Nearly two years after it sold its Indian telecom business to British giant Vodafone, Hong Kong- based Hutchison Telecom International has warned of possible tax and other obligatory payments in connection with the deal.
“We may be subject to claims or have to make payments as a result of warranty, indemnity or other obligations assumed in connection with the sale of interests relating to CGP Investments Holdings to a subsidiary of Vodafone Group Plc, or Vodafone, in May 2007,” the US-listed HTIL said in a regulatory filing here.
HTIL, in its annual report filing with the Securities and Exchange Commission (SEC), further said that “the Indian tax authorities may consider the gain arising from this sale to be taxable in India.
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