Switzerland has agreed to share with Indian authorities the details about two companies and three individuals who are facing multiple probes back in India.
One of the two Indian companies used to be a publicly-listed entity and has already faced the wrath of capital markets regulator Sebi for multiple violations, while the other firm is said to have political links in Tamil Nadu.
As per separate gazette notifications of the Swiss government, the country’s federal tax department has agreed to provide ‘administrative assistance’ to India on requests made about Geodesic Ltd and Aadhi Enterprises Private Ltd.
Similar requests have also been accepted for three individuals associated with Geodesic Ltd — Pankajkumar Onkar Srivastava, Prashant Sharad Mulekar and Kiran Kulkarni.
While the Swiss government did not disclose specific details related to the information and assistance sought by the Indian authorities regarding the two companies and the three individuals, such an ‘administrative assistance’ follows submission of proof about financial and tax-related wrongdoings and typically involves sharing of information relating to bank account details and other financial data.