India is demanding millions of dollars in dividends from 12 reluctant state companies to make up for an expected tax revenue shortfall this fiscal year, as a slump in economic growth risks New Delhi overshooting its fiscal deficit target. The demand has been made following a finance ministry assessment on Oct. 25 of the financial health of 14 state companies, including top miner NMDC Ltd and trading firm MMTC Ltd, according to a government document reviewed by Reuters. The ministry asked 12 of the companies to payout between 30 percent and as much as 100 percent of their ...
Govt seeks hefty dividends from state firms as its revenues falter
The demand has been made following a finance ministry assessment of the financial health of 14 state cos