Thursday, November 10, 2005

Volcker list: Tax probe likely for companies

Volcker list: Tax probe likely for companies - NDTV.com - News on Volcker list: Tax probe likely for companies: "Finance Minister P Chidambaram has said a tax probe cannot be ruled out against the companies named in the Iraq oil kickbacks report.

The 125 Indian companies listed by UN investigator Paul Volcker include Tata, Kirloskar, Cipla and Godrej.

The report said they made illegal payments to Iraqi authorities in the UN sponsored oil-for-food programme - but it added the companies may not have known the payments were illegal.

Officials of the Company Affairs Ministry have also been told to examine the allegations.

Volcker's report made similar charges against Natwar Singh, which forced his removal as foreign minister.

Science minister Kapil Sibal indicated Singh was innocent and blamed businessman Andleep Sehgal, who reportedly paid the bribe on his behalf.

Separately, the Cabinet of Prime Minister Manmohan Singh has approved an enquiry committee on Volkcer report to be headed by Justice Pathak.

The Cabinet is scheduled to meet later tonight. Chidambaram said there was no difference in the objectives of the committee and the commission set up earlier to probe Volcker's allegations."

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