Deals
Sesa Merger Was Tax Evasion Device by Agarwal, India Alleges
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India’s government challenged the merger of Vedanta Resources Plc’s local units in court on the grounds the deal by the flagship company of billionaire Anil Agarwal was aimed at avoiding taxes.
The merger is a “device” for tax evasion, according to the petition filed today by the Ministry of Corporate Affairs, citing the income tax department. The ministry is seeking the nullification of the amalgamation. The Supreme Court will hear the plea on July 17.