[aaykarbhavan] SERVICE TAX FRAUD

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Net 4 India may see selling pressure this week as the Service Tax Department has arrested its Managing Director, Jasjit Singh Sawhney, on the charge of not remitting the levy collected (estimated to be Rs 6-7 crore) to the Department. Arrested on Friday night, Sawhney was produced before the Metropolitan Magistrate in Patiala House Court on Saturday, and granted conditional bail till September 3 on payment of Rs 25 lakh. He has been asked to pay Rs 75 lakh within 15 days and Rs 1 crore within a month thereafter. The company, in which over 1,300 individual investors hold about 5.6 per cent stake, reported a loss of 9.6 lakh for the June quarter.

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