INDIA: Indian authorities question Pernod Seagram acquisition
India's Directorate of Revenue Intelligence (DRI) has objected to the takeover of Seagram Manufacturing India by Pernod Ricard, the result of the Diageo/Pernod acquisition of Seagram last year, because of an alleged failure by Seagram to pay duties. The problem stems back to a show cause notice issued to Seagram by the DTI in January that accused Seagram of mis-declaring and undervaluing bulk Scotch concentrates and evading customs duties of Rs38 crore ($8.4m) over a five year period.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-drinks gives you the widest beverage market coverage.
Paid just-drinks members have unlimited access to all our exclusive content - including 15 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Olly Wehring, editor of just-drinks
- Comment - Diageo CFO to North America? Do the Math
- Hail Marie Brizard: But, For How Long?
- 5 reasons why Constellation's Meiomi buy works
- Rekorderlig Deal Sees Molson Coors Miss Out
- Constellation Brands basks in beer glory
- Diageo ditches Shui Jing Fang plans in China
- Diageo sells "non-core" Gleneagles
- MillerCoors changes CMOs with immediate effect
- William Grant partners Rugby World Cup
- Molson Coors acquires Rekorderlig UK rights