India’s tax department investigating FirstCry founder for alleged $50 million tax evasion

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Indias tax department is probing an alleged tax evasion by founder of three Indian unicorns FirstCry.com,.

The department, which Indias Ministry of Finance runs, has sent notices to founder Supam Maheshwari asking why he didnt pay more than $50 million in taxes on equity transactions conducted in privately-held FirstCry, the people said, asking not to be named as the information is not public...

At least six investors in FirstCry, including private equity firm ChrysCapital Management Co and Sunil Bharti Mittals family office, have also received enquiries related to the matter, they said..

Full story at Economic Times | 

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