rs.4,435.20 crore, in damages to Devas Multimedia. British telecom giant Vodafone is engaged in an international arbitration with India on a case of retrospective taxation under a bilateral investment treaty. “The PCA tribunal also found that India breached its treaty commitments to accord fair and equitable treatment to Devas’s foreign investors,” Devas said in a statement on Tuesday. Bangalore-headquartered Devas Multimedia was founded by former Isro scientists and counts Deutsche Telekom, Columbia Capital and Telecom Ventures among its lot of foreign investors. Reports said the government will have to pay about Rs 6,700 crore as damages for arbitrarily annulling the contract in 2011.

Source: Hindustan Times July 26, 2016 17:03 UTC