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CBI investigates major bribery scandal involving Shapoorji Pallonji. Tax Commissioner Lavidiya arrested alongside executives.

CBI Investigates Shapoorji Pallonji Bribery Case

The CBI investigates Shapoorji Pallonji Group for alleged bribery to sway tax decisions. Commissioner and executive arrested.

CBI probes Shapoorji Pallonji in alleged bribery case

CBI probes Shapoorji Pallonji management for alleged 85 lakh bribe involving Tax Commissioner Lavidiya.

The CBI is likely to question the senior management of Shapoorji Pollonji Infrastructure Gujarat Private Ltd in connection with an alleged case of bribery of Rs 85 lakh, in which a Commissioner of Income Tax and a company executive were arrested, officials said Wednesday.
Viral Kantilal Mehta, deputy general manager (Taxation) of Shapoorji Pallonji (SP) Group, had already paid Rs 15 lakh to two middlemen based in Mumbai - Sajida Majhar Hussain Shah and Prakash Shambaji Pawar, both residents of Chembur, against an alleged bribe demand of Rs 1.20 crore from Commissioner of Income Tax Jeevan Lal Lavidiya for favourable disposal of a taxation appeal filed by the company, the CBI FIR has alleged.
Mehta was arrested by the CBI after paying the second instalment of Rs 70 lakh to a middleman in Mumbai on May 9.
"It needs to be examined who cleared the payment of such a large amount of alleged bribes. The role of everyone involved in the alleged conspiracy will be examined during the course of the investigation," an official said.
In a statement after the CBI operation on May 10, the company had said the group is committed to fully cooperating with the relevant authorities in their investigations.
"The SP Group has been made aware of a serious allegation of misconduct against an employee of one of our Group Company subsidiaries. The alleged conduct was not with the knowledge of the Group, nor was it sanctioned by it. In fact, this goes against the very values and policies that the Group upholds in its business operations," the company had said in a statement.
It said, given the seriousness of these allegations, the Group has already launched an internal enquiry into the alleged conduct and will take the necessary steps based on the outcome of the investigation.
The central agency had received the inputs that Lavidiya had already decided to issue a favourable order from the company and was waiting for a final submission from the company.
According to the FIR, Mehta sought time from Lavidiya to make the company's final submission and the company management's " permission " to pay the alleged bribe to him.
"Source has further informed that the management of Shapoorji Pallonji Infrastructure Gujarat Private Ltd. has now given permission to Viral Kantilal Mehta for payment of Rs 70 lakh to Jeevan Lal Lavidiya, Commissioner of Income Tax for their pending matter," the CBI FIR had alleged.
They said Lavidiya, a 2004-batch Indian Revenue Service officer posted as Commissioner Income Tax (Exemption), Hyderabad, with additional charges as Commissioner of Income Tax (Appeals Unit-8 and Unit-7), was arrested along with Mehta and agents Sairam Palisetty, Natta Veera Naga Sri Ram Gopal, and Sajida Majhar Hussain Shah.
The CBI is also examining other alleged instances of bribes received by Lavidiya to clear companies' appeals.
"Source has informed that Jeevan Lal Lavidiya, while dealing with an appeal of NDW Development Corporation LLP, Mumbai, had obtained a flat at Mumbai worth Rs. 2.5 crores as bribe, which belonged to Aviation Hotels Pvt Ltd., a group company of NDW Development Corporation," the FIR has alleged.
It also alleged that the officer registered the flat as "benami" with Dandela Venkateswarlu, a resident of Khammam District, as the front and kept the registry documents in his custody. Lavidiya is also a native of Khamman.
The CBI FIR further alleged that while handling the matters of Ventura Securities Ltd., Thane and Anandrao Shitole, Mumbai, Lavidiya had allegedly obtained bribe of Rs 20 lakh and Rs 15 lakh through middlemen and routed through hawala channels.
The accused officer received Rs 15 lakh through his middleman while processing the appeal of Hemantkumar Rajendrakumar Shah, Ahmedabad, according to the allegations in the FIR.
The amount was allegedly kept in the bank account of his acquaintance and routed through hawala channels, it had said.

Shapoorji Pallonji&nbsp;Group is parting with it's 'family jewel' in the consumer pack as it sells Eureka Forbes to&nbsp;PE group Advent for Rs 4,400 cr.&nbsp;
Eureka Forbes a loss-making business, is a subsidiary of listed Forbes &amp; Co. As per the agreement it will be demerged from the company and will be listed separately.&nbsp;
The Tata's were the original owners of the Forbes firm which the the Pallonji family had bough&nbsp;almost two decades ago. With over 20 million customers&nbsp;Eureka Forbes is among the largest vacuum cleaner and water purifier brands in India.&nbsp;
The deal will help Shapoorji group pare its Rs 20,000 crore&nbsp;out of which nearly Rs 11,000 cr is under Covid-19 relief program provided by the RBI.&nbsp;The Shapoorji Pallonji&nbsp;Group currently has Rs 10,900 crore&nbsp;as debt.&nbsp;

