Civil Law

Cognizant’s High Court approved scheme of arrangement was held to be a colorable device by Chennai ITAT

Cognizant’s High Court approved scheme of arrangement was held to be a colorable device by Chennai ITAT

The ITAT recently dismissed an appeal and slammed Cognizant India Private Limited (“Cognizant India”) for what it perceived as  using a colorable device to evade taxes during its INR 190 billion share buyback exercise.

Cognizant (Mauritius) Limited (“Cognizant Mauritius”) and Cognizant Technology Solutions Corporations USA (“Cognizant USA”) held around 76% and 22% stake in Cognizant India respectively. The remaining 2% minor shareholding was also held by USA based entities.

In the year 2016, Cognizant … Read the rest

Supreme Court

Israeli citizen challenges U.S. wire-fraud conviction for foreign financial scheme

Israeli citizen challenges U.S. wire-fraud conviction for foreign financial scheme

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The Petitions of the Week column highlights a selection of cert petitions recently filed in the Supreme Court. A list of all petitions we’re watching is available here.

The Supreme Court has issued a number of decisions in recent years limiting the reach of the federal wire-fraud statute, which outlaws the use of “the wires” – including internet and phone lines – to commit fraud. This week, we highlight cert petitions that ask the court to consider, among … Read the rest