On Wednesday, the Income Tax department initiated a survey operation targeting various entities associated with the Hinduja Group, spanning locations in Mumbai and other cities. Notably, the survey extends to the residence of Ashok Hinduja, the chairman overseeing the company’s India business.
The survey operation is being undertaken as part of a tax evasion investigation under the General Anti Avoidance Rules (GAAR) and offices in Mumbai and some other cities are being covered, officials said. Sources indicated that specific transactions carried out under the Income Tax rules are suspected to have been orchestrated to circumvent tax obligations. Following this suspicion, the Income Tax department launched a survey operation against the Group.
According to the legal framework governing survey operations, only office premises are subject to coverage, reported BT. Parmanand Deepchand Hinduja, a self-made young entrepreneur hailing from the renowned town of Shikarpur in undivided India, laid the foundation of the Hinduja Group. Known for his entrepreneurial spirit, dedication to philanthropy, and visionary outlook, Parmanand Deepchand Hinduja, often referred to as P. D. Hinduja, took his first step onto the international stage by establishing an office in Iran in 1919, marking the group’s initial foray outside India. The core pillars of the business at that time were Merchant Banking and Trade.
The Group maintained its headquarters in Iran until 1979, after which it relocated to Europe. The provided information suggests that the Hinduja Group is undergoing a strategic shift, diversifying its interests into new technology, digital, and fintech sectors. This move aligns with contemporary trends and reflects the group’s commitment to staying competitive in evolving markets. Additionally, the group is looking to bridge gaps and enhance its offerings in the banking, financial services, and insurance (BFSI) sector through acquisitions. The geographical reach of the Hinduja Group extends across Europe, Asia, the Middle East, and the Americas, highlighting its global presence and influence. This expansion indicates the group’s adaptability and success in navigating international markets.