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Prima-facie information received from Malaysia indicates that Foreign Direct Investment norms were allegedly violated
Information received from Malaysia in connection with the Central Bureau of Investigation’s (CBI) probe in the Aircel-Maxis deal prima facie indicates that foreign exchange rules were allegedly violated.
The CBI has received response from Malaysia regarding its judicial requests in connection with its probe in the deal.
However, CBI sources said the agency needs clarity on some points which might be referred back to the Malaysian authorities for detailed responses after which it might finalise its charge sheet in the matter.
The sources said the prima-facie information received from Malaysia indicates that Foreign Direct Investment (FDI) norms were allegedly violated.
The agency is planning to file a charge-sheet in the case and the response from the Malaysia would help it in consolidating its probe so far.
CBI has registered the case in 2011 against Dayanidhi and Kalanidhi Maran, executives of Maxis Ralph Marshall and T Anandkrishnan besides three companies for alleged graft.
CBI claimed quid-pro-quo on part of the then telecom minister Dayanidhi Maran has been established during the probe. It has also been proved during the CBI probe that there is direct evidence that files of former Aircel chief Sivasankaran were deliberately delayed, sources said.
It was alleged by Sivasankaran that Maran as the then telecom minister favoured the Maxis group in the takeover of his company and in return investments were made by the company through Astro Network in Sun TV owned by the Maran family.
The allegations have been denied by Marans.
Wipro has been slapped with an over Rs816 crore claim by I-T department, becoming the latest IT company to have got such a notice after Infosys, WNS and iGate
Azim Premji-led Wipro became the latest information technology (IT) company in India to receive a notice from the Income Tax (I-T) department. Following similar tax demand notices to Infosys, WNS and iGate, the I-T department has slapped a notice for Rs816 crore on Wipro.
In a statement, Wipro, the third largest IT company in the country, said, the 'draft assessment order' from I-T authorities for FY2008-09 has arisen mainly due to denial of deduction under section 10A of the I-T Act, 1961, in respect of profit earned by its undertaking in the Software Technology Park (STP) at Bangalore.
In a regulatory filing on the US Securities and Exchange Commission (SEC), Wipro said, “The company will file its objections against the said demand before the Dispute Resolution Panel, within the time limit prescribed under the statute”.
Besides the fresh assessment order, Wipro said it is also facing tax demands of around Rs3,936 crore (including interest) for the period 31 March 2001 to 31 March 2008 due to denial of deduction under section 10A of the I-T Act, 1961, on profits it earned in STP in Bangalore.
“Considering the facts and nature of disallowance and the order of the appellate authority upholding the claims of the company for earlier years, the company believes that the final outcome of the above disputes should be in favour of the company and there should not be any material impact on the consolidated financial statements,” the Wipro filing added.