SME Times is powered by   
Search News
Just in:   • India registers higher growth in better quality formal sector jobs  • India’s healthcare sector grew strongly in Q2 FY25, revenue up by 17.6pc  • India signs Final Act of Riyadh Design Law Treaty  • Manufacturing sector driving up warehouse property deals in India’s top cities  • Biden administration forgives $4.7 billion loans to Ukraine 
Last updated: 27 Sep, 2014  

Pranab.9..Thmb.jpg Pranab says full probe on source of funds into IPL

pranab-budget-2009-10
   Top Stories
» Manufacturing sector driving up warehouse property deals in India’s top cities
» India’s export outlook brighter as manufactured goods gain share: RBI
» Private consumption driving growth in Q3 with rural India taking lead: RBI
» Indian MSMEs create about 10 crore jobs in 15 months
» Indian prefer Q-commerce for daily essentials, physical stores for high-value buying
SME Times News Bureau | 19 Apr, 2010
Finance Ministry Pranab Mukherjhee on Monday said a thorough probe had been ordered on the source and uses of funds by the franchises of Indian Premier League (IPL) and that no one guilty of wrong-doing will be spared.

"I can assure you that all aspects of IPL will be probed, inclusive of the sources of funding, how the funds were routed and invested," Pranab told the Lok Sabha on Monday.

"I can assure the honourable members that no guilty or wrong-doer will be spared," he said, the day when an official communiqué from the Rashtrapati Bhavan said that President Pratibha Patil had accepted the resignation of Shashi Tharoor as minister of state for external affairs.

The government has ordered parallel probes by virtually all its economic intelligence units to determine the source and use of funds by franchises of the Indian Premier League (IPL) and unearth possible tax evasions and flouting of rules.

A probe by the tax department had first started with the Kochi franchise of IPL after a major political row last week on allegations that Tharoor's friend Sunanda Pushkar had received free equity the company called Rendezvous Sports World.

After that, officials from the income tax department visited the various offices of IPL in Mumbai and questioned its commissioner Lalit Modi. Based on the documents collected, the tax probe was then extended to other cities as well.

Now, all the wings of the finance ministry have been roped in, officials said.

"Parallel investigations will now be made by four of our agencies. This will be coordinated by the Central Economic Intelligence Bureau," a senior official in the finance ministry said.

"As a matter of principle we will be probing every person who may be involved - whether directly or indirectly. A host of issues may be involved, service tax, black money, corporate tax, misuse of incorporation status," the official added.

The agencies involved are the Directorate of Revenue Intelligence on illegal overseas transactions, Directorate of Enforcement on foreign exchange offences, Directorate of Anti-Evasion on service tax offences and the Directorate of Income Tax Investigation.

Finance ministry officials said their main concern was whether black money stashed abroad was being brought back into the country illegally, as also whether there has been tax evasion by IPL and its franchisees.

Accordingly, all 10 franchises of IPL are under scrutiny -- Rendezvous Sports, Sahara group, Mumbai Indians, Delhi Daredevils, Kolkata Knight Riders, Royal Challengers Bangalore, Deccan Chargers, Chennai Super Kings, Rajasthan Royals and Kings XI Punjab. 
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Will the new MSME credit assessment model simplify financing?
 Yes
 No
 Can't say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter