News: SFIO probe calls Tata-Unitech deal in 2007 disguised

Strategic HR

SFIO probe calls Tata-Unitech deal in 2007 disguised

The Serious Fraud Investigation Office (SFIO) has strongly questioned the purpose of the Rs 1,700 crore deal in 2007 between the Tata Group and Unitech, bringing to life a controversial episode from the past that the salt-to-software conglomerate might have thought was dead and buried.

The Serious Fraud Investigation Office (SFIO) has strongly questioned the purpose of the Rs 1,700 crore deal in 2007 between the Tata Group and Unitech, bringing to life a controversial episode from the past that the salt-to-software conglomerate might have thought was dead and buried.

An Economic Times report said that in an initial report submitted in April this year, the Mumbai unit of SFIO has come to the conclusion that the money was meant to enable Unitech Group companies to pay for telecom licences issued in January 2008, rejecting the theory put forward by the Tatas and Unitech that the funds were meant for real estate transactions in Gurgaon.

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Topics: Strategic HR, #Updates, #National

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