United Breweries (UB) Group chairman Vijay Mallya has resolved Shaw Wallace?s long-standing income tax litigation that has lingered for more than a decade. It has been settled at a mere Rs 34.44 crore, which is only 7.5% of the original demand of Rs 464 crore. The UB Group has also settled disputes over certain brands like John Exshaw, following which Shaw Wallace has acquired the brandy?s global rights. ?Several long standing legal disputes that had historically taken up management resources and time have now been settled,? Mallya has written to his shareholders. Explaining the details of the development, Mallya said, “The income tax settlement commission has dealt with pending tax litigations spanning more than a decade with the net result that contested tax demand amounting to Rs 463.70 crore has been settled at Rs 34.44 crore. Other orders of various appellate forums have also resulted in some refunds to the company.
UB resolves Shaw Wallace income tax litigation
United Breweries Group chairman Vijay Mallya has resolved Shaw Wallace?s long-standing income tax litigation that has lingered for more than a decade. It has been settled at a mere Rs 34.44 crore, which is only 7.5% of the original demand of Rs 464 crore.
