Two listed Indian textile companies – SEL Manufacturing Company Ltd., Ludhiana and Neo Corporation International Ltd. (NCIL), Indore are under the scanner for reported involvement in black money. Both have however denied any wrongdoing.
Indian news agency PTI has reported that the country is approaching Switzerland for bank details of around ten persons and entities.
Apart from these two textile companies, others are associated with an art curator and his carpet export business. They are suspected to have kept untaxed money in Swiss banks.
Also Read – One more textile company named in Black Money Scam
It is also being said that Switzerland’s Tax Department had issued notices to them last week to reply within one month to appeal against the decision on providing ‘administrative assistance’ in information requests from India.
NCIL is mainly into technical textiles segments like Geotech and Agrotech. It is exporting its products across the globe, while SEL is a vertically integrated textile company having facilities right from spinning, knitting, processing of yarns and fabric to final products like terry towels and readymade garments.
