The finance ministry has not approved the plans of Analjit Singh and Asim Ghosh to sell part of their holdings in Vodafone Essar (3.71 per cent and 2.29 per cent respectively) to the parent company, Vodafone International Holdings, for Rs 8.62 billion

The finance ministry has not approved the plans of Analjit Singh and Asim Ghosh to sell part of their holdings in Vodafone Essar (3.71 per cent and 2.29 per cent respectively) to the parent company, Vodafone International Holdings, for Rs 8.62 billion. This is because Singh and Ghosh intended to carry out the deal through a Mauritius-based entity owned by Vodafone International. The revenue department objected to the move, saying it would abuse the tax treaty between India and Mauritius.