In the second major case involving a foreign company under its probe, the Central Vigilance Commission (CVC) is investigating alleged excise duty evasion to the tune of about Rs 580 crore by confectionery giant Mondelez, maker of Cadbury chocolates.
Cadbury Malaysia, a part of Mondelez International Inc, on Monday recalled the Dairy Milk chocolates after Malaysian authorities found the pork traces during a random test. Products in this Muslim majority Southeast Asian nation are regularly checked to ensure they are halal, or permissible according to Islamic law.
During its investigation, the officials found that the company claimed excise duty exemption for its new unit in Sandoli village in Baddi, relating to a period even before it came into existence, the sources said.
The government Thursday said that Directorate General of Central Excise Investigation (DGCEI) has detected two cases of tax evasion amounting to Rs 213 crore by the different units of the confectionery major Cadbury India Ltd.
Large brands like Coca-Cola, McDonald’s and Cadbury’s have been provided with an unrivaled platform to promote unhealthy and junk food to children at the London Olympics, according to a report titled The Obesity Games.
The shares of Cadbury on Tuesday jumped
nearly four per cent to touch its year-high on the London
Stock Exchange after the confectionery major accepted the
takeover offer by American food company Kraft Foods.
Kraft Foods Inc and Britain`s Cadbury Plc are holding talks about a potential friendly deal to create the world`s largest confectionery group for up to $19 billion, sources familiar with the matter said on Monday.