First Cry founder slapped with Income Tax Notice for alleged Tax Evasion of $50 million

The Income Tax Department is investigating into an alleged tax evasion by Indian Unicorn First Cry’s Founder and 2 other company are also involved namely- Globalbees Brands Ltd. and Xpressbees, as per an official familiar with the matter.

The tax department has issued notices to first cry founder Supam Maheshwari asking why he did not pay more than $50 million in taxes on stock (equity) transactions made in privately owned FirstCry, according to persons who did not want to be identified because the information is not public.

According to report, in addition to Maheshwari, at least six FirstCry investors, including private equity company ChrysCapital Management Co and Sunil Bharti Mittal’s family office, have received inquiries about the subject.

The report further stated that first cry founder Mahaeswari is in talks with tax department to settle this investigation.