Harish Salve, Senior Counsel, Vodafone
>Judgement likely to set guidelines for similar corporate deals
>Essential message is that if there is genuine foreign direct investment (FDI) which comes into India and is not a fly by night operator, transaction is genuine
> If Parliament wants, they will have to change the law
> This transaction is not taxable because there is no transfer and there was no obligation to withold tax
> Department is within itself to closely examine such transactions
> In case of bonafide corporate structure, the department cannot impose tax
> Court has emphasized that for imposing tax, clarity is must
> For a foreign buyer or seller, tax is not a problem if they know in advance before the transaction
Abhishek Singhvi, Counsel for Vodafone
>Proud of the robustness of our judicial system
>Very clear, thumping, unambiguous verdict for Vodafone
Salman Khurshid, Union Law Minister
>I have not read the judgment yet
>It's a unanimous judgment of three judges
>I would analyze it and then we will be able to comment on this
>Even finance minister has not read the judgment
>I read the Bombay high court judgment, it's reversing this one and it was also very long
>I just know that it has gone against the revenue authorities
>We need revenue for government's important programmes
Hemant Sahai, Managing Partner, HSA Advocates
>Judgment a strong positive for corporate India
>Expect deal to impact on multiple levels
B M Singh, Ex CBDT Chairman
>Tax exclusion great hit to tax department
>Need to look into fine print of judgment for details
>Not clear on how tax liability will function
>Judgment indicates flood of FDI
>Expect increase in cross border transaction
>Reasonable judgment on the whole
Ketan Dalal, Joint leader - Tax and Regulatory Services, PWC
>Great relief for foreign MNCs
>Judgment indicates positive signal towards FDI
>Judgment a positive signal for cross border M&A
Gopal Jain, Senior Lawyer, SC
>Judgment indicates clarity and stability for investors
>Judgment indicates victory of Indian legal system
>Judgment a clear path for cross border transaction
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
