India has requested Switzerland tax authorities to launch a probe against six companies of Essar Group regarding any undisclosed company accounts in the country. The alpine nation has reportedly started exchanging information regarding this issue. The Federal Tax Administration of Switzerland, as per the Swiss law, has given all six Essar Group companies an opportunity to appeal against India's assistance via gazette notifications.
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.
Essar Group spokesperson told PTI that the company did not have any undisclosed account in Switzerland, and that it had not received any notice from the Swiss authorities in this regard. However, a similar notification was issued to each of six Essar Group's firms in Switzerland gazette on June 18, in which a 10-day deadline was issued to nominate a person in Switzerland to appeal against the "administrative assistance" process. So far, it's not clear whether Essar Group has nominated any person to communicate with the Swiss tax authority in Berne or not.
(With PTI inputs)
(Edited by Mansi Jaswal)