Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Vijay Mallya served summons in tax cases, seeks time to appear in court

Apr 04 2014, 14:16 IST
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Vijay Mallya's counsel sought time, saying he was travelling and assured that he will be present in court in June when the cases will be heard. (AP) Vijay Mallya's counsel sought time, saying he was travelling and assured that he will be present in court in June when the cases will be heard. (AP)
SummaryCases pertain to Vijay Mallya's Kingfisher Airlines failing to remit TDS for 3 financial years.

Kingfisher Airlines chairman Vijay Mallya on Thursday sought exemption from personally appearing before the Special Court for Economic Offences in Bangalore, after being served summons in three cases filed by the Income Tax (I-T) department. The cases were filed against the airline and Mallya for not remitting tax deducted at source (TDS).

Mallya's counsel sought time, saying he was travelling and assured that he will be present in court in June when the cases will be heard.

The Bangalore police served the summons to the airline and Mallya at UB Group's headquarters on April 1, more than a year after the I-T department filed the cases with the special court. Last month, the court had ordered a show-cause notice to the city police for their repeated failure to serve the summons.

On Thursday, a senior manager of Kingfisher Airlines appeared on behalf of the company, while Vijay Mallya was represented by his counsel.

The cases pertain to the airline's failure to remit TDS for three consecutive financial years beginning 2009-10. The department has claimed a TDS due of around R400 crore from the airline, which is disputing the quantum of the tax demand.

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