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PUNE, APRIL 25, 2015 | www.thegoldensparrow.com
TGS LIFE
Pune, a rising hub for sports education
TECH
CITY
Now an automatic car cover P6
Watch out for this bhajiwalla! P3
Raju ban gaya Gentleman Pompous gait, colourful clothes, needless aggression, and even white SUVs loaded with supporters have vanished. Politicians and industrialists from Pimpri-Chinchwad are taking fancy to formal and informal personality See Spotlight, p8-9 development courses BEFORE
BEFORE
BEFORE
BEFORE Chandrashekhar Shete, MD, Rolex Engineers
Mahesh Landge, MLA, Bhosari Constituency
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AFTER
Laxman Jagtap, MLA, Chinchwad Constituency
Shriram Handibag, MD, Planet Tools, Bhosari
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Taj under ED scanner
The hotel chain is being investigated for foreign currency transactions to the tune of around `600 crore. They are accused of setting up bank accounts in Switzerland, Oman, London without RBI’s permission and diverting funds
BY BAPU DEEDWANIA Indian Hotels Company Ltd is under the scanner of the Enforcement Directorate for carrying out foreign currency transactions of over Rs 600 crores. The hotel chain, better known as Taj Hotels Resorts and Palaces is accused of setting up several bank accounts in Switzerland, Oman, London and among others without the permission of the Reserve Bank of India and diverting funds to other countries. The Enforcement Directorate, a specialised financial investigation agency under the Department of
Revenue, Ministry of Finance, Government of India, started investigating Taj way back in 1999. As per process they issued summons, collected documents and issued 48 show cause notices between 2000 and 2002. However, beyond that ED has not been able to make much progress as Taj hasn’t come forward and appeared before ED to give an explanation for the show cause notices. Only after the company gives their explanation – defending or accepting the all allegations made against them – that ED will be able to initiate further action. However, since 2002 when the last set of notices were issued, ED
and Taj have been merely exchanging letters over documents that the hotel chain claims the investigating agency seized and are needed for preparing their defense. While ED has been all along maintaining that Taj’s representatives have been given access to the documents on several occasions, the hotel chain has been claiming that some important documents have not been returned. For over a decade now, the two sides have been trading allegations through letters, with neither side budging, resulting in the investigations getting derailed. See p2
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