"We are not commenting. We have previously said we have started preparations for a potential IPO, which includes private conversations with banks, but this is a lengthy process and no decision will be made until we are at the end of it," a Vodafone spokesperson said in response to an e-mail query.
Vodafone has reportedly asked banks to sign a non-disclosure agreement as it proceeds to launch IPO of its Indian arm despite its ongoing dispute with the government.
Vodafone moved ICJ in March after arbitrators appointed by it and the government of India failed to reach a consensus on selection of a neutral/presiding judge of the three-member panel, sources aware of the development said.
Vodafone, in 2013, had invoked the India-Netherlands bilateral investment treaty seeking resolution of a retrospective tax demand, which was imposed on it to sidestep a Supreme Court judgment that went in its favour.
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Conciliatory proceedings were initiated to resolve the dispute, but differences led to a breakdown following which arbitration was initiated.
The two had zeroed in on Abdulqawi Ahmed Yusuf of ICJ as the presiding arbitrator.
Lahoti recused himself from the case in May 2015 and a month later, Yusuf too declined to be part of the panel.
Thereafter, India in July last year named Costa Rica-based lawyer Rodrigo Oreamuno to arbitrate on its behalf.
But Oreamuno and Fortier have not been able to decide on a presiding arbitrator, forcing Vodafone to move ICJ, sources said.