Dear Madam/Sir The Ruias of Essar Group and their relatives, the Khaitans, promoters of Loop Telecom, who have been charged with fraud and conspiracy by the country's top investigating agency, have sought to reach a compromise with the government to end a criminal trial in which they are embroiled. The company's CEO, Sandip Basu, wrote to Telecom Minister Kapil Sibal on December 12, requesting him to consider compounding the alleged offence so as to avoid unnecessary litigation while adding that the charges it faced were "essentially of a civil flavour and had no element of public interest attached to them". He suggested that the law ministry's view on the proposal be sought. Loop said the ongoing criminal proceedings were causing "great damage to its reputation and businesses", and it therefore wanted to "compound the alleged offences and put an end to these proceedings". The term compounding refers to an agreement between the accused and the state to end legal proceedings through payment of a fine or fee. Compounding terminates all criminal proceedings against the alleged offender. http://economictimes.indiatimes.com/news/news-by-industry/telecom/2g-spectrum-scam-loop-telecom-seeks-out-of-court-settlement-with-government/articleshow/18437999.cms | ||
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----- Forwarded Message -----
From: CA. V.M.V.SUBBA RAO <vmvsrao@gmail.com>
To: Kanigalla <kanigalla@hotmail.com>
Sent: Monday, 11 February 2013 4:40 AM
Subject: Supreme Court Decision- Service Tax
From: CA. V.M.V.SUBBA RAO <vmvsrao@gmail.com>
To: Kanigalla <kanigalla@hotmail.com>
Sent: Monday, 11 February 2013 4:40 AM
Subject: Supreme Court Decision- Service Tax
SUPREME COURT has rendered a decision that the activity involving offer for plots for sale to its customers with an assurance of development of infrastructure/amenities, layout approvals etc amounts to "service" and it is liable for SERVICE TAX.
See attachment
Best Wishes
CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
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