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India has sought Switzerland tax department’s assistance in a probe against six companies of the Essar group, including those into steel and power businesses, according to official documents of the Alpine nation.
Kickstarting the information exchange process, the Federal Tax Administration of Switzerland has issued gazette notifications for the six companies, giving them an opportunity to appeal against India’s assistance request as per the Swiss laws.
The six companies for which information has been sought by India are Essar Steel India Ltd, Essar Projects India Ltd, Essar Power Gujarat Ltd, Essar Power MP Ltd, Essar Power (Jharkhand) Ltd and Essar Bulk Terminal (Salaya) Ltd.
When contacted, an Essar group spokesperson said, “The Essar Companies referred to do not have any undisclosed account in Switzerland. Further, we have not received any query or notice from any Switzerland authority in this regard“.
Separate but identical notifications have been issued for each of the six Essar companies in Switzerland’s federal gazette dated June 18, giving them ten days to nominate a person in Switzerland to appeal against the ‘administrative assistance’ process.
It could not be ascertained whether any authorised person has already been nominated by the Essar group to communicate with the Swiss tax authority in Berne.
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