The agency in its counter affidavit said that there are 22 companies that it is investigating and these firms had transferred huge amounts of funds to Vivo India.
“Further, out of the total sale proceeds of Rs. 1,25,185 crores, Vivo India remitted Rs. 62,476 crores. i.e, almost 50°/o of the turnover out of India, mainly to China. These remittances were made in order to disclose huge losses by these companies to avoid payment of taxes in India,” the affidavit said.
These companies are held either by foreign nationals or foreign entities based in Hong Kong, the response said.
Source: Barandbench
