Tax sleuths have attached 14 accounts of Rotomac group in various bank branches in Uttar Pradesh
GN Bureau | February 27, 2018
Six chargesheets have been filed against Rotomac owner Vikram Kothari by the income tax department.
The chargesheets were filed on Monday, a day that also saw Nirav Modi-Mehul Choksi Rs 11,000 crore scam increasing by Rs 1,300 crore.
The prosecution complaints were filed in a special court in Lucknow under various sections of the Income Tax Act, reported Indian Express.
The tax sleuths had attached 14 accounts of the group in various bank branches in Uttar Pradesh. These assets were attached to “recover outstanding tax demands” of about Rs 106 crore from the group.
Rotomac group is being probed in connection with the alleged swindling of Rs 3,695 crore of loan funds advanced by a consortium of seven banks.
CBI had filed a criminal case against Rotomac Global Pvt Limited, its director Vikram Kothari, his wife Sadhana Kothari, son Rahul Kothari and bank officials based on a complaint from Bank of Baroda. The ED also registered a money laundering case against them, reported Business Standard.
In the Nirav Modi-Mehul Choksi scam that is still unravelling, Punjab National Bank has revealed additional unauthorised transactions, increasing the estimated size of the fraud by $204 million (Rs 1,322 crore). This increase means that the total fraud now amounts to nearly $2 billion (Rs 12,622 crore) as against the original estimated $1,772 million (over Rs 11,300 crore), reported Times of India.
Contrast prime minister Narendra Modi’s first Independence Day speech in 2014 with his latest, the first in the second term, and you know the difference. His first speech was less about future and much about the basic needs like Swachch Bharat (clean India). His speech on Thursday, on the other hand,
With Mumbai city battling myriad civic issues and annual flooding year after year, stakeholders and experts came together to discuss ways of dealing with these issues as community work. The discussion was held at the TEDxVersova Salon- Vibrant Civic Participation, an independent TED event organized by the
Addressing the nation from the ramparts of the Red Fort for the first in his second term, prime minister Narendra Modi highlighted the new beginnings his government has made in recent days, and underlined the hopes of a new India in the making. “Things that could not happen in the past
India has told China that the legislation changing the status of Jammu and Kashmir was “an internal matter. External affairs minister S Jaishankar, visiting China Monday, told foreign minister Wang Yi that the legislative measures were aimed at promoting better governance and socio-ec
When considering climate change, one of the greatest threats before the humanity, discussions usually focus on air and water, but land too is affected by and in turn affects global warming as much as those two elements. A new report from the Intergovernmental Panel on Climate Change (IPCC), out early Augus
To revive bus ridership, the BMC-run Brihanmumbai Electric Supply and Transport (BEST) reduced its bus fares in Mumbai to minimum Rs 5 for non-AC buses as against Rs 8 earlier for the first five kilometres and capped maximum fare at Rs 20. For its AC buses the minimum fare has been brought down from Rs 20