Business
Government weighs legal options in Vodafone tax arbitration case
The government is weighing its legal options after losing the high-profile international tax arbitration case against Vodafone as it looks to limit damages not just in this matter but also in case of a separate lawsuit with Cairn Energy goes against it.
Last month, an international arbitration court ruled that the Indian government seeking ₹22,100 crore in taxes from telecom giant Vodafone using retrospective legislation was in “breach of the guarantee of fair and equitable treatment” guaranteed under the bilateral investment protection pact between India and the Netherlands.
Finance Ministry sources said the government will decide on challenging the award before a court in Singapore – which was the seat of the arbitration, after taking legal opinion.
While the cost implication in the case is limited to having to pay ₹85 crore to Vodafone in legal cost, what is weighing on the government mind is a separate arbitration involving UK’s Cairn Energy plc.
If a separate arbitration panel were to hold a demand for ₹10,247 crore in taxes using the same retrospective legislation as illegal, the government will have to pay Cairn as much as USD 1.5 billion ( ₹11,000 crore).
This is the amount equivalent to the value of shares of Cairn that the government had sold to recover a part of the tax demand. It also includes the dividends and tax refund seized.
Sources said Vodafone International Holding (a Netherland company) had in February 2007 bought 100 per cent shares of Cayman Island-based company CGP Investments for USD 11.1 billion to indirectly get 67 per cent control of Hutchison Essar Ltd – an Indian company.
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Lifestyle
10 best activities hacks for the better lifestyle for Business Managers.
Table of Contents
Business managers, known for their dynamic and demanding roles, are now adopting innovative activity hacks to improve their lifestyle and well-being. Recognizing the importance of work-life balance and personal wellness, these leaders are implementing a range of activities to foster physical health, mental clarity, and overall satisfaction in their professional and personal lives.
Mindfulness at Work lifestyle
Business managers are incorporating mindfulness practices, such as meditation and deep breathing exercises, into their daily routines to reduce stress and increase focus in high-pressure situations.
Regular Exercise Breaks
Amid tight schedules, managers are embracing short exercise breaks, such as brisk walks or stretching exercises, to stay active throughout the day and boost their energy levels.
Nutrition and Healthy Eating
Prioritizing their well-being, managers are adopting healthier eating habits, including nutritious snacks and well-balanced meals, to sustain their energy during demanding workdays.
Time Management Workshops
Business managers are attending time management workshops to enhance their organizational skills, enabling them to efficiently juggle multiple responsibilities and achieve better work-life integration.
Skill Development Seminars
Recognizing the value of continual growth, managers are attending skill development seminars to stay updated on industry trends and enhance their leadership abilities.
Flexible Work Arrangements
Some forward-thinking companies are offering flexible work arrangements to business managers, providing the freedom to create a more harmonious work-life balance.
Social Engagement
Building a sense of camaraderie, managers are engaging in team-building activities and networking events to foster positive relationships within their professional circles.
Unplugging from Technology: In a digital era, managers are prioritizing personal time by unplugging from technology during non-working hours, allowing for genuine relaxation and recharging.
Pursuing Hobbies and Interests
Managers are rediscovering their passions outside of work, be it painting, gardening, or playing a musical instrument, to unwind and find fulfillment beyond their professional roles.
Encouraging Employee Wellness
Some managers are also promoting wellness initiatives within their teams, encouraging their employees to embrace similar activity hacks and lead healthier lives.
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