Several Mauritius-based foreign portfolio investors are relooking at their investment company structures, after a recent order by a quasi-judicial body denying benefits of grandfathering provisions under the India-Mauritius Double Tax Avoidance Agreement treaty to private equity firm Tiger Global.

Some of them are making sure that investment decisions are made in Mauritius. Entities that normally hire common directors on boards are also now replacing them. In many cased, tax officials have pointed out that companies rope in some professionals who are directors of hundreds of such firms in Mauritius.

Even some of the smallest things like book keeping or holding quarterly meetings have started In Mauritius and Singapore, say people in the know.