Switzerland has agreed to share details of two companies and three individuals who are facing multiple probes in India.
Separate gazette notifications of the Swiss government say the country’s federal tax department has agreed to provide “administrative assistance” to India on requests made about Geodesic Ltd. and Aadhi Enterprises Private Ltd.
Requests have also been accepted for three individuals associated with Geodesic Ltd. — Pankajkumar Onkar Srivastava, Prashant Sharad Mulekar and Kiran Kulkarni.
Geodesic Ltd was a listed entity and has already faced the wrath of capital markets regulator Sebi for multiple violations. Aadhi Enterprises is said to have links with politicians in Tamil Nadu.
Repeated attempts to contact the two companies and the three individuals for their comments failed to yield any result. In the past, they have denied any wrongdoing.
The 1982-incorporated Geodesic, once known as a fast-growing company with cutting-edge technology solutions, does not have a functional website anymore and is also no longer a listed entity as trading in its shares has been suspended by the stock exchanges for "procedural reasons".
The company and its directors have faced regulatory action by Sebi as well as other authorities like the Enforcement Directorate and the Economic Offence Wing of the Mumbai Police.
As per latest available details about the company on the stock exchanges, Pankajkumar was listed as Geodesic's chairman, Kiran Kulkarni as managing director and Prashant Mulekar as executive director.
In case of Aadhi Enterprises Pvt Ltd, which was incorporated in Chennai in November 2014, the company is said to have seen a rapid growth in real estate and other businesses, but soon landed in trouble due to alleged links to tainted politicians and for allegedly indulging in money laundering.