1. Dana Corporation (for short ‘DC’) "through its successor company DCLLC is the applicant herein Dana Corporation (DC) was incorporated in USA in the Commonwealth of Virginia. DHC (Dana Holding Corporation) and Dana Companies Limited Liability Company (DCLLC) are the companies established as part of reorganization of DC. DHC is 100 per cent holding company of DCLLC. Dana merged with DCLLC. Thus. DCLLC being successor to DC, has to bear the tax liability of DC.

1.1 DC owned shares of two US entities namely, Dana World Trade Corporation and Dana Global Products, Inc. and also shares of various Companies outside the US (subsidiaries of DC) including shares in three Indian companies i.e., (1) Dana India (P.) Ltd. (2) Spicer India (P.) Ltd. and (3) Dana India Technical Centre (P.) Ltd. The percentage of shares held by DC in these three Indian Companies were - 54.65 per cent, 74.9 per cent and 100 per cent respectively. It may be stated that the third company was the wholly owned subsidiary of DC.

1.2 DC had undergone bankruptcy proceedings initiated under the Bankruptcy Code of US (Title 11 Chapter 11). In the course of such proceedings DC submitted a plan for reorganization in Oct