The Authority for Advance Rulings (AAR) has rejected an application of three Mauritius-based companies, part of US-based hedge fund Tiger Global Management, to avail of nil withholding tax on capital gains arising out of the $16-billion Walmart-Flipkart deal, struck in May 2018. Tiger Global was one of the prominent shareholders in e-commerce major Flipkart, founded by Sachin Bansal and Binny Bansal in 2007.
Mauritius-based Tiger Global International (II, III, IV) Holdings had sold their stake in Flipkart Singapore in 2018 to Luxembourg-based Fit Holdings for over Rs 14,500 crore. They ...
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First Published: Wed, June 03 2020. 02:01 IST
