Tax Evasion Case To Defame Us, Says Dcm Daewoo Md

'I am shocked, upset and surprised at our name being dragged into this, and as far as the company is concerned no offence has been committed,'' the managing director said.

The DDML chief said the foreign partner, Daewoo was also ''surprised and shocked at the whole episode,'' which he said appeared to be ''some kind of negative approach in the competitive environment.''

Maintaining that the company had evaded sales, Awasthi said the company enjoyed a zero sales tax structure due to its presence in the industrial zone of Uttar Pradesh and for competitive reasons was billing the inventory from that state.

''There is no need for the company to pay sales tax at the first point of sale and the only possibility could be that a tax evasion could have happened at the second point of sale, something over which the company has no control.''