Union Cabinet Approves Non-Binding Conciliation with Vodafone -Tuesday June 4,2013

The Union Cabinet on Tuesday June 04,2013 approved a conciliation process with British telecom giant Vodafone in the $2-billion (Rs. 11,200 crore) tax dispute case originating from its 2007 acquisition of Hutchison’s stake in Hutchison Essar.

Finance Minister P. Chidambaram said it was in India's interest to resolve the case through conciliation and not in an arbitrary manner. “Ultimately, the final word will be that of Parliament. It is a non-binding conciliation. Let's see what the outcome is,”