PC used position to benefit son, alleges Swamy

April 27, 2012

Subramanian_SwamyNew Delhi, April 27: Janata Party chief Subramanian Swamy on Thursday made fresh allegations against Home Minister P Chidambaram, accusing him of delaying permission for the sale of Aircel to Malaysia-based firm Maxis in 2006 when he was the Finance Minister so that his son Karti financially benefited.

In his letter to Prime Minister Manmohan Singh, Swamy demanded Chidambaram's resignation and wanted a direction to the CBI to include the names of the Minister and his son in the FIR on Aircel-Maxis deal along with former Telecom Minister Dayanidhi Maran.

Swamy alleged that Advantage Strategic Consulting Private Limited, a company controlled by Karti Chidambaram, entered into a financial transaction with Malaysian businessman Sivasankaran’s Aircel Televenture in March 2006.

In May 2006, FIPB (Foreign Investment Promotion Board) approved the Malaysia’s firm Maxis investment of around Rs 4,000 crore in Aircel (where Maxis purchased 74 per cent share in Aircel).

Soon after the deal between Aircel and Maxis was completed, Rs.1,300 crore went out of Aircel in the form of loan without mentioning mandatory specification, he charged.

Swamy alleged that the reason Advantage Strategic Consulting partnered Aircel was to share Rs 4,000 crore invested by Maxis in Aircel.

Sources close to Karti Chidambaram dismissed the allegations as “baseless”.

Suspecting that entire transactions were dubious, he charged Chidambaram with using his position as finance minister and ensuring that FIPB would clear the Aircel-Maxis deal only if his son Karti controlled company got share in Sivasankaran’s Aircel Televenture Limited to get the booty from Maxis.

Swamy further alleged that the monthly report of RBI’s Overseas Investment Division on outward FDI from India showed that Advantage Strategic Consulting Private Limited has a wholly owned subsidiary (WSO) with a similar name in Singapore - Advantage Strategic Consulting Singapore PTE Limited.

The monthly reports from 2006-2012, show that several millions of US dollars were transferred each month from India to the company’s Singapore subsidiary.

According to RBI report, the Singapore subsidiary’s major activities are in Financial, Insurance, Real Estate and Business Services.

“Till 2008 December, Chidambaram was Finance Minister and here question arises how his son indulged in financial and insurance business in India and Singapore,” Swamy said. None of the transactions by Karti’s companies with entities abroad were shown in the financial statements filed with Registrar of Company in Chennai, Swamy said.

He said he had already written to the CBI, Enforcement Directorate and the Registrar of Companies regarding "dubious financial transactions" during the period of the deal.

Swamy alleged that CBI and ED were limiting their probe to the role of Marans, Dayanidhi and Kalanidhi, in the matter. The Congress party refused to react to the allegation against one its most important ministers.

"How am I am responsible for answering to allegations about Karti Chidambaram's business deals? He can himself reply to Swamy's allegations," party spokesperson Renuka Choudhary told reporters.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 10,2020

Kochi, Apr 10: Kerala government is winning accolades for saving the life of eight foreigners including a very serious UK citizen who had been undergoing critical care for COVID-19 at a hospital here.

All the persons have been completely cured with the declaration of the test result of four persons. The persons, Roberto Tonozo (57) of Italy, Lanson (76) of UK, Elizabeth Lance (76), Brial Neil (57), Janet Layi (83), Steeven Hankok (61), Annie Wilson (61) and Jan Jackson (63) were completely cured and preparing to go for their countries, an official statement said on Thursday.

The last four persons who were cured expressed their desire to undergo treatment at a private hospital here.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
June 13,2020

New Delhi, Jun 13: In a bid to provide relief to small businesses amid the coronavirus pandemic, the GST Council on Friday decided to halve the interest rate on late filing of GSTR-3B returns for the period of February, March and April 2020.

The interest rate on late return filing will be 9% from the usual 18% till September 30, 2020. The benefit will be available for small taxpayers with aggregate turnover of up to Rs 5 crore.

For the three months, small taxpayers will not be charged any interest till the notified dates for relief and thereafter 9% interest will be charged till September 30, a Finance Ministry statement said.

"For small taxpayers (aggregate turnover upto Rs 5 crore), for the supplies effected in the month of February, March and April 2020, the rate of interest for late furnishing of return for the said months beyond specified dates (staggered upto 6th July 2020) is reduced from 18 per cent per annum to 9 per cent per annum till 30.09.2020," said the statement.

The Council has also extended relief to small taxpayers for subsequent period of 2020 through waiver of late fees and interest if the returns in Form GSTR-3B for the supplies effected in the months of May, June and July are furnished by September 2020.

It has also decided to reduce the late fee on the filing of GSTR-3B returns for the period between July 2017 and January 2020. The late fee has been capped at Rs 500, but interest will be charged at the existing rate on the due tax liability.

Speaking to the media in New Delhi after a GST Council meet through videoconference, Union Finance Minister Nirmala Sitharaman said that those entities with no tax liability will not have to submit the late fee for the period.

For entities with tax liability but which have not filed returns or have filed returns late, the late fee has been capped at Rs 500 without interest. Interest will, however, be payable on the tax component at the applicable rate for delays.

To facilitate taxpayers who could not get their cancelled GST registrations restored in time, the Council has provided an opportunity for filing of application for revocation of cancellation of registration up to September 30, 2020, in all cases where registrations have been cancelled till June 12, 2020.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 22,2020

New Delhi, May 22: India on Friday recorded its biggest spike in COVID-19 cases with 6,088 new cases and 148 deaths reported in the last 24 hours, taking the tally of coronavirus cases in the country to 1,18,447, as per the Union Ministry of Health and Family Welfare (MoHFW).

Out of the total cases, 66,330 are active cases and 3,583 have succumbed to the infection.

As many as 48,533 patients have been cured/discharged and one migrated till date.

Maharashtra continues to remain the worst-affected state with 41,642 cases, followed by Tamil Nadu (13,967 cases), Gujarat (12,905 cases), and Delhi (11,659 cases).

While Rajasthan has confirmed 6,227 cases of which 3,485 people have recovered while 151 patients are dead, Madhya Pradesh reported 5,981 cases including 2,843 patients recovered and 270 patients dead.

Uttar Pradesh has 5,515 COVID-19 positive cases.

In Kerala, which reported the first COVID-19 case, 690 people have been detected positive for coronavirus.

Ladakh has confirmed 44 coronavirus cases, 1,449 people have infected by the virus in Jammu and Kashmir.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.