Taxation
NMDC gets Rs1,631 crore tax notice from I-T department
The notice from Income Tax department alleges that NMDC had under invoiced some export accounts during assessment years 2006 to 2010
 
The Income Tax (I-T) Department has slapped a Rs1,631-crore demand notice on the state-run National Mineral Development Corporation (NMDC) Ltd.
 
The notice issued for assessment years 2006—07, 2007—08, 2008—09 and 2009—10, alleges that the state-run company had under-invoiced some export accounts. NMDC has paid Rs1,134.27 crore to the tax authorities so far and contested the claim in respective appellate authorities.
 
During 2011—12, I-T authorities reopened the assessment for financial years 2007—08 and 2008—09 including NMDC's incomes of Rs2,517.21 crore and Rs278.03 crore respectively, alleging 'under invoicing of exports' and raised tax demand notices for Rs1,255.83 crore and Rs102.85 crore for those years.
 
Similarly, last year I-T department reopened the state-run company’s accounts of assessment years 2006—07 and 2009—10 and raised tax demand notices for Rs177.90 crore and Rs94.36 crore for the respective years.
 
NMDC has contested these allegations stating that all transactions are transparent as well as routed through bank accounts and filed appeals before appellate authorities.
 
NMDC said it exported 3.26 million tonnes, 3.78 million tonnes, 3.87 million tonnes and 3.43 million tonnes during 2006-07, 2007-08, 2008-09 and 2009-10 respectively, and the total value of exports during those four years have been recorded as Rs4,382.52 crore.
 
Currently, the issue about assessment years 2006—07 and 2009—10 is pending before the Commissioner of Income Tax (Appeals) and the matter related to 2007—08 and 2008—09 is pending before the Income Tax Appellate Tribunal at Hyderabad.
 

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COMMENTS

Ramesh Poapt

4 years ago

Such malpractices is very usual for big companies.In PSUs,things are as per instructions from off the record 'big people'!This is the beauty(!)of all PSUs. PSUs are very important vehicle for the 'development/growth' of many well wishers(!)!

HC issues notice to SEBI, Sahara Q Shop
The Lucknow Bench of the Allahabad High Court also directed union and state government to apprise the Court about what has so far been done in the matter of issuance of Sahara Q Shop bonds or advances
 
The Lucknow Bench of the Allahabad High Court on Monday issued notice to market regulator Securities and Exchange Board of India (SEBI) and Sahara Q Shop Unique Products Range Ltd over the issuance of Sahara Q Shop bonds or advances. Lucknow-based Amitabh Thakur, a former Indian Police Service (IPS) officer and social activist Dr Nutan Thakur had prayed for enquiry in to the issuance of the bonds or advances by Sahara Q Shop.
 
The bench of Justice Devi Prasad Singh and Justice Ashok Pal Singh also directed the counsel of the union and state government to seek instructions and apprise the Court about what has so far been done in this matter. Next hearing shall be on 8 October 2013.
 
The Thakurs had filed a writ petition before the High Court. The Thakurs bought two Sahara Q Shop advances where they were told by Sahara Q shop staff that after six years, they would get Rs2,335 in return of Rs1,000 deposited by them. A Scheme Chart was provided which said that Rs1,000 would have a redemption value of Rs2,354 after six years. But the general terms and conditions (of the scheme) say that this plan is merely an advance for buying goods, the Thakurs said.
 
Finding this inconsistency and coming to know of the Supreme Court Judgement in Sahara India Real Estate Company vs. SEBI, the Thakurs sent representations to SEBI, Ministry of Corporate Affairs and Ministry of Consumer Affairs to enquire into the collection of money
through Sahara Q shop scheme, in the interest of investors but nothing has been done so far, forcing them to file the writ petition.
 
In their prayer, the Thakurs have requested the High Court, to direct SEBI, the ministries of Corporate Affairs and Consumer Affairs to enquire into suspected or alleged improprieties in the Sahara Q Shop Bond or Advances issued by Sahara Q Shop Unique Products Range and to take appropriate legal action accordingly.
 

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COMMENTS

Bhomeshwar Shah

3 years ago

I completely agree with the facts mentioned by Shri Amitabh Ji Thakur. In addition to this, I would also like to mention that initially this has been made by converting OFCD of two companies of sahara group for which case is under investigation with SEBI and Justice to investors with Supreme Court of India.

Nidhi Kapoor

4 years ago

I feel SEBI has go just one job in their checklist, common SEBI there are many things to be done with many people, try grab’ em as well. Why you grabbing the descent one who is supporting you in all the processes of inquiry, if you have guts then try to snatch money from the corrupt Big Wigs.

sameer

4 years ago

Well… the concept of Sahara Q shop was crafted considering the old ordinance then why the hell SEBI shall consider and prejudice sahara on the new ordinance?

Kayo

4 years ago

And we still hope, SEBI is going to be good? Never, it will never happen!! Sebi's affidavit has said it has got complaints on alleged misrepresentation by Sahara Q Shop in the process of collecting money from the public. And, that the group was allegedly "forcibly and unilaterally converting the investments in Sahara India Real Estate and Sahara Housing Invest to Sahara Q Shop without any consent of the investor, in defiance of the orders of the Supreme Court."

sulochna

4 years ago

Sebi has moved contempt petitions in the SC, in which the court recently directed the Sahara firms to file property title deeds to cover the remaining amount of around Rs 20,000 crore. It is not just negligence of SEBI but intention integrated with deliberate negligence. The wicked thoughts of SEBI and all shall be curbed immediately so that a country can progress at a required pace.

