Vice President (VP) of Sterlite Industries Varadharajan was arrested today for alleged import excise duty evasion of Rs 750 crore, excise officials said. Sterlite Industries is India’s largest non-ferrous and mining company.
The sources said the alleged duty evasion in import of raw materials for production of copper products was detected during a raid in the factory premises for the past two days. They said Varadharajan has been remanded to 15 days judicial custody. Sterlite officials termed the arrest as a violation of a July 22 stay order from the High Court. The court had stayed any action till disposal of the writ petition on the Import excise duty evasion.