India’s Black money probe seems to be active again with the latest outcome from the Switzerland Government. The official Gazette of the Swiss Government disclosed names of the firms about whom the Tax authorities in India sought information from their counterparts of Switzerland.
The Swiss Government has disclosed that it has received request for information about an Indian firm “Neo Corp International Ltd.” based in Indore, from the Indian Tax authorities.
Neo Carp which began as a small woven sack maker in 1985 has rose up to a Multinational technical textiles group. Earlier the firm faced Income tax searches in February for alleged Tax evasions. Neo Corp is the latest in a series of Indian names that have been published by the Swiss Government.
As part of its bilateral treaty for administrative assistance and exchange of information with Switzerland, India has sought details about numerous individuals and companies from the Alpine nation as part of its crackdown against suspected black money stashed in Swiss banks.
So far about a dozen names have been disclosed by the Swiss, who follow their own procedure before sharing the information with the Indian authorities. As per the notification released by the Swiss Government the firm Neo Corp will have a 30 days time period to appeal against the sharing of the information in the local federal court- a provision provided to safeguard the interests of the depositors as per the local law, the Times of India reports.
Neo Corp is listed on the BSE but its shares have been falling sharply for the past few days. Claiming to be present in over 28 countries, it commands a market value of Rs 134 crore. It posted revenue of Rs 744 crore and net profit of Rs 30 crore in the latest fiscal.