The Telangana High Court on Wednesday agreed to investigate a case in which the former chairman of Tech Mahindra (formerly Satyam Computers) B Ramalinga Raju paid 126 million rupees in income tax on non-existent income. The company has been trying to fix the account since 2011, and may issue a refund if the petition is granted.
Tech Mahindra takes over the crumbling Satyam Computers after Raju confesses to falsifying his account. The investor lost about Rs 14 crore in 2009 due to this scam, according to the Central Bureau of Investigation.
At a hearing in Telangana High Court, Tech Mahindra’s Senior Attorney K Vivek Reddy alleges that former chairman Ramalinga Raju has presented the public with exaggerated sales and income figures, claiming that these figures were not real. To appear as if he had non-existing income.
The Central Bureau of Investigation and the Court of First Instance ruled that the company lost Rs. 126 crore as a result of this tax payment.
On 11 January 2018, India’s market regulator, the Securities and Exchange Board of India (SEBI), on Wednesday banned Pricewaterhouse network entities from issuing audit certificates to listed companies in India for two years. bottom.
Division Bench, consisting of Chief Justice Ujjal Bhuyan and Justice N Tukaramji The bench asked whether this was a case of the Income Tax Division gaining an unfair advantage.
In response, Vivek Reddy said that the company wanted the court to ask the department if it would allow the previous valuation to be revised, as it was completed under the assumption that the financial statements Ramalinga Raju filed in the previous year were correct. I said I was.
However, Bench pointed out that account statements should be viewed as being provided by a company rather than an individual.
The bench scheduled a further investigation into the matter on 15 February and called a hearing after departmental attorney Sapna Reddy informed the court that an additional attorney general from Chennai would be coming to discuss the case. Postponed.
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