INDIA: Indian authorities question Pernod Seagram acquisition
By Chris Brook-Carter | 4 July 2001
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.
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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.
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