Godfrey Phillips rejects FDI norms violation allegations, says in complete compliance with law
5 years, 9 months ago

Godfrey Phillips rejects FDI norms violation allegations, says in complete compliance with law

Firstpost  

New Delhi: Cigarette maker Godfrey Phillips India on Monday said it is in complete compliance with the country’s FDI norms and rejected allegations of violations regarding its arrangements for manufacturing Marlboro cigarettes. As per media reports, Philip Morris for years has paid manufacturing costs to Godfrey Phillips to make its Marlboro cigarettes and circumventing the FDI norms. “The suggestion of an alleged violation of FDI laws of India is completely misconceived and misplaced,” Godfrey Phillips India said in a regulatory filing. The company was clarifying over various media reports suggesting an alleged violation of FDI norms in the arrangement to manufacture Marlboro cigarettes in India.

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FDI restrictions in tobacco companies likely soon: Report
6 months, 1 week ago

FDI restrictions in tobacco companies likely soon: Report

Hindustan Times  

Foreign Direct Investment in the tobacco sector could reportedly see restrictions being imposed in the coming days. Following the report, shares of ITC, Godfrey Phillips, VST Industries, NTC Industries and Golden Tobacco fell by between 1-3 per cent. As per the proposal, FDI in any franchise of tobacco products, trademark and any branding of tobacco and similar substitutes may soon …

Enforcement Directorate investigates Philip Morris, Godfrey Phillips for alleged violation of FDI laws
5 years, 10 months ago

Enforcement Directorate investigates Philip Morris, Godfrey Phillips for alleged violation of FDI laws

Firstpost  

The Enforcement Directorate is investigating Philip Morris International Inc and its Indian partner Godfrey Phillips for alleged violation of laws in India, a senior directorate source told Reuters on Thursday New Delhi: The Enforcement Directorate is investigating Philip Morris International Inc and its Indian partner Godfrey Phillips for alleged violation of laws in India, a senior directorate source told Reuters …

Philip Morris paid for India manufacturing on cigarettes despite ban on foreign direct investment: Report
5 years, 10 months ago

Philip Morris paid for India manufacturing on cigarettes despite ban on foreign direct investment: Report

Firstpost  

The government in 2010 prohibited FDI in cigarette manufacturing, saying the measure would enhance its efforts to curb smoking New Delhi: Philip Morris International Inc has for years paid manufacturing costs to its Indian partner to make its Marlboro cigarettes, circumventing a nine-year-old government ban on foreign direct investment in the industry, internal company documents reviewed by Reuters showed. Ever …

Philip Morris skirts ban on cigarette investment
5 years, 10 months ago

Philip Morris skirts ban on cigarette investment

Deccan Chronicle  

New Delhi: Philip Morris International has for years paid manufacturing costs to its Indian partner to make its Marlboro cigarettes, circumventing a nine-year-old government ban on foreign direct investment in the industry, internal company documents reviewed by Reuters showed. But dozens of internal company documents— including invoice bills, legal agreements, e-mails and accounting statements—show Philip Morris has for years indirectly …

Philip Morris paid for India manufacturing amid 9-year-old ban on foreign investment in industry
5 years, 10 months ago

Philip Morris paid for India manufacturing amid 9-year-old ban on foreign investment in industry

Firstpost  

Philip Morris, though, stayed in India and used another route, according to company documents dated between May 2009 and January 2018. New Delhi: Philip Morris International Inc has for years paid manufacturing costs to its Indian partner to make its Marlboro cigarettes, circumventing a nine-year-old government ban on foreign direct investment in the industry, internal company documents reviewed by Reuters …

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