MUkesh

4 years ago

I am also victim of sahara Q shop...it seems that most of the below comments is by sahara agents...

Ryan Dsouza

4 years ago

SC has already acknowledged that redemptions had been made by Sahara. But now Lets just brace ourselves for the next fake allegation of SEBI, the true picture is hidden behind the hard drive of SEBI because its becoming too routine for us to react with anger now.

saira

4 years ago

Why controversies are created at this point, the issue should be sorted out mutually. I beleive that SEBI is showing wrong directions to the media and people via irrelevant PR’s though there must be something called as “Reciprocal Understanding” to solve the matter and be the part of the golden bird India.

tejas

4 years ago

Sahara has already handed over the draft of Rs 5,120 crore on December 5 last year as the response of the investors. They have returned the money to the investors who turned up by submitting the prospects to the registrar with the details of around 1.87 crore investors with their names, addresses, amounts etc, no objection was raised by RoC or SEBI or any Government Departments.

charmi

4 years ago

Sahara is huge, they can easily purchase properties of their likeliness, SEBI and SC can’t have a bad eye on their new ventures. Let’s hope for the best for 28th with regards to multiple contempt of the court. It’s a very unfortunate case of negligence and irresponsible behavior from SEBI; I wonder what would be the next illiterate move from them.

Nidhi Kapoor

4 years ago

Revised-Fake allegations against Subrata Roy by SEBI, It appears that SEBI is giving credibility to the country but in real their credibility is for themselves. The end process should weed out the fake allegations by SEBI and shall prevail justice.

sameer

4 years ago

Sahara has already reached their investors and has paid them as directed by SC, now why the hell Sahara shall pay the amount which they aren’t liable to pay for? SC and SEBI have NO TIME FOR LOUSY and IRRELEVANT matters of India as they have nothing to do with many crucial matters; they have filled their heads with the AIR OF PROUD of being SC and SEBI!!!

Kayo

4 years ago

The imbecile SEBI always have something absurd in their box to blame Subrata Roy, Sahara had already delivered more than 127 truckloads carrying 35,000 cartons of documents to SEBI as directed by the court, now I don’t understand what fishy sort of action plan the SEBI has in their next move.

sulochna

4 years ago

Even after justifying it all, I don’t find a reason to beckon the Sahara again. Why it is always just Sahara more often hyperbolically defamed? What are the initiatives of the Govt / Court to get back the looted money deposited in Swiss banks? It’s very de-motivating and shall be intrigued more astutely by the SC to get the clearer picture of the said case.

sunjoy

4 years ago

in articles relating to saharas, no matter what the topic is there are stereotype comments like sahara is face of developing india , why sebi targetting sahara india ,etc.But what seems to be puzzling that we hardly get to see saharashree on different business fora or in the meetings of top industrialist. Apart from that, sahara is often said to staying away from media except for sport and glamour world,so how come they are "face of developing india"

REPLY

Ashutosh

In Reply to sunjoy 4 years ago

Just because the fact that Saharashree does not appear in many media coverage does not mean they are not doing anything for the development of the country. Great men don’t talk, they act.

NCDEX cannot disown responsibility for delivering quality goods, says FMC
Traders are facing destruction of black pepper or kalimirchi stock, worth about Rs300 crore traded on NCDEX that was found to contain carcinogenic mineral oils
 
Pepper traders have welcomed commodity market regulator Forward Markets Commission (FMC)'s decision instructing commodity exchanges to bear the responsibility of delivering quality goods.
 
The traders were up in arms against National Commodity & Derivatives Exchange (NCDEX) over the Exchange’s disowning responsibility for destroying adulterated (containing mineral oil) stocks in the Exchange accredited warehouses.
 
“As per Forward Contract Regulation Act 1952, forward contracts in commodity markets entail that all the contracts must eventually result in delivery of the commodities. Our stand that NCDEX cannot disown responsibility for delivering quality goods is clearly vindicated with the FMC circular,” said Pradeep Acharya, vice president, Kalimirchi Vyapari Association (KVA).
 
The circular issued by S Arun Kumar, deputy director of FMC, says, “It is needless to emphasize here that the settlement of the outstanding forward contacts by way of delivery is the primary responsibility of the respective exchanges on whose platform the participants have traded in forward/ futures contracts.”
 
The traders' body had questioned NCDEX for disowning responsibility for the adulteration of ‘Malabar Garbled 1 Black Pepper’ with cancer causing mineral oils, which has been confirmed by the Food and Safety Standards Authority of India (FSSAI). 
 
Acharya recalled that FSSAI has sealed the entire stock of 7,000 tonnes of ‘Malabar Garbled 1 Black Pepper’ valued at over Rs300 crore after sample tests have confirmed the adulteration the stocks with carcinogenic mineral oils.
 
The traders, who have paid for the stocks upfront and but not been given delivery, asked for refund of their money or delivery of the commodity as per specifications.
 
NCDEX, instead, disowned any responsibility for the adulteration saying the Exchange is not liable for non-compliance by any member and market participant. NCDEX maintained that it only provides a trading platform in forward contracts, a stand that gets negated with the FMC’s latest circular. 
 
Acharya said now that the FMC has asked the exchanges to report about their existing mechanism for redressal of buyers’ grievances regarding quantity and /or quality of the goods delivered to them, the issue is crystal-clear. "The onus is certainly on NCDEX,” he said.
 
KVA has since moved Madhya Pradesh High Court seeking urgent justice as the traders’ money of over Rs300 crore has been stuck and that they are losing heavily on all fronts.
 

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