NEW DELHI: It enthralled children with stories of Indian mythology for decades while narrating virtues of good deeds, but the 'Chandamama' magazine's new owners are now in the dock for allegedly stashing illicit funds in Swiss banks.
Switzerland was widely known as an alleged safe haven for black money before it bowed down before the global pressure and agreed to bring down the famed secrecy walls that had historically surrounded the Swiss banks, provided the requesting country gave proof for financial irregularities done by the concerned person or the company.
Along with several other countries, India has also been making use of this change in stance of Switzerland by seeking details of suspected black money hoarders in Swiss banks and it has already got back information in a large number of cases in the last few years.
In a decision dated March 5, Switzerland's Federal Tax Administration (FTA) has decided to grant "administrative assistance” to India in respect of Geodesic Ltd and its three directors -- Prashant Sharad Mulekar, Pankajkumar Onkar Srivastava and Kiran Kulkarni, according to the official documents.
As per the Swiss law, the FTA decision can be appealed within 30 days, provided the appellant is able to give sufficient ground to challenge it.
Earlier on October 30, 2018, also, the FTA had decided to provide the administrative assistance in respect of Geodesic Ltd and the three individuals. While that decision is appeared to have been challenged, the FTA has again decided to share the details with the Indian authorities, indicating that the earlier appeal could not sustain.
In a similar case, the FTA also decided on March 5 to provide ‘administrative assistance' to India in case of a Chennai-based entity, Aadhi Enterprises Pvt Ltd. This decision can also be appealed within 30 days.