Mauritius tax row settled by mutual consent

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The recent decision by Bombay High Court in E*Trade Mauritius Limited v ADIT & Ors has generated much anxiety and apprehension within tax and investor circles. E*Trade Mauritius, a wholly owned subsidiary of US-based E*Trade Financial Corporation (E*Trade US), sold its stake in Indian company IL&FS Investmart to HSBC Violet Investments (HSBC), also based in Mauritius. The transaction essentially involved the sale of shares in an Indian company from one Mauritian company to another.

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The legislative and regulatory update is compiled by Nishith Desai Associates, a Mumbai-based law firm. The authors can be contacted at nishith@nishithdesai.com. Readers should not act on the basis of this information without seeking professional legal advice.

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