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Ambica Constructions' Bengaluru CEO arrested for Rs 1.16 bn tax evasion
The Directorate General of Goods and Services Tax Intelligence (DGGI), Bengaluru Zonal Unit, has intensified its efforts against tax evasion by uncovering a multi-crore fraud allegedly linked to Ambica Constructions and Contractors, a Bengaluru-based company involved in work contract services. The company's CEO, Praveesh Kuzhipally, has been arrested in connection with the case. The investigation revealed that the company violated provisions of the GST Act, 2017, through fraudulent practices. These included the wrongful availing of ineligible input tax credit (ITC), suppressing taxable turnov..
Sebi issues Rs 260 mn notice to Reliance Big Entertainment in RHFL case
The capital markets regulator, Sebi, has instructed Reliance Big Entertainment (now renamed Rbep Entertainment) to pay a fine of Rs 260 million for failing to settle penalties imposed earlier in a case related to the illegal diversion of funds. Sebi warned that the company's assets, including bank accounts, would be attached if the payment was not made within 15 days of the notice issued. The notice followed Reliance Big Entertainment's failure to pay a Rs 250 million penalty imposed in August. In the demand notice, Sebi required the company to pay Rs 260 million, inclusive of interest and r..
Hubballi-Dharwad civic body collects Rs 1 billion property tax in 7 months
The financially struggling Hubballi-Dharwad Municipal Corporation (HDMC) has achieved a record-breaking property tax collection of over Rs 1 billion in the first seven months of the 2024-2025 financial year. This accomplishment is attributed to efforts aimed at making the tax payment process more convenient and user-friendly. By the end of October 2024, the HDMC had collected Rs 1.02 billion, nearing its annual target of Rs 1.41 billion. This figure is reportedly the highest in the civic body's history. Local elected representatives, including councillors, had been vocal in their criticism o..
