Quick Summary
Income Tax Department carried out a search operation under section 132 of the Income - tax Act, 1961 on 22.07.2021 on a prominent business group, which is involved in businesses in various sectors, including Media, Power, Textiles and Real Estate, with a group turnover of more than Rs. 6,000 crore p
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FAQ :
The group is involved in diversified businesses including Media, Power, Textiles, and Real Estate.
Searches were conducted across 20 residential and 12 business premises in 9 cities, including Mumbai, Delhi, Bhopal, Indore, Noida, and Ahmedabad.
The group allegedly operated several companies in the names of their employees to book bogus expenses and route funds, leading to income escapement.
The detected income escapement amounts to Rs. 700 crore spread over a period of 6 years, though the full extent is still being investigated.
Yes, an instance was found where a Rs. 597 crore term loan was diverted to a sister concern as a low-interest loan, with the original company claiming interest expenses while the funds were used for personal investments.
Potential violations include Section 2(76)(vi) of the Companies Act, Clause 49 of SEBI's Listing Agreement, and possible breaches of the Benami Transaction Prohibition Act.
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