Royal Dutch Shell has won a significant victory in its long-running $3bn battle with India’s tax authorities, in a judgment with implications for dozens of tax disputes involving multinational companies in Asia’s third-largest economy.
Yesterday, the High Court of Bombay ruled in favour of the Anglo-Dutch energy group over allegations that it had underpriced shares issued by Shell’s Indian subsidiary to its parent – a charge the company had attacked as “baseless”.
Shell’s case provides a rare tax victory for a multinational in India, and follows a string of high-profile battles between revenue authorities and businesses that have dented the country’s reputation as a destination for foreign investment.
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