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India Says HSBC, Shell Local Units Among Firms That Underpriced Share Sale

Mukesh JagotaNEW DELHI--India's finance ministry said Friday the local units of HSBC Holdings PLC (HBC), Royal Dutch Shell PLC (RDSA) and Vodafone Group PLC (VOD) are among the firms that underpriced the shares they sold to their sister companies.Indian tax authorities detected 27 cases of locally registered companies undervaluing such share sales in the financial year that ended March 31, the Finance Ministry told Parliament. (both would be fine)It said the companies include HSBC Securities and Capital Markets (India) Pvt. Ltd., Shell India Markets Pvt. Ltd., Vodafone India Services Pvt. Ltd., Perot Systems TSI (India) Pvt. Ltd., Standard Chartered Securities India Ltd. and Bharti Airtel Ltd.It said the tax authority has sent notices to these companies and officials are responding to the replies they have received.Copyright © 2013 Dow Jones Newswires...

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