31 March, 2016
CVC is investigating Mondelez, the US based confectionary giant, for its alleged excise duty evasion of about Rs 580 crore (approximately US$84 million). The authority is also said to have started investigating the role of central and state government officials who might have facilitated the alleged evasion. This is the second major case (following the investigation against Walmart India) where the CVC has conducted an investigation involving a private company. It is also reported that the company also faces potential enforcement action in the US for the alleged bribery of government officials to obtain permissions to set up a factory in India.
For further information, please contact:
Kyle Wombolt, Partner, Herbert Smith Freehills
kyle.wombolt@hsf.com