Eureka Forbes sold for Rs 4,400 cr by Shapoorji Pallonji Group to PE firm Advent Group

Tata to&nbsp;Eureka Forbes, says&nbsp;Shapoor Pallonji Group as it sells iconic consumer brand&nbsp;for Rs 4,400 cr byo PE firm Advent Group

Tata to Eureka Forbes

<ul>
<li>Shapoorji Pallonji Group sells consumer brand Eureka Forbes to reduce debt&nbsp;</li>
<li>Advent Group acquires Eureka Forbes for Rs 4,400 cr from Cyrus Mistry&nbsp;led group&nbsp;</li>
<li>Eureka Forbes a loss-making business, is a subsidiary of listed Forbes &amp; Co</li>
<li>Eureka Forbes was originally owned by the Tata&nbsp;Group over twenty years ago&nbsp;</li>
<li>Eureka Forbes to be listed on the stock exchanges post demerger&nbsp;</li>
<li>Shapoorji Pallonji Group currently has over Rs 20,000 cr in debt</li>
</ul>

Eureka Forbes Ltd (EFL), a 100% subsidiary of Forbes &amp; Company Ltd will be demerged into a standalone company and then be listed on the BSE

Shapoorji Pallonji&nbsp;Group is parting with it's 'family jewel' in the consumer pack as it sells Eureka Forbes to&nbsp;PE group Advent for Rs 4,400 cr.&nbsp;
Eureka Forbes a loss-making business, is a subsidiary of listed Forbes &amp; Co. As per the agreement it will be demerged from the company and will be listed separately.&nbsp;
The Tata's were the original owners of the Forbes firm which the the Pallonji family had bough&nbsp;almost two decades ago. With over 20 million customers&nbsp;Eureka Forbes is among the largest vacuum cleaner and water purifier brands in India.&nbsp;
The deal will help Shapoorji group pare its Rs 20,000 crore&nbsp;out of which nearly Rs 11,000 cr is under Covid-19 relief program provided by the RBI.&nbsp; The Shapoorji Pallonji&nbsp;Group currently has Rs 10,900 crore&nbsp;as debt.&nbsp;

As per The Mint, internal calculations at Tata Sons is pegging the equity value of the salt to software conglomerate at $70 billion.
By this calculation the share of the Shapoorji Pallonji group at 18.4% stands at $12.84 billion or&nbsp;₹94,000 crore. This figure though higher than the initial Rs70,000 cr offered by Tata Sons is still much lower than the Rs 1.7 lakh crore the SP group had demanded&nbsp;
Sources have told Mint that bankers have worked with Tata Group to arrive at this valuation which will be key in finalising the separation plan which still hangs in a limbo.&nbsp;

What’s Mistry’s stake worth? A peek into Tata’s internal calculations 

What&rsquo;s Mistry&rsquo;s stake worth? A peek into Tata&rsquo;s internal calculations shows a valuation gap of over Rs 70,000 cr between the Tata's&nbsp;math and. the SP Groups' demands.

<ul>
<li>Reports indicate Tata's internal valuation pegs equity value of Tata&nbsp;Sons @ $70 billion</li>
<li>As per Tata's&nbsp;internal calculation SP Group stake worth Rs 94,000 cr&nbsp;</li>
<li>Valuation of over RS 70,000 cr between Tata&nbsp;and SP group demands</li>
<li>SP Group stake value left undecided by Supreme Court verdict</li>
</ul>

As per The Mint, internal calculations at Tata Sons is pegging the equity value of the salt to software conglomerate at $70 billion.
By this calculation the share of the Shapoorji Pallonji group at 18.4% stands at $12.84 billion or&nbsp;₹94,000 crore. This figure though higher than the initial Rs70,000 cr offered by Tata Sons is still much lower than the Rs 1.7 lakh crore the SP group had demanded&nbsp;
Sources have told Mint that bankers have worked with Tata Group to arrive at this valuation which will be key in finalising the separation plan which still hangs in a limbo.&nbsp;

'Time to say Tata, bye-bye': Mistry family

Shapoorji Pallonji&nbsp;Group has announced to sell its 18.37% stake in Tata&nbsp;Sons, ending a 70-years relationship

'Time to separate from Tata': Mistry family

Shapoorji Pallonji&nbsp;Group, the largest minority shareholder with 18.37% stake in Tata Sons, on Tuesday said it is 'time to separate from Tata'&nbsp;to end a relationship that has spanned over 70 years.
The Shapoorji Pallonji group&rsquo;s decision came soon after the Tata group on Tuesday told the Supreme Court that it was ready to buy the Mistry family&rsquo;s stake in Tata Sons at the current market value.
The SP Group and Tatas have been engaged in a bitter legal battle ever since Cyrus Mistry was sacked as Chairman of Tata Sons in October 2016.

shapoorji pallonji

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