Jet Airways clarifies on news regarding Rs 100 crore tax notice

Jet Airways India Ltd has clarified with reference to the news item appearing in a leading financial daily titled "JetLite gets Rs 100 crore tax notice".
The Directorate General of Central Excise Intelligence is conducting an investigation into the alleged non-payment of Service Tax by Sahara Airlines Ltd. The inquiry relates to a period(s) prior to the acquisition of Sahara Airlines Ltd by Jet Airways (India) Ltd on April 20, 2007.
As per the provisions of the Agreements relating to the above transaction, the liabilty, if any, for the above tax demands in respect of which the investigations are currently in progress rests with the earlier owners of Sahara Airlines Ltd, that is the "Selling Shareholders".
Jet Lite is providing full co-operation to the authorities in regard to the investigation.
18/06/08 Equity Bulls

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Categories: JetLite Jun 2008