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Income-Tax Department conducting surveys on Ashok Hinduja, Hinduja Global Solutions: Report

Besides this, a survey is also underway on Ashok Hinduja, Chairman of the Hinduja Group of companies. More details are awaited.

Group entities under the radar 

The I-T department has carried out a survey at several Hinduja Group locations in Mumbai and other cities, PTI has reported.

Sources told the news agency that the operation is part of a tax evasion probe and adheres to I-T law for survey operations which is confined to office premises. They also indicated the tax department’s action connects with the General Anti-Avoidance Rules (GAAR).

Hinduja Group did not immediately respond to queries, it added.

Q2 Performance

A business process management firm, HGS witnessed a 92 percent decline in consolidated profit to 18.4 crore for the second quarter ending on September 30, 2023. This is substantially down from the 222.88 crore recorded in the corresponding period last year.

The company also experienced a marginal upturn in consolidated revenue from operations, edging up 1 percent to reach 1,179.86 crore in Q2, compared to 1,167.54 crore a year ago.

However, despite the drastic annual decline, HGS managed an 11 percent increase in profit on a sequential-quarter basis. This sequential growth may indicate a potential recovery or stabilisation for the company moving forward.

The Hinduja Group as a whole also owns IndusInd Bank, Hinduja Leyland Finance, and Hinduja Bank (Switzerland).

Hinduja Group is aiming for value creation of $35-40 billion in the banking, financial services, and insurance (BFSI) sector in the next five to seven years by adding more verticals to fill up the gaps.

Ashok P. Hinduja, chairman of Hinduja Group Companies (India), said that the group is diversifying and has plans to get into the new tech, digital and fintech as part of its new phase of growth and fill gaps through acquisitions to have complete offerings in the BFSI sector.

“So the first phase will start and the objective of the holding structure, which is a Mauritius-based IndusInd International, is to grow into the BFSI sector to complete the full stack,” he said.

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Updated: 29 Nov 2023, 01:55 PM IST

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