The Supreme Court upheld a Gujarat High Court decision, rejecting a Rs 7.64 crore penalty on Vodafone Idea Telecom Infrastructure. The penalty stemmed from a dispute over stamp duty following a merger scheme approved by the NCLT in 2019.
Key highlights:
• Gujarat HC deemed penalty disproportionate, excessive, and unjust.
• Dispute arose from a scheme between Vodafone Idea and Vodafone Towers.
• Stamp duty on NCLT order set at Rs 25 crore in 2021.
• Vodafone expressed readiness to pay duty but faced penalties.
• Gujarat HC favored Vodafone in the appeal process.
The resolution of this legal battle is crucial for Vodafone Idea and sets a precedent for stamp duty disputes in similar corporate transactions in India.
Source: Economic Times