Uh-oh! Now, CVC probes Cadbury for Rs 580 crore alleged tax evasion
AdvertisementIn the second major case involving a foreign company under its probe, the Central Vigilance Commission (
CVC sources said today the anti-corruption watchdog is also looking into the role of central and state government officials who might have facilitated the alleged evasion.
An investigation has been started by the Commission in the case, they said, adding some documents have also been sought from the company.
There are allegations that certain government officials might have helped the company in allegedly evading the excise duty, the sources said.
It is the second big case being probed by the CVC involving a foreign private company. US-retail giant Wal-Mart has come under the scanner of the CVC amid allegations that it gave bribes to government officials to get customs clearances and and obtain permits to set up stores in India.
A Mondelez India spokesperson said today they will cooperate with all the authorities concerned.
"A compliant and ethical corporate culture, which includes adhering to laws and industry regulations in all jurisdictions in which we do business, is integral to our success. We firmly believe that the decision to claim excise tax benefit is valid and that our executives acted in good faith and within the law in the decision to claim decision to claim excise tax benefit is valid and that our executives acted in good faith and within the law in the decision to claim excise benefit in respect of our plant in Baddi.
"We will cooperate with all authorities to address this matter through the administrative and judicial process. It would be inappropriate for us to comment at this time since the matter is in the legal domain," it said in response to a query sent by PTI.
A demand of about Rs 580 crore was raised last year against Mondelez India Foods Pvt Ltd, erstwhile Cadbury India Ltd, for allegedly evading
Image credit: Indiainsider
Popular on BI
- The 10-year Treasury yield will drop to 3.5% by the end of next year as the massive bond rally will continue, UBS says
- Instagram's crisis highlights the bigger issues the entire ad industry is facing
- Exit polls predict BJP advantage in MP, Rajasthan, Congress win in Chhattisgarh, Telangana and tight contest in Mizoram
- International air travel penetration remains low in India: CAPA
- "Meeting friends is always a delight": PM Modi reacts to 'Melodi' selfie shared by Italian counterpart Georgia Meloni
- WhatsApp testing new feature that lets you search users by their username
- Delhi airport: Flights diverted due to bad smog, bad weather
- Meta expanding child safety measures as scrutiny mounts