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Sterlite VP arrested for duty evasion

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Press Trust Of India Tuticorin

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.

 

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First Published: Jul 25 2010 | 12:18 AM IST

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