Chennai: Income tax action against at least 14 benami properties VK Sasikala, together worth over Rs 1,600 crore, has been upheld by the Madras High Court.
Large assets include Spectrum Mall in Perambur, Marg Reality Ltd., Bonjour Bonaher Pvt Ltd, Ganga Foundation Pvt Ltd, Global Infoserve Ltd and Venus Meridian Agencies Pvt Ltd.
Justice Anita Sumantho, while dismissing the petitions filed by some of the promoters of these companies, refused to stay the action initiated by the department. According to the IT department, the companies and its promoters acted as benami of Sasikala and bought various properties using old notes worth over Rs 1,600 crore. The shares of Spectrum Mall alone were valued at Rs 130 crore.
According to a petition filed by Ganga Foundation, on January 20, 2020 the Deputy Commissioner of Income Tax (Prohibition of Benami), Chennai passed an order under section 24(4) of the Act, confirming the temporary attachment of 65% of the shares held by the company Went. Company in the mall.
The case pertains to IT raids on the company’s premises in November 2017, which resulted in separate searches at different locations linked to Sasikala. During the search, various documents were seized and the statement of the company’s Managing Director S Senthil Kumar was recorded.
Based on the material, the department initiated proceedings against the company under the Benami Act, which resulted in attachment of its shares in the mall. According to the foundation, Spectrum Mall was a joint venture between the company and the land owners in which the company held 65% of the shares.
Since the company was burdened with interest on borrowings from the bank, it decided to dispose of the assets in 2016.
Meanwhile, advocate S Senthil claimed to have held talks on behalf of JayalalithaaOffered to buy property. Its price was fixed at Rs 192.5 crore. Meanwhile, demonetisation of Rs 500 and Rs 1,000 denominations came into effect.
The foundation said in its petition that in December 2016, the company was forced to sign a memorandum and accept demonetised currency worth Rs 130 crore from Senthil.
Large assets include Spectrum Mall in Perambur, Marg Reality Ltd., Bonjour Bonaher Pvt Ltd, Ganga Foundation Pvt Ltd, Global Infoserve Ltd and Venus Meridian Agencies Pvt Ltd.
Justice Anita Sumantho, while dismissing the petitions filed by some of the promoters of these companies, refused to stay the action initiated by the department. According to the IT department, the companies and its promoters acted as benami of Sasikala and bought various properties using old notes worth over Rs 1,600 crore. The shares of Spectrum Mall alone were valued at Rs 130 crore.
According to a petition filed by Ganga Foundation, on January 20, 2020 the Deputy Commissioner of Income Tax (Prohibition of Benami), Chennai passed an order under section 24(4) of the Act, confirming the temporary attachment of 65% of the shares held by the company Went. Company in the mall.
The case pertains to IT raids on the company’s premises in November 2017, which resulted in separate searches at different locations linked to Sasikala. During the search, various documents were seized and the statement of the company’s Managing Director S Senthil Kumar was recorded.
Based on the material, the department initiated proceedings against the company under the Benami Act, which resulted in attachment of its shares in the mall. According to the foundation, Spectrum Mall was a joint venture between the company and the land owners in which the company held 65% of the shares.
Since the company was burdened with interest on borrowings from the bank, it decided to dispose of the assets in 2016.
Meanwhile, advocate S Senthil claimed to have held talks on behalf of JayalalithaaOffered to buy property. Its price was fixed at Rs 192.5 crore. Meanwhile, demonetisation of Rs 500 and Rs 1,000 denominations came into effect.
The foundation said in its petition that in December 2016, the company was forced to sign a memorandum and accept demonetised currency worth Rs 130 crore from Senthil.
.