Supreme Court asks Vodafone to deposit Rs.2,500 crore

The Supreme Court Monday directed telecom major Vodafone to deposit Rs.2,500 crore ($550 million) as part of a tax liability in the takeover of Hutch Essar group’s India operations. An apex court bench headed by Chief Justice S.H. Kapadia also said Vodafone has to provide a bank guarantee of Rs.8,500 crore to the government. The cash amount of Rs.2,500 crore has to be deposited in three weeks and the bank guarantee within eight weeks, it said